managing-budgets

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Unformatted text preview: team of highly skilled and experienced trainers and consultants have all had distinguished careers in senior management roles and bring with them a wealth of practical experience to each course. At MTD Training we will design and deliver a solution that suits your specific needs addressing the issues and requirements from your training brief that best fits your culture, learning style and ways of working. Our programmes are delivered when and where you need them! We believe that training should be fun, highly interactive and provide “real world” practical techniques and methods that you can use back in the office – and that’s exactly what we provide. Download free ebooks at bookboon.com 6 Preface Managing Budgets Download A FREE Self Study Management Course Please visit our website www.m-t-d.co.uk for further details about the services that we offer and to also download a FREE Self Study Management Course Contact MTD: Online: Web: Email: www.m-t-d.co.uk info@m-t-d.co.uk Telephone: From The UK: 0800 849 6732 International: ++ 44 2476 233 151 Download free ebooks at bookboon.com 7 Introduction Managing Budgets 1. Introduction Every organization has a budget and a budget process. In fact, many of them have more than one type of budget. All budgets are a type of plan or guide that is based on the fact that your organization has goals that it wants to meet. For example, your organization might want to: Launch a new product Open a new office Expand into another area Increase its customer base Upgrade its technology And in pursuing these goals, it will also want to maintain its current position. So you have to budget for continuing operations as they are in addition to whatever else you plan to reach for. When you are responsible for managing a budget, there could be several ways in which this responsibility affects your work. In any management position: You must remain aware of what you are spending and what type of spending it is You must pay attention to what the limits on your spending are in each category You will need to watch the budget for any areas of concern, such as running out of money in a fund before the budget year is over Whether or not you need to make a request for additional If you are responsible for generating revenues, then you also want to pay attention to: How well the revenues you are generating are correlating with the revenues that you are budgeted to earn in a given year Whether or not you have the resources you need to ge...
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