In our previous episode, we shared five different types of budgets you can use to understand the finances at your company. While these budgets can do a lot to shape the way people think about your company’s finances, they won’t do much good if they don’t lead to action.
Most successful managers know that you can’t make fiscally sound decisions without checking the numbers. In an effort to help managers make wise decisions, companies put a budget in place and check it against the numbers. If you have the numbers and the budget, you might be tempted to think you have all the information you need.Continue Reading
Traditionally, procurement is considered a function that operates independently, slashing costs where possible. While reducing spend is a big part of the job, today’s procurement professionals are strategic players in a cross-departmental push toward long-term success. Continue Reading
Budgeting is, of course, one of the most critical aspects of running any business. Albeit, maybe not the most glamorous. A budget tells us what we can and can’t afford—and serves to inform our purchasing strategy. While a budget can warn us when finances spiral out of control, they can’t prevent us from buying anything.