Overcoming the Twin Traps of Impact Bias and FocalismIn a previous blog we talked about how Impact Bias and Focalism and lead to some really bad decisions. In a nutshell, the problem is we so focus on our personal needs when it come to business decisions — like what budgeting system to buy – that our perceptions get distorted. Like a fun house… Read More |
Distributed BudgetingAt XLerant, we’re changing how budgeting is done… and who’s doing it Our clients use our flagship application, called BudgetPak, to distribute budgeting to the people driving the actual results. To understand why, read on. Who does the budget in your company? Chances are it’s the Finance department. Who drives the actual results of the… Read More |
Solving Ambiguous Problems – What Successful Companies Get That the Rest of Us Don’tI’ve had the distinct pleasure of working with some of the best run companies over the years and I’ve come to appreciate what really separates them from “the merely good”. Some of what makes great companies so successful, like hiring great talent, is quite obvious. But in this blog I’d like to share one of… Read More |
Is Your Budget Process "Strategic?"I’m interested in hearing if you think your current budgeting process is strategic. If it is, why do you think so, and if not, what is causing the gap? |
Budgeting is as much a communication process as it is a financial oneI remember when I was a Financial Analyst at Pepsi, being at the office late at night during the budget cycle, crunching the numbers and hoping that they’d add up right and tie out. Frankly, if you had wanted to talk to me about the communication side of budgeting I would have shown you the… Read More |
Why do we budget anyway? What’s the point?Have you ever stepped back and asked yourself, “Why do we go through this budget process anyway? What’s the point?” I remember being in the throws of the budget process at Reader’s Digest, where I managed the process for North America, and asking myself that question a lot. True confessions… in my most cynical moments,… Read More |
Is Budgeting driven more by politics than by strategy?A while back The Buttonwood Group and CFO Magazine conducted a reader survey on budgeting and planning and the results are disturbing to look at. I’d like to find out if these results would apply to your organization or not: 2/3 of readers surveyed said their planning process was driven more by Politics than by… Read More |
Are you communicating effectively in your budget process?There are three parts to communication. There’s the telling part, which is often done through email or phone call. Sending the message. Then there’s the receiving part – the person actually read the email or reviewed the document or listened to the voicemail, whatever. These two parts are easy compared to the last part. In… Read More |
How do YOU define an “effective corporate budget process”?There is a boatload of advice on how to shorten the time it takes to complete a corporate budget cycle. I’m all for that. But faster doesn’t necessarily make it any better. If the budget process doesn’t deliver business value to begin with, then the goal of making it faster produces the same lame results… Read More |
CFO Mag Article on Winning Over Your Budget HoldersA possible solution [to getting line managers to become willing participants in the budget process] says John Hagerty, vice president and research fellow at AMR Research, would be to create a more intuitive, text-based interface for budgeting software. “Instead of forcing people into a form that’s easier for you, you could pull from them the… Read More |
