Budgeting, budgeting, budgeting! It seems like we talk about it a lot, and yet even though it’s one of the most important processes for any business—big or small—to undertake, it is often one of the most daunting and difficult tasks to refine… Which is why many organizations default to using the prior year’s budget as a starting point for building the budget for the new year. This method of traditional budgeting, while efficient from a time standpoint, has its flaws. For one, traditional budgeting makes it easy for a company to operate at the (a hush falls over the room; eyes widen; looks of disgust prevail) status quo.
Right, because we’re all aiming for status quo.Read More