About this Course

A business is never static and its budget should not be either. Ensuring that a dynamic budget is developed and actively managing it during the financial period is essential to help keep the business on course all year long.

Budgets can however be difficult to plan and maintain. Unexpected events, cash flow or supply chain problems are just some of the issues that can all reap havoc with even the most thoroughly planned business budgets.

Many businesses set budgets at the beginning of the financial year, only to file them away until the year-end rolls around once more instead of actively managing, maintain, and where necessary, adjusting, budgets and/or income & expenditure on a progressive basis.

This course will address how good budgetary planning and management practices will help a business to achieve its profit goals.

Learning Outcomes:

By the end of the course, participants will be able to discuss and demonstrate:

• How to consult the budget before funds are committed - Look first, then commit.
  
• Why a business should not look to spend more than is in the budget or, if it must, the budget is adjusted and the outcome is well understood
  
• When a business needs to spend money for an unbudgeted item, how, why and when to adjust the budget. This is called a trade-off.
  
• If revenue does not develop as planned, when and how to reduce spending accordingly. The budget is about the bottom line.
  
• The importance of not spending ahead of time. If a business must advance spending before originally planned, why and how other items could/should be postponed until the business can catch up. This is another trade-off.
  
• If the business inadvertently overspends, why it should drop something else that is in the budget, or at least defer it until the business can make up the difference. This is another form of trade-off.
  

Course Outline:

Why are budgets so important?

Budgets are critical to the operation of a business; not only do they help it manage and better understand costs, they also help determine whether the businesses profit goals are within reach and help keep it on the correct path from one period to another.

Why the budget must be updated regularly?

If the businesses budget is going to work properly, revisiting it on a regular (generally monthly) basis with the management team is essential to keep it and updated based on business performance and expenses for the prior month.

Why and how to make changes to the budget that can have a positive impact 

Based on the monthly review, make changes to the budget and then observe closely to see what impact these have to income and profits – by month and by year. What about receivables? Are there ways the business can speed up invoicing and payment cycles to keep cash flowing into the business?

The need to respond to unexpected changes

How to use budget actively to help the business adjust to unexpected events

Methodology

The course is delivered in partnership with Worldwide Business Solutions (WWBS), an international organisation specialising in business performance management, strategy development and implementation. Its unique Four Pillars Methodology of Communication, Negotiation, Presentation and Listening Skills are developed, created and delivered around any possible subject to meet the needs of different audiences. This methodology is focused on ensuring and empowering participants to be equipped with the attributes and interpersonal skills required to become productive and enterprising employees of their workplace, or successful creators of new enterprises. A training methodology like no other - highly interactive and enjoyed universally by any who have gone through them!

Who Should Attend?

Managers or any business owners with budget responsibilities, who are interested in developing or improving their budget planning skills

Rate this course:

Log in to submit

Comments