![]() In order to solve challenges in budgeting and forecasting, we have to change our expectations of each other's roles and how we collaborate to accomplish the common goal. How do we get CFOs and Department Managers on the Same Page? These departments power revenue production, a core requirement for company well-being, but with great power comes great responsibility and great influence. Requirements for these departments are constantly changing due to the customer, social, technology, and company matters beyond their control. Responsibilities are broad with many complicated moving parts that must all remain connected not only to customers but to all other company operations. Although concepts apply equally to other departments, many CFOs agree that marketing and sales departments are the most demanding, challenging, and impactful when it comes to budgeting and forecasting. Why are Budgeting and Forecasting so Difficult for Marketing and Sales?ĭuring the course, I focused largely on budget collaboration and financial responsibilities of CFOs versus marketing and sales department managers. Here are a few highlights from the recent Enterprise University course I taught on this topic. ![]() But, improvement requires marketing and sales department managers to be accountable for budget due diligence, meaningful KPI reporting, and return-on-investment. So what can we do as business leaders to make it easier?Ĭoming at this topic from the school of hard knocks, there are several steps that can be quickly implemented to improve the process. Most business leaders dread budgeting and forecasting as it falls into the "necessary but painful" work category. ![]()
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