Poor workflows need to clarify the duties and responsibilities of every stakeholder in the budgeting process leading to clarity and conflict, which gets in the way of effective collaboration. It also extends to inefficient workflows. Poor planning is not only limited to starting from scratch every time. In that case, you disregard crucial information that would make your budget more effective. Besides, suppose you don’t have enough time to research and consult everyone who needs to contribute to the budget. If you haven’t been collecting data over time, you’ll start planning from scratch. If you have to start from scratch every time you prepare a budget, that’s a sign of poor planning.Ī lot happens in a given financial period. This is a problem as it puts the team out of sync with the budget, and they are at the mercy of deviations in the market that may get in the way of hitting the new numbers they receive from the executive team.
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