The Organization’s Issue
The executive team struggled to produce an accurate fiscal year budget to the Board of Directors by the deadline, resulting in approval after the first quarter. The team started the process too late and worked in silos to prepare the budget, leading to conflicts. They lacked correlation of sales numbers to the marketing spend, a trend analysis, a strategic plan, and staffing failed to align with revenues.
- Established a timeline that included the completion of an annual SWOT analysis and the strategic plan prior to the start of the budgetary process.
- Used a project timeline to create tasks and deadlines for each aspect of the budget.
- Benchmarked timetables and assembled the team for key budget meetings to ensure a collaborative process.
- Used new reporting systems, historical data, and current trend and data analyses, to improve forecasting and tie year-end financials to the results.
- Delivered timely and accurate annual budgets by performing a SWOT analysis, developing strategic initiatives, and leading collaborative forecasting.
Expedited the budget approval by 3 months which increased the ability of mid-level and senior-level management to plan, implement and execute goals.