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Keys to Vendor Selection in the Budget Process
Selecting a vendor to handle your budgeting and planning can be a tricky proposition. Many organizations (and people) do not have a great deal of experience at vendor selection and the world of cloud-computing has completely changed the game. However there are a...
10 Biggest Mistakes Made in Budgeting
We all make mistakes, right? But there are little mistakes and big mistakes and personal mistakes and business mistakes. A big mistake made in a business setting can have profound implications – both on you personally and on your organization. Budgeting is...
How College Presidents Can Improve Financial Performance
How can college presidents improve financial performance and ensure support/funding of their strategic plans? Two things that all college presidents (small and large) have in common are (1) making sure that the entire institution is supporting and executing their...
The 6 Personas of Budgeting that Will Destroy your Process
As we all know: not everyone is alike. There are many different personality types in the world. And there are also many different personality types in the budget process…not all of which are good for your budget process. We have identified six different types of...
Perfection Paralysis and Budgeting
“Perfection Paralysis” is defined as fear of moving on a particular issue unless absolute perfection is achieved. A similar sentiment is expressed in the phrase: “Perfection is the enemy of the good”. In other words, people will sacrifice...
Excel in Budgeting – Friend or Foe?
Most organizations still use Microsoft Excel as their budget preparation tool. The reason for this is that the general ledger or ERP providers don’t focus on, or even understand, the budget process or budget workflow and do not think about this from the...
Seducing Users to Improve the Budget Process
In today’s world of software, people are used to being seduced by personal applications that make things simplistic…like Google or Facebook. They now expect that business software will follow suit. Wikipedia defines seduction as the process of deliberately...
Reverse Engineering the Budget Process
Reverse engineering (the process of starting with a product and taking it apart to see how it works) has been used in product development for decades. Many organizations use this as a best practice in copying some key product or concept from a competitor. When applied...
“Actual Results May Vary” – The Art of Forecasting
Most organizations budget. They may not budget well, but at least they try. The budget process is the funding of the next 12 months of the strategic plan. It sets financial targets for revenue and expenses and it (hopefully) lays out how each area of the company will...
