A budget is arguably the most important strategic tool for any company.
It directly assigns resources (people, capital, time) to the company's strategic priorities, enabling companies and teams to manage their performance against their plans.
Although it’s an essential business process, budgeting is sometimes overlooked by small and mid-sized businesses that need it the most due to cash flow constraints and the lack of department owners.
Fortunately, organizations with a clearly defined budget broken out by each business unit can streamline spending and keep internal controls in check.
This guide will walk you through exactly how to do just that.