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What do you do if your subordinates' feedback in Budgeting & Forecasting is critical?

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When you receive critical feedback from your subordinates in the area of budgeting and forecasting, it's a pivotal opportunity for growth and improvement. As a leader, you're tasked with the responsibility to ensure that financial plans are accurate, which involves forecasting future revenues and expenses, and budgeting accordingly to meet strategic goals. Critical feedback, while it may be tough to hear, can shine a light on areas that could be hindering your team's or organization's financial performance. Embrace this moment to refine your processes, engage with your team, and strengthen your financial strategies.

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GBENGA OMOLERE

FINANCE MANAGER
Enrique Garcia Arbulu, Mg, Ing, CIP

Project and Chief Director, Commercial Director, Board Member Director

1 Listen Actively

Active listening is crucial when addressing critical feedback from your team. Rather than becoming defensive or dismissive, show that you value their input by giving them your full attention. Encourage them to provide specific examples and to express their concerns fully. This not only helps in understanding the root of the issues but also fosters a culture of open communication. By acknowledging the feedback and showing a willingness to address it, you build trust and respect within your team.

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GBENGA OMOLERE

FINANCE MANAGER
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show that you value their input by giving them your full attention. Encourage them to provide specific examples and to express their concerns fully. Identify the key points raised and evaluate them against your current budgeting and forecasting practices. Consider whether these points highlight systemic issues or one-off mistakes. By involving your team in problem-solving, you not only empower them but also tap into their collective expertise. Develop a plan to implement the agreed-upon changes. This might involve revising your forecasting models, updating budgeting procedures, or providing additional training for your team.

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Enrique Garcia Arbulu, Mg, Ing, CIP

Project and Chief Director, Commercial Director, Board Member Director
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When subordinates offer critical feedback in budgeting and forecasting, view it as an opportunity for growth. Encourage open dialogue to understand their perspectives and concerns fully. Assess the feedback for actionable insights and collaborate on solutions to improve processes and accuracy. Demonstrating responsiveness to feedback not only enhances the budgeting and forecasting practices but also builds a culture of trust and continuous improvement within the team. Embrace these moments as pivotal for personal development and team cohesion.

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Annie Kayombo

Human Resource Management and Development
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In most instances in an organization subordinates tend to feel left out because they feel that management never listens and management tends to place themselves above the subordinates. However in actual sense as managers or bosses one needs to listen more to the subordinates as they usually have the best solutions and thoughts. As managers we need to listen and analyze the points been raised other than having a negative perception

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Zach Kinina Ngugi ACA, CPA

ICAEW Chartered Accountant || Budgeting || Reporting
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A company’s culture that promotes avenue for subordinates to offer critical feedback is invaluable. When a subordinate offers critical feedback, it is prudent to listen carefully and seek clarity from the subordinate where possible. Try to keep an open mind and avoid being defensive. Evaluate the feedback received and consider whether the points offered warrant changes. Address the concerns based on the evaluation that you have performed. Also, if possible you can involve the subordinate when addressing the concerns. Once done, communicate the changes while acknowledging their input. Also, ensure you create an environment where feedback is welcomed in the future as this supports continuous improvement of budgeting and forecasting.

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2 Assess Objectively

Once you've listened to the feedback, take a step back to assess it objectively. Avoid letting emotions cloud your judgment. Identify the key points raised and evaluate them against your current budgeting and forecasting practices. Consider whether these points highlight systemic issues or one-off mistakes. This assessment phase is about separating constructive criticism from mere complaints and focusing on actionable insights that can lead to better financial management.

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Derek Robinson

Director of Business Development– E&E North America - Applus+ Laboratories
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It can be very difficult to hear criticism about your work, however, constructive criticism can help us grow. If there is some analysis we may have missed or we may need to look into to improve, listen, identify the issues, and then take action. We sometimes learn more from failure than success, so if there's a chance that a subordinate is giving feedback that is deemed critical, there could be a lesson in that and one that will help you improve. It also could show that you are hiring superstars who are making you better. Remember the old adage, if you're the smartest person in the room, you're in the wrong room.

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3 Engage in Dialogue

After assessing the feedback, engage in a dialogue with your subordinates to discuss potential improvements. This conversation should be a two-way street, where both parties contribute ideas and solutions. By involving your team in problem-solving, you not only empower them but also tap into their collective expertise. This collaborative approach can lead to innovative strategies that enhance your budgeting and forecasting processes.

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4 Implement Changes

Taking action on the feedback is where the real change happens. Develop a plan to implement the agreed-upon changes. This might involve revising your forecasting models, updating budgeting procedures, or providing additional training for your team. Whatever the action steps are, ensure they are clearly communicated and that there is a timeline for implementation. Show your team that their feedback has led to tangible improvements.

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5 Monitor Progress

After implementing changes, it's essential to monitor progress and measure the impact. Set up a system to regularly review the new practices and check if they are leading to better forecasting accuracy or budget management. This continuous monitoring not only helps in fine-tuning the changes but also keeps the team engaged in the process of continuous improvement. It demonstrates that you take their feedback seriously and are committed to making lasting positive changes.

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6 Reflect and Learn

Finally, use this experience as a learning opportunity. Reflect on what you've learned from the feedback and the subsequent changes. Consider how you can apply these lessons to other areas of your work or to future projects. Continuous learning and adaptation are key components of leadership, particularly in the dynamic field of budgeting and forecasting where market conditions and organizational needs can change rapidly.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if your subordinates' feedback in Budgeting & Forecasting is critical?

1

2

3

4

5

6

7

1 Listen Actively

2 Assess Objectively

3 Engage in Dialogue

4 Implement Changes

5 Monitor Progress

6 Reflect and Learn

7 Here’s what else to consider

Budgeting & Forecasting

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What do you do if your subordinates' feedback in Budgeting & Forecasting is critical?

1

2

3

4

5

6

7

1 Listen Actively

2 Assess Objectively

3 Engage in Dialogue

4 Implement Changes

5 Monitor Progress

6 Reflect and Learn

7 Here’s what else to consider

Budgeting & Forecasting

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