Aahh, it is that time again in many companies – BUDGETS!
What an arduous task. Well, to help you get through this time, here is my Top 10 List of coping techniques:
10. First thing you ought to do is delegate! No really, many managers fail to involved their team members in the budgeting process and they should.
9. Plan to be done on time even if no one is ever done on time. Not having your budget turned in causes a mental funk. Get it done and over with.
8. Float balloons. Your budget review meeting is not a time for surprises. Make sure that you sell and get support for any initiatives or increases you will be proposing.
7. Don’t be an island! It is likely that your budget affects others and other budgets affect your department. Be proactive in reviewing yours with peers and offering feedback on theirs. Do this BEFORE you turn anything in.
6. Provide the back-up and give explanations in bean-counter terms. Being fuzzy and conceptual drives CFOs insane!
5. Be the model of perfection when it comes to the budgeting process. Don’t complain, answer questions, and get your work done on time. This will go a long way come the budget review meeting! I have seen managers get everything they want simply because they are a joy to work with and trustworthy.
4. Show your business acumen. Make sure that your budget reflects the very best use of resources.
3. Schedule budget meetings for the morning and try to go first. Going last is usually not good. All the money is "spent."
2. Be ready to defend your well-thought through budget. CFOs love to challenge people – some just for the sport. Stand up for what your need and do so with numbers, logic, and objective strength.
1. Feel satisfaction in knowing that it will all be over soon!