Blueprint For Personal And Professional Growth

882 Words Aug 23rd, 2014 4 Pages
Blueprint for Personal and Professional Growth
According to Shim, Siegel, Shim 2012, budgets are an efficient method of allocating financial resources to achieve strategic goals. For companies to compete in the global market it is essential to monitor and control spending in order to see progress toward reaching their goals. Budgets help to control spending, estimate cash flow and profits, while striving to meet goals.
Globally companies have to do more than just look at finances, they have to research spending, the need in the markets and what their competitors are doing. If seeking investors or grantors it is important that the budget is clear and concise, while focusing on the areas of interest. Domestically or abroad budgets are the road map, guidelines that assist with proceeding in the right direction (Shim et al., 2012). Not only are the numbers important, however, the ability to have strong management that have done the homework on the accuracy of the necessary assumptions .

Research supports that budgets are prepared for the company and organization as a whole and i its component segments, to include divisions, departments, products, projects, services and geographic location. In the preparation, way before numbers are crunched, it is essential that budgets list assumptions, targeted objectives, and agenda (Shim et al., 2012). Whether for-profit or nonprofit, gathering accurate information about your assumptions should come from a broad knowledge base,…
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