How does the budget process and the strategic planning process inter-relate? How are financial targets and...

How does the budget process and the strategic planning process inter-relate? How are financial targets and initiatives defined, and how are they tracked to determine success?

Expert Solution

Strategic planning can enable company to take advantage of new and different opportunities in the future while minimising the negative impact of unexpected challenges along the way. Strategic planning especially in budgeting provides great opportunities to support the mission and goals of your company.

The key budgeting and planning issues are

Budget objectives should directly be linked to business objectives
Ensure that your strategic initiatives are properly funded in your budget
Identify the biggest pitfalls within your current planning and budgeting processes
Ask the question: Should it be Top Down, or Bottom Up budgeting - what best fits your company
Does your planning process include periodic re-forecasts or rolling forecasts? Should it?
What percent of activities in your budget process is non-value-added?
Does your planning system allow you to explore the implications of different and possibly multiple strategies and investment decisions?
How should strategic plans and initiatives be monitored and judged for success?
Do your planning process link management's goals with shareholder value?
Is it the process or the technology that is holding back your budgeting and planning efforts?
How does your customers influence your budget planning if at all?

Target Incentive Award, based on the level of achievement of the pre-established corporate, segment, group, divisional, and/or individual performance goals.

Final Award amounts may vary above or below the Target Incentive Award, based on the level of achievement of the pre-established Financial, Non-financial, and individual performance goals.

Each performance goal range shall include a level of performance at which one hundred percent (100%) of the Target Incentive Award shall be earned.

If the job duties of a position change during the year, or Base Salary is increased significantly, the Target Incentive Award shall be revised as appropriate.

Each participant will be assigned a Target Incentive Award, stated as a percent of Base Salary.

jeff jeffy answered 1 year ago

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