Why Budgeting and Sound Financial Practices are Crucial


 
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Why Budgeting and Sound Financial Practices are Crucial
Tim Jones, Consultant, United States, Member
Folks, all you have to do is look at the US debt and look at the fact that we have lived "beyond our means" for sometime now. You can't continue to operate without a plan for your money! It gets you in trouble as a household or as a country! The US is $16 trillion in debt!
Companies go bankrupt everyday because they operated on the assumption that a budget wouldn't work, was too time consuming, too much bureaucracy, etc.
It's time that we have professors in our universities that have experience in the real world and quit hiring these "financial philosophers" who operate on "theory" and have no idea what it is like to operate within limits, meet a payroll, develop realistic five-, and ten-year plans, etc.
We still have to operate according to sound business principles. Just because the airplane has been invented doesn't mean that gravity has somehow ceased to exist or apply to us!...Sign up
 

 
Why Budgeting is Important
Isaac Asante, Financial Consultant, Ghana, Member
Every management tool has weaknesses. The point in budgeting is to count the cost before going into an activity at the start of the year, and if it ha...Sign up
 

 
That's Simple - Its a Drug
Sergey Baltin, Manager, Russian Federation, Member
I totally agree, but this is from the point of view of non-government person. If you are in a government structure - I believe that it's so hard for g...Sign up
 

 
That's Simple - It's a Drug
Tim Jones, Consultant, United States, Member
@Baltin: you are right concerning politicians. You are correct in the electorate being a drug. Getting better as a c...Sign up
 

 
Budgeting Still Relevant
Benjamin Ogudoro Nkemakolam, Financial Consultant, Nigeria, Member
The relevance traditional budgeting depends on the method of application.
Rolling budgets can solve most of the
 

 
Why Budgeting is Useful
Dario Gragnani, Manager, Italy, Member
Budgeting is useful. 'You cannot manage what you do not measure'. Budgeting requires to analyze and decide. It is part of the job.
It clarifies t...Sign up
 

 
Budgeting is Still Useful
Andyson Mupeta, Student (MBA), Zambia, Member
Traditional or not it, budgeting remains a helpful means of operationalizing the company activities so these can be tracked with concrete metrics for ...Sign up
 

 
 


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