Budgeting Must Be Integrated in Strategic Process
Budgeting is not an independent process. It has to be integrated and follows from strategic planning process.
Every corporate should have a vision and long term goals. Strategies are to be developed to achieve such goals. Intermediate goals have to be set to achieve long term goals.
This entire strategic planning process has to be reviewed periodically and changes if required have to be incorporated.
Entire entity have to be mapped to an influence diagram and develop what if scenarios with strategies reviewed/developed with alternative to achieve goals if faced with new scenarios in view of changing environment, organizations strengths and weaknesses.
If need be rolling budgets may be developed.