Performance Controller

"However beautiful the strategy, you should occasionally look at the results"...WC Print

How many managers understand what drives their business and how it is financed? And how many understand the laws of return on investment or breakeven analysis and critical mass.

Last year in December, at the Crown Casino Ballroom in Melbourne, I had a night to remember.  Our daughter Kate, now 28, graduated from the Melbourne School of Fashion. There she had completed a Fashion Management & Design degree after 6 years of part and full time effort.

With 16 design graduates, it was a gala event with professional models  parading their creations before industry icons who had come to assess the new release of talent.

Unlike many industries, fashion design is brutal on all who participate, as it ruthlessly starts at the top. Needless to say the show was world class.

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If you have kids, you will understand the anxiety most parents get when the kids are constantly asking for money. And usually it is for all sorts of justifiable things that come up out of the blue. When the semester begins, when school excursions get scheduled,  for extra pocket money and so on it goes. Yet somehow you manage to get through it.

For companies, like kids, we run a budget.  But unlike kids, companies assign responsibility to managers to plan resources to deliver services demanded to meet the business plan. This money allocation process is called Budgeting and takes a serious amount of time in many organizations as they sort out the priorities.

Looking into how good ones do it, we find once business plans are  set , budgeting is about figuring out what resources you need meet it.

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