1. Identify Causes: Determine the reasons for any deviations from the budget. Is it due to increased costs, lower revenues, or both? 2. Reevaluate Priorities: Sometimes, budget deviations require a reevaluation of business priorities. Focus on areas that are critical to your business success. 3. Implement Corrective Actions: Take immediate steps to address the deviations. This could involve cost-cutting measures, renegotiating contracts, or finding new revenue streams.