Strategic Budgeting For Companies And Households
Another common name for strategic budgeting is one you've probably heard of the five year plan. Both companies and individuals can have a five year plan. This type of budget projects further than one fiscal year. This is a long term budget that is used to target specific goals that may take years to reach. For example, a company may have a five year plan to reach a certain profit level. A person may have a five year plan to purchase a home or vehicle.
Strategic budgets do not take the place of the traditional monthly budget, especially for households. And because conditions often change, these budgets can change also. You may find you have more or less money to put towards your goals. If you think five years is too much time to plan ahead, think again. The time flies by and when it has you will be glad you took control of your financial future years ago. Strategic planning and budgeting is a fantastic way to reach new levels of money management success and achieve things you may have thought weren't possible.
So how do you plan a strategy for your five year budget? One way is to look at years past for trends and make a forecast based on those. Then if you end up with more money it is a good thing and that money can be put towards your goals. The last thing you want to do is make a budget you cannot afford. This is true for households just as it is for companies. The difference is, individuals in households should have a personal spending account for every family member, as well as a savings. You might even want to have short, medium and long term savings accounts.
To learn more about strategic budgeting for your home, consider taking a money management course at the local learning center or community college. There are also some books on the subject that can help you get a handle on this type of budget whether you are part of a company or not. A few titles include but are not limited to: Strategic Budgeting by Roy T. Meyers, Strategic Project Portfolio Management: Enabling a Productive Organization by Simon Moore and Implementing Beyond Budgeting: Unlocking the Performance Potential by Bjarte Bogsnes. There are also plenty of online resources to help you learn also.
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