Overview of the planning and budgeting process
Understanding the definition, purpose and components of a budget
Operating budget vs. capital budget
Addressing issues and challenges when dealing with assumptions and targets
Revising and finalising the budget
Organising and delivering your operating budget for feedback and final approval
Obtaining tips, guidelines and recommendations for developing and presenting your budget
Performing a variance analysis and identifying potential sources and causes
Description
Being responsible for the budgeting means you’re playing a vital role in your organisation’s future. Your budget enables you to pinpoint critical variables that impact profit so your company can successfully pursue business goals and create value.
In this workshop, you will learn how to work with, develop and present budgets aligned with business strategic goals. Working in groups, you will gather the information you need to construct and analyse operating budgets. You will practice evaluating and revising your budget to increase its chances of acceptance. This is your opportunity to gain the tools and insights to craft the budget your company needs to overcome obstacles and achieve success.
This workshop will feature:
- Overview of the planning and budgeting process
- Understanding the definition, purpose and components of a budget
- Operating budget vs capital budget
- Addressing issues and challenges when dealing with assumptions and targets
- Revising and finalising the budget
- Organising and delivering your operating budget for feedback and final approval
- Obtaining tips, guidelines and recommendations for developing and presenting your budget
- Performing a variance analysis and identifying potential sources and causes
What are the Goals?
By attending this workshop, you will acquire the following skills:
- Accurately develop an operating budget based on forecasted sales, revenues and costs
- Work with a well-planned budget that clearly highlights crucial variables that impact profit
- Know the line items on the income statement, their metrics and inter-dependencies
- Develop high-level and alternative strategies to help your company reach specific goals
- Define variances so you can quickly implement changes to meet your company’s financial objectives
- Develop and present a well-thought-out budget that will get buy-in
- Effectively use your budget to provide strategic direction and a blueprint for the upcoming year
Who is this Workshop for?
This workshop is suitable to a wide range of professionals but will greatly benefit:
- Executives
- Group leaders
- Project managers
- Program managers
- Department heads
- Others who wish to develop a toolkit to assist them with the budget process
How will this Workshop be Presented?
This workshop combines theory and practice. We use company examples to illustrate how the techniques presented have been applied in real case studies. The purpose is to use a mix of proven learning techniques to ensure maximum understanding, comprehension and retention of the information presented.
Day One
- Nature and purpose of budgets for planning and control
- Types of budgets and budgeting
- Creating key performance indicators for financial and non-financial performance
- Building a budget
- Budgetary control and variance analysis
Day Two
- The time value of money
- Understanding appraisal techniques – Net Present Value (NPV), Internal Rate of Return (IRR) and payback period
- Probability Models (Monte Carlo), Stress Tests and Value at Risk (VaR)
- The use of sensitivity analysis in evaluating projects
- Strategic considerations in assessing capital projects
