Business leaders often face several challenges in budget management, including:
Inaccurate forecasting: Predicting future revenues and expenses can be difficult, leading to budget discrepancies. Unforeseen expenses: Unexpected costs can disrupt the planned budget. Resource constraints: Limited resources can make it challenging to allocate funds effectively. Resistance to change: Employees and departments may resist budget cuts or reallocations. Complexity: Managing multiple budgets for different departments or projects can be complex and time-consuming.