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June 28, 2005
Plan and budget your planning exercises
Planning company level deliverables and budgeting expectations, especially those of the head office are viewed as a cumbersome and time consuming exercise; something which has to be periodically tackled before one can get on with running the business. In fact, many times even after executing the planned initiatives, companies find that they are not much better placed than what they were earlier. It makes them wonder about the utility of expending substantial amounts of time and effort in the elaborate planning exercises. With the opening up of global markets, planners have to factor in things such as manufacturing and marketing capabilities of competitors in another country. Moreover, since the international market situation is becoming increasingly fluid, annual budgets are being rendered redundant. There are new regulations such as Sarbane-Oxley in place that lay down guidelines for management reporting. Several companies are simply not in a prepared state to meet these guidelines. Businessintelligence reports:
Finally, there is the move towards quarterly reporting, putting pressure on companies to meet financial results on a quarterly basis and to reforecast more frequently.
Read More: Six steps to improving your planning and budgeting system
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