BUDGETING AND PLANNING

BUDGETING AND PLANNING

Every organization has its strategic objectives that can only be achieved through its comprehensive plans, which must align with its financial and operational goals. Cash flow problems, unclear and non-existent resource priorities, as well as not achieved performance expectations, make up symptoms of inadequate budgeting and planning. Hence, budgeting and planning are essential for management control.

Planning consists of developing the objectives, timetables, and performance standards needed to implement the organization’s strategy and assigning individual accountability for results.

Budgeting involves identifying, prioritizing, acquiring, and allocating the resources needed to carry out the plan.

These elements work hand-in-hand in assisting managers make strategic decisions, identify wasteful expenditures, adapt quickly as organizational financial situation changes and achieve financial and operational goals.

The essence of this training is to produce results that accompany effective planning and budgeting. This course equips executives with skills required to coordinate various organizational activities, in developing strategic plans, to achieve SMART goals.

 

 

LEARNER’S LEARNING OUTCOME

Planning, Budgeting and Forecasting should serve to support the business in understanding how its on-going activities contribute to delivering its future longer term strategy. This program is designed to equip executive managers and leaders with the skills required for planning, allocationcoordination and control of organizational resources. Participants would also gain mastery of important tools for decision making, monitoring business performance and forecasting income and expenditure.

 

At the end of the course, participants should be able to:

 

    • Gain an in-depth knowledge of budgeting and planning procedure.
    • Prepare a financial plan that reflects the strategic goals of an organization.
    • Establish the relationship between financial planning, forecasting and budgeting and their integration into the strategic management process.
    • Describe the planning process from beginning to end and how to develop the budget.
    • Discuss some of the problems associated with budgeting along with “best practices”.
    • Show how to motivate managers and others to “buy in” to the budget process.
    • Show how comparison of variances in actual performance against the plan can be used to help control financial importance and their impact on short and long-term plans.
    • Apply budgetary control tools and systems to track implementation.

COURSE CONTENT

  • Budgeting and management control systems
  • The strategic planning process and the budgeting
  • Budgeting styles and approaches
  • Aligning budget with the organizational strategy
  • The impact of corporate culture on planning and budgeting
  • Understanding the business environment
  • Understanding financial statements
  • Financial Statement analysis and planning
  • Forecasting methods
  • Capital expenditure budgeting and analysis
  • Preparing the ground for change in the business via financial planning.

 

 

COURSE METHODOLOGY

  • Formal lectures
  • Case studies
  • Group exercises
  • Experience sharing
  • Role Playing

 

BENEFITS

  • Adequate accountability
  • Improved monitoring and controlling of operations
  • Effective and efficient management functions
  • Accurate performance evaluation
  • Improved resource allocation and utilization

 

 

WHO CAN ATTEND THE TRAINING?

This course targets Executive level managers responsible for budget preparation and management reporting in profit and not for profit organizations; managers, functional heads and anyone saddled with direct responsibility in budgeting, financial planning and reporting.

 

COURSE DURATION AND FEE:

The price for the training intervention for a period of three (3) days is Eighty-five thousand naira (#85,000) per participants under the following assumptions

ASSUMPTIONS

    • CERTIFICATION EDGE will not be responsible for the training venue and feeding of participants.
    • The class will contain a minimum of 20 participants.
    • Cost does not include VAT