{"id":110458,"date":"2014-01-14T10:49:34","date_gmt":"2014-01-14T14:49:34","guid":{"rendered":"http:\/\/dominicanewsonline.com\/news\/?p=110458"},"modified":"2014-01-14T10:49:34","modified_gmt":"2014-01-14T14:49:34","slug":"business-life-budgeting","status":"publish","type":"post","link":"https:\/\/dominicanewsonline.com\/news\/homepage\/columns\/business-life\/business-life-budgeting\/","title":{"rendered":"BUSINESS & LIFE: Budgeting"},"content":{"rendered":"
\"Dr.
Dr. Valda Henry<\/figcaption><\/figure>\n

On VF Inc.\u2019s \u201cCutting Edge of Business,\u201d television programme\u00a0\u00a0on January 7, 2014, Richard Stanton, the General Manager of DIGICEL (Dominica) Ltd, gave some tips for the business sector, especially the small business community.\u00a0\u00a0His chief advise was that companies should prepare a budget before the start of their financial year and that one should always prepare a budget better than the previous year.\u00a0\u00a0He said one should never set a budget that reflects the same or worse position than the previous year.\u00a0\u00a0\u00a0One should prepare a \u201cStretch Budget,\u201d which should spur one to achieve results, even if circumstances may result in one that achieving the budget.\u00a0<\/span><\/p>\n

Stanton shared some statistics, which revealed that 40% of small businesses do not know where their next customer is coming from, however, if one had a budget, this would not be so.\u00a0\u00a0In preparing the budget, one would have to begin to identify the sources of income, and this identification process would help in identifying where the next customer is coming from.\u00a0<\/span><\/p>\n

A Budget is a plan of expected income and expenditure.\u00a0\u00a0The Budget must be SMART that is it must be specific, measurable, attainable, realistic and time-bound.\u00a0\u00a0In preparing a budget, one can choose different methods. Two of the most popular are incremental budgeting and zero budgeting.\u00a0\u00a0In the incremental budget, one\u2019s estimates are based on the previous year and it is increased or decreased accordingly.\u00a0\u00a0In the zero budgeting, one starts from scratch, paying little reference to last year\u2019s figures.\u00a0\u00a0There are advantages and disadvantages to both types, however, the important point is to prepare a budget for your upcoming year and to monitor your performance against the budget established.\u00a0<\/span><\/p>\n

The advantages of incremental budgeting include:<\/span><\/p>\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0Simplicity \u2013 the estimates are percentage increase or decrease of the previous year\u2019s budget.\u00a0\u00a0It involves little analysis<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0Funding Stability \u2013 incremental budgeting is structured to ensure that projects to be funded over several years are provided for<\/p>\n

3.\u00a0\u00a0\u00a0\u00a0\u00a0Operational Stability \u2013 incremental budgeting fosters a consistent and stable approach in operating\/managing departments, envisaging no major shifts but incremental ones.<\/p>\n

The disadvantages of incremental budgeting include:<\/p>\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0Incremental in nature \u2013 it assumes incremental changes when changes may be more structural in nature and this makes the budget irrelevant<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0Fosters overspending \u2013 you may have heard people say, \u201cif we don\u2019t use it, we will lose it,\u201d and especially towards year-end, they sometimes make purchasing decisions that are not prudent.<\/p>\n

3.\u00a0\u00a0\u00a0\u00a0\u00a0Budgetary slack \u2013 there is a tendency to deflate revenue and inflate expenses, so that the variances are favourable and it gives the impression that they have done or are doing a great job<\/p>\n

4.\u00a0\u00a0\u00a0\u00a0\u00a0Budget Review \u2013 it discourages comprehensive review of operations and the previous budget as there is often a tendency to increase or decrease by a set percentage<\/p>\n

5.\u00a0\u00a0\u00a0\u00a0\u00a0Poor Resource Allocation \u2013 since the budget is based on previous year, sometimes long after a particular activity is useful, funds will be allocated to it or sometimes even if still useful, too much funds may be allocated to a particular activity<\/p>\n

6.\u00a0\u00a0\u00a0\u00a0\u00a0Discourages Risk Taking \u2013 it fosters a conservative mindset, which discourages risk taking.\u00a0\u00a0This makes it difficult to assign funds, especially significant funds to a new, however critical area (Steven Bragg (2013), What is Incremental Budgeting).<\/p>\n

The advantages of Zero Based Budgeting include:<\/span><\/p>\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0Efficient allocation of resources as allocation is based on needs and benefits and not on previous history<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0Drives managers to discover cost-effective ways to improve performance<\/p>\n

3.\u00a0\u00a0\u00a0\u00a0\u00a0Helps detects inflated budgets and identifies wasteful spending and operations<\/p>\n

4.\u00a0\u00a0\u00a0\u00a0\u00a0Increases staff motivation by providing greater initiative and responsibility in decision-making<\/p>\n

5.\u00a0\u00a0\u00a0\u00a0\u00a0Improves and increases communication and coordination between departments and the organisation as a whole<\/p>\n

6.\u00a0\u00a0\u00a0\u00a0\u00a0Identifies opportunities for outsourcing<\/p>\n

The disadvantages include:<\/p>\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0More time consuming than the traditional incremental budget<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0Justification of every line item may be more difficult, especially for departments with intangible outputs<\/p>\n

3.\u00a0\u00a0\u00a0\u00a0\u00a0Training required due to increased complexity<\/p>\n

4.\u00a0\u00a0\u00a0\u00a0\u00a0Requires involvement of more personnel (Wikepedia)<\/p>\n

I personally prefer the zero based budgeting even if it is more time consuming and complex.\u00a0\u00a0I prefer it because it forces you to objectively evaluate performance, to identify specifically the sources of income and the uses of funds, to prepare a comprehensive action plan to achieve the budget, especially in terms of revenue.\u00a0\u00a0This way, it takes care of one of the key problems faced by small businesses:\u00a0\u00a0it forces you to identify the next customer.\u00a0<\/span><\/p>\n

Budgets are not always realized.\u00a0\u00a0Sometimes one exceeds the budget, and other times, one under performs, however, one must always have one.\u00a0\u00a0It serves as a guide, a beacon in the dark and is especially critical in difficult economic times.\u00a0\u00a0In times of fast economic growth, one may do well, even without working towards it, however in times of recession, one has to plan and prepare for success.\u00a0\u00a0As Napoleon once stated, while no plan survives battle, no one goes to war without one, so too, while a business may not realise its budget, no business can function without one.\u00a0<\/span><\/p>\n

I can be contacted at\u00a0<\/span>info@vfinc.org<\/a>\u00a0and 767 449 9649.\u00a0<\/span><\/p>\n

Until we meet again, May The Lord Continue to Keep Us in the Palm of His Hands.<\/span><\/p>\n

Blessings & Best Wishes Always<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"On VF Inc.\u2019s \u201cCutting Edge of Business,\u201d television programme\u00a0\u00a0on January 7, 2014, Richard Stanton, the General Manager of DIGICEL (Dominica) Ltd, gave some tips for the business sector, especially the small business community.\u00a0\u00a0His chief advise was that companies should prepare…","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[89],"tags":[],"class_list":["post-110458","post","type-post","status-publish","format-standard","hentry","category-business-life"],"acf":[],"yoast_head":"\nBUSINESS & LIFE: Budgeting - Dominica News Online<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dominicanewsonline.com\/news\/homepage\/columns\/business-life\/business-life-budgeting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BUSINESS & LIFE: Budgeting - 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