Working without a well thought-out operating budget can be compared to playing Pin the Tail on the Donkey. Although a company might know the direction in which it wants or needs to go, without a budget it must simply feel around in the dark and hope it comes close to its target. Unfortunately, if a business uses this approach, it will eventually fall victim to cash flow problems that could result in its downfall. As many would agree, the budget process in any business can be challenging and time-consuming. However, for a business to survive long-term, it must have a clear view of its goals and its means of achieving those goals. A well-planned budget is just the tool to help steer your company in the right direction–your company will be able to make critical decisions based on current facts and reasonable forecasts.
Finance and non-finance professionals, functional managers, executives, and all individuals involved directly or indirectly with the budgetary planning and an organization’s control process