The crystal ball approach to budgeting

by | Feb 12, 2021

Budgeting and Forecasting

As an Owner or Leader in Business are you trying to get a better grasp of your numbers and understand budgets and forecasts?  This is the 4th in a series of articles to support you as Owner or Leader of a business get on top of what you ideally should know.

Being on top of your numbers enables informed and timely decision making, building the foundations for a more resilient business.

Five questions to ask yourself

  1. Do you know where you are likely to land at 30 June 2021? Are you forecasting a profit or loss and what will your cash position look like?
  2. If you do not know, how is that impacting the decisions you make today?
  3. How confident are you in where you are likely to be financially in 12 months’ time?
  4. What risk factors are considered, and what scenarios are modelled?
  5. How accurate has budgeting been historically? If you regularly fall way short or conversely blow your budget out of the water, how useful is your budgeting process to you?

If this has highlighted any areas of concern for you, or you simply feel self-conscious because you find numbers difficult to grasp, you may want to ask for some help.

Debbie is the friendly face of finance. Very much a people person that happens to do numbers. She coaches business owners and leaders through demystifying their numbers and building the foundations for a resilient business.

She has 30 years’ experience across professional practice and large entrepreneurial private business. Credentials include Chartered Accountant, CFO, GAICD, Executive & Organisational Coach and Telstra Business Women’s Award Finalist.

Written By Debbie Millard

Master your business through strong leadership, knowing your numbers and empowering your people

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