Budgeting and Forecasting Best Practices During Uncertainty

Budgeting and Forecasting Best Practices During Uncertainty, Best practices to incorporate uncertainty in financial planning and budgeting process.

Uncertainty can take many forms. It may manifest as a natural disaster, the deterioration of a foreign currency in which your company has operations, geopolitical changes, the merger or acquisition of a competitor, or a global pandemic. Regardless of form, uncertainty does illuminate a certain truth: companies must face volatile business conditions with nimble planning, budgeting, and forecasting.

Most companies find budgeting a challenge even under stable conditions. The process is often cumbersome, with managers spending too much time trying to work to a budget that is forced upon them. When economic forecasts fluctuate on a weekly or even daily basis, creating one reliable budget to coordinate business units and track performance for an entire fiscal year is extraordinary. Following the traditional budget process will likely prove unproductive.

You should listen to this talk as the speaker is a finance expert with over 15 years of experience in managing budgeting processes and speaks at conferences on various business and finance subjects.

In this talk, we will discuss how we can follow an efficient approach to making budgets during uncertainty

With this talk, you will be able to

1. understand challenges faced during budgeting and forecasting during current uncertain times

2. Strategies to make an effective budget during uncertainty

3. Best Practices

You will need to have a basic understanding of the budgeting process for which you can take my other course published on the platform.