When we talk about the budget, we are referring to the availability of financial resources. The available budget revolves around the deployment of capital to seize opportunities, manage risks, and achieve returns. Additionally, the available budget leads to decision-making from various elements and the options within them.
Increasing or decreasing the deployment or intensity of elements continually leads to changes in the availability of financial resources for other elements (assuming that the total budget does not change). By involving your employees in the budgeting process, you ensure that they contribute actively to the overall process. This way, employees also experience the approach in an intense manner and act more in line with your entrepreneurial plans than they would if you merely filled them with rules and procedures.
A budget is not the same as a forecast. A forecast is the overall financial plan for a specific period, while a budget represents specific allocations of resources within that forecast.
Sustainable success through manageable and controlled growth
The ICR online business software helps entrepreneurs and organizations find balance and peace, through manageable and controlled growth, with the goal of a healthy organization and sustainable success. We do this through the all-encompassing ICR cycle.
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The comprehensive ICR cycle
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