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Balanced Scorecard in Budget Formulation
A Long-Green
Does anyone have experience or knowledge of using the BSC in a budget formulation process? Has anyone used the BSC as a tool to support, defend or increase/decrease budgets?
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Sound Budgeting: a Must for Any Successful Strategy
Midas Sekgabo, Head - Strategy and Projects, Botswana, Member For any strategy to see the light of the day and bring benefits to the shareholders, it must be accompanied by a competitive budget. Translating the strategy into operational terms, cascading, is useful in that it identifies the necessary activities/initiatives to move the company to the expected vision. These activities/initiatives are then costed to come up with an estimate budget of the strategy (plan). One may want to go further an even cost the monitoring of the strategy including but not limited to data collection and analysis - studies, and monitoring software. At the end of the day, a good strategy should be within reasonable budget of a company. One may need to do some trade-offs to get that pocket-sensitive, competitive strategy.
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