Effective Budget Forecasting: - EMP Asia


Effective Budget Forecasting: - EMP Asia

Effective Budget Forecasting:Raising the challenge of the 21st century by implementinga dynamic approach to forecasting and planning8th – 10th December 2009 | Prince Hotel, Kuala LumpurSummaryFinancial Planning is a continuous process that flows with strategic decision-making. The Operating Plan and theFinancial Plan will both support the Strategic Plan. The best place to start in preparing a budget is with sales sincethis is a driving force behind much of our financial activity. However, we have to take into account numerous factorsbefore we can finalize our budgets.Budgeting should be flexible, allowing modification when something changes. For example, the following will impactbudgeting:• Life cycle of the business• Financial conditions of the business• General economic conditions• Competitive situation• Technology trends• Availability of resourcesBudgeting should be both top down and bottom up; i.e. upper level management and middle levelmanagement will both work to finalize a budget. We can streamline the budgeting process by developing a financialmodel. Financial models can facilitate “what if” analysis so we can assess decisions before they are made. This candramatically improve the budgeting process.One of the biggest challenges within financial planning and budgeting is how do we make itvalue-added. Budgeting requires clear channels of communication, support from upper-level management,participation from various personnel, and predictive characteristics. Budgeting should not strive foraccuracy, but should strive to support the decision making process. If we focus too much on accuracy,we will end-up with a budgeting process that incurs time and costs in excess of the benefits derived.The challenge is to make financial planning a value- added activity that helps the organization achieve its strategicgoals and objectives.Why You Cannot Miss This Event?As businesses began to turn their attention from implementing their 2009 plans to formulating new ones for 2010especially when the global financial turbulence has prolonged the recovery mode for all businesses across theregion.Due to an increasingly competitive and volatile environment, many businesses recognise that it is common toface the financial stumbling blocks at some point particularly when budget is the biggest constraint. Therefore it iscrucial that they make use of effective financial tools, techniques and approaches to deliver cost-effective solutions.Of all these, an efficient and effective budgeting systems are the most common and widely used management toolfor planning and control.However, many businesses suffer from poorly constructed budgeting and financial processes that stifleachievement and result in frustration or discouragement. Some companies also acknowledge that their budgetsare too rigid, unresponsive, bureaucratic and add little value to their performance.This highly interactive course is designed to teach you how to create a more meaningful budget, and how to usethis budget to more effectively make important business decisions. Throughout the programme, you will identifyeffective methods for translating your organisation’s strategic initiatives into measurable financial performance.Now that you are in charge – what’s next? Are you 100% clear about the strategic direction of your department /organisation (and your target companies)? How and where is it going?evolution mind power asia

Effective Budget Forecasting:Raising the challenge of the 21st century by implementinga dynamic approach to forecasting and planning8th – 10th December 2009 | Prince Hotel, Kuala LumpurIn just 3 days you will be able to• Evaluate strategic directions and capabilities ofthe organization•Perform in-depth financial planning andperformance managementBenchmark on effective budgeting & forecastingtools by leading companiesCritical review of the budgeting processesExamine a range of techniques to improve yourbudget modelAlign the budgeting & forecasting function to yourbusiness goalsUnderstand different forecasting methods to lead toan efficient planning•••••Semi-customized LearningTo ensure a personalized learning for you atthis workshop, upon registration, you will begiven a pre-course questionnaire where you candetail your exact learning objectives. Our coursetrainer will analyze your learning needs &tailor the workshop to address the issues thatyou have raised. We would recommend that youcomplete the form with detailed input and at thesoonest time to ensure appropriate & relevantcustomization of the workshop with your needs inmind.Special BONUSWho Should Attend?CFO’s, Chief Operating Officers, Directors, BusinessUnits & Departmental Managers, Managers,Controllers, Advisors and Heads of:• Finance• Corp Finance• Corp Planning• Strategic Planning• Budgeting & Control• Planning & Control• Business Planning• Strategic Business Unit• Performance Management• Sales and Marketing Managers• Purchasing• Business Development• Accounts• Brand Management• Product PlanningThis semi-customized MasterClass will not onlyprovide 3 days intensive learning experiencebut also an additional 3 Months action plan orconsultation with Rohan Badenhorst andFanuel Dewever on any MasterClass relatedwill be provided to EMP Asia’s clients for FREE.Strategic PartnerParticipants are required to bring alaptop for the workshopevolution mind power asia

Effective Budget Forecasting:Raising the challenge of the 21st century by implementinga dynamic approach to forecasting and planning8th – 10th December 2009 | Prince Hotel, Kuala LumpurTopicsDay 1How critical is good financial information• Managing a company in this volatile businessenvironment• Bridging the gap between Finance, Accounting andOther departments• Tracking the life cycle of a company• Translating strategic plans to business plansMonitoring business performance againstbudgets• Monitoring and measuring variance analysis• Interpreting results• Identifying cost saving opportunities• Phasing expenditure to help cash flow• Developing and tracking Key PerformanceIndicators (KPIs)Transforming the budgeting & planning process• Zero-based budgeting• Detail and completeness• Activity Base Management & budgeting• Budgeting and planning techniquesDay 2Implementing budget forecasting• Understanding forecasting and how toimplement them• Understanding the concept of rolling forecasts• Differentiating between budgeting and forecastingGoing beyond conventional budgeting• Exploring the conventional budgeting process:Theory Vs Reality• Shortcomings of budgets prepared• Analysing budget variances and gaps• Testing assumptions used in preparing the budgetIdentifying the right measurement guideline• Development of the long-range vision• Focusing the Vision• Creation of Definable, Measurable Objectives• Development of the Key Performance IndicatorMatrix• Identification of required activities, resources, andconsumption ratesDay 3Recognizing the best budgeting techniques• Forecasting Methods• Break-even Analysis• Use of Standards• Trend Analysis• Cost Estimation• Project Budgeting• Business AnalyticsManaging your costs throughout thebudgeting and forecasting process• Scrutinizing cost: direct & indirect cost base• Effectively managing cost control to make theforecasting process efficient• Integrating new costs and cost savings into thebudget• Implementing a cost reduction exerciseBudget consolidation as a strategy enabler• Forecasting your business ecosystem’s budgetingplan• Summarising and analysing your businessesbudget effort• Formulating the action planProgramme Time0830 Registration & welcome coffee0845 –1015 Masterclass Begins1015 –1030 Coffee Break1030 –1300 Masterclass Resumes1300 –1400 Lunch Break1400 –1600 Masterclass Resumes1600 –1615 Coffee Break1615 –1700 Masterclass Resumes1730 Masterclass Endsevolution mind power asia

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