For at least thirty years this author has been extolling the virtues of budgeting in improving company performance. I have been wrong all of this time.
It is not that budgeting itself is wrong. It is simply that budgeting alone does not seem to improve profitability. Budgeting must be augmented with what will be referred to as a Managerial Profit Plan. Fully implemented, this plan has the potential to help firms dramatically alter their financial results.
This report will examine the nature of traditional budgeting versus using a Managerial Profit Plan. It will do so by looking at two different issues.
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