Building a Mid-Year Adjusted Budget

May 19, 2020

The GrowthLab Weekly Jump is an information session hosted every Monday that tackles relevant issues in today’s trying times. Jumpstart your week with practical advice in times of uncertainty.

In case you missed this week’s Jump session, you can find the slide deck & recording below:

This week’s focus is on Building Your Mid-Year Adjusted Budget.

This Weeks Actions:

  1. Why do you adjust your budget?
  2. How do you adjust your budget?

Action 1: Why you adjust your budget

The “Why” of an Adjusted Budget

  1. Annual Strategic Business Cycle
    1. Scenario Planning
    2. Re-thinking your business
  2. Communication Tool
    1. Board of Directors
    2. Advisory Board
    3. Functional Executives
  3. Execution Plan

Action 2: How you adjust your budget

Steps to an adjusted budget

Step 1: 

Review YTD Performance

  • Review A-to-B
  • What’s working vs budget? What’s not?
  • % drop in revenue?
  • Staff profile?
  • Expansion of DSO?

Step 2: 

Look ahead to the Rest of the Year

  • Leverage your scenario planning
  • What trends in A-to-B will continue/ change?
  • How will you shape / re-shape your biz?
  • What do your functional leads need?

Step 3: 

Analyze Adjusted Budget

  • Compare adjusted vs. original budget
  • Analyze adjusted with focus on:
    • Revenue
    • Gross profit
    • NOI
    • Cash
    • Working capital

Step 4: 

Build your Execution Plan

  • Management framework
  • Hiring/ firing plan
  • Metrics
  • Decision points

Step 5: 

Pre-think Risks & Opportunities

  • Revenue risks / opportunities
  • Health risks
  • Hiring opportunities
  • Determine Countermeasures to each Risk & Opportunity
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