Developing a departmental budget may feel like a challenge for managers who aren’t experts in finance; however, in many ways it’s similar to managing a household budget. While corporate budgeting can be more complex and involve many more stakeholders, and must meet corporate objectives, the good news is there are best practices for budgeting.
- Align the goals and objectives of your department budget with corporate objectives
- Leverage historical financial data to develop your department budget
- Learn how to operationalize your department budget