What are the Best Practices for Long-Term Budget Planning?
For sustainable growth, leaders should adopt the following long-term budget planning practices:
1. Scenario Planning: Developing multiple budget scenarios to prepare for various economic conditions. 2. Strategic Investments: Prioritizing investments that align with the company's long-term goals and competitive strategy. 3. Continuous Improvement: Regularly updating budget models and assumptions based on new data and insights. 4. Stakeholder Engagement: Involving key stakeholders in the planning process to ensure alignment and support.