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June 01, 2017

Should the Annual Budget Cycle Go Away?

Raise your hand if you’re looking forward to your annual budget process this year. Obviously, I can’t see who has their hand up and who doesn’t. But I’m willing to bet that very few, if any, of you read that first line and thought, “Oh yeah, I can’t wait!” The yearly process of asking for the moon and getting back a lump of green cheese eats up a significant amount of a business’ productive time and can often have a negative impact on morale in many departments. Nevertheless, it’s unreasonable to think that any business can function effectively without an accurate forecast of the revenue and expenses expected in the months and years ahead. Many companies have turned to a more flexible and less onerous approach, the rolling forecast.

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Topics: Budgets, Annual Budget Cycle