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Why your organization needs a dynamic, adaptable budget

Published on 9 January in Next Ventures

Developing a budget is not a task reserved just for global corporations. Companies of every size must plan in advance how they will allocate financial, physical and human resources to achieve strategic goals and objectives. While the definition of budgeting is clear, the motivation for creating a budget can vary from company to company. Some companies look to help control spending while others try to more accurately predict metrics such as cash flow and profit into the future.

Whatever the motivation, there are central challenges to budgeting that all companies face: the fast pace of technological development and the ever-changing environment of global business. The dynamic environment makes it more difficult for businesses to create effective and precise budgets,...

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