|As a manager, you are expected to put together a budget for your department each year. Your compensation may depend, to a large extent, on your ability to stick to that budget. So it's in your best interest to create a realistic budget when you start out. |
Begin by setting goals. An ambitious manager wants to improve her division's performance over the previous year, increase net income for the company, or decrease costs—maybe even all three. How do you think your department can accomplish everything it has set out to do? That's where the budget comes into play. After all, a budget is a plan with numbers.
Start with a list of three to five goals that you'd like to achieve—and put a completion date on them, too. For example:
Role-playing may help you here. Put yourself in the position of a division manager with limited resources and many departmental requests for funding. How can you make your case for two additional staff members so that the division manager grants your request ahead of all the others?
Thursday, April 29, 2010
Preparing a Budget