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You’re having trouble aligning budgeting and forecasting with internal stakeholders. How can you fix it?

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Budgeting and forecasting are essential skills for any business, but they can also be sources of conflict and frustration among internal stakeholders. Different departments may have different goals, assumptions, and expectations about the financial performance and plans of the organization. How can you align budgeting and forecasting with your internal stakeholders and avoid unnecessary disputes? Here are some tips to help you fix this common challenge.

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Nirmol Sarker

Global Finance Leader | Business Partner | Chartered Accountant (CA) & MBA | Driving Revenue Growth | Enhancing…
Iskander Gaiazov

Finance Manager | FP&A | Experienced Auditor | Consulting Professional | ACCA | IFRS
Maria Burova

FP&A | 9+years in Financial Modelling | Budgeting | Data-Driven Finance | FMCG

1 Communicate clearly and frequently

One of the main reasons for misalignment in budgeting and forecasting is poor communication. You need to communicate clearly and frequently with your internal stakeholders about the purpose, process, and outcomes of your budgeting and forecasting activities. Explain the rationale behind your assumptions, methods, and scenarios. Solicit feedback and input from your stakeholders and address their concerns and questions. Share your results and insights with them and show how they relate to their own objectives and responsibilities. Communication is key to building trust and collaboration in budgeting and forecasting.

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Nirmol Sarker

Global Finance Leader | Business Partner | Chartered Accountant (CA) & MBA | Driving Revenue Growth | Enhancing Operational Efficiency | Empowering Teams | Finance Storyteller |
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The budgeting team should remember that they work for internal stakeholders as objective agents, not principals. Therefore, alignment of internal stakeholders is a must. Some differences are also common as situations are assessed and valued from different perspectives. The best way to narrow the gap is to put those perspectives on paper, not keeping them in the wind so everyone can see them, and alignment will be easy.

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2 Align your budgeting and forecasting with the strategic plan

Another way to align budgeting and forecasting with your internal stakeholders is to link them to the strategic plan of the organization. The strategic plan defines the vision, mission, goals, and priorities of the business and guides its decision-making and resource allocation. Your budgeting and forecasting should reflect and support the strategic plan and show how your financial projections and plans align with the strategic direction and initiatives of the organization. By aligning your budgeting and forecasting with the strategic plan, you can ensure that your internal stakeholders share a common vision and understanding of the business and its financial performance and potential.

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3 Use a collaborative tool or platform

A third tip to align budgeting and forecasting with your internal stakeholders is to use a collaborative tool or platform that allows you to share, update, and analyze your financial data and scenarios. A collaborative tool or platform can help you streamline your budgeting and forecasting process, reduce errors and inconsistencies, and improve transparency and accountability. You can use a collaborative tool or platform to create, edit, and review your budgets and forecasts with your internal stakeholders, track changes and revisions, and generate reports and dashboards. A collaborative tool or platform can also help you integrate your budgeting and forecasting with other data sources and systems, such as accounting, sales, inventory, and payroll.

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Maria Burova

FP&A | 9+years in Financial Modelling | Budgeting | Data-Driven Finance | FMCG
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A great help was a development of Power BI report that showed fact, forecast and comparison vs budget. Each budgetholder could easily see gaps and understand what cost centers and accounts drive these differences. Regular meetings of budgetholders with finance analysts were crutual - first to give them an understanding of their numbers and how they align to company's goal; then to address budget gaps and help develop solutions. It also fostered open communication and transparency between functions.

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4 Involve your internal stakeholders in the budgeting and forecasting process

A final tip to align budgeting and forecasting with your internal stakeholders is to involve them in the budgeting and forecasting process. Rather than imposing your budgets and forecasts on them, invite them to participate in the creation, validation, and revision of your financial plans and projections. By involving your internal stakeholders in the budgeting and forecasting process, you can leverage their knowledge, expertise, and insights, as well as increase their buy-in and commitment. You can also foster a culture of ownership and accountability among your internal stakeholders, as they will feel more responsible for the outcomes and results of your budgeting and forecasting.

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Iskander Gaiazov

Finance Manager | FP&A | Experienced Auditor | Consulting Professional | ACCA | IFRS
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Nothing beats the frustration of creating a budget without involving those who will execute it)) Simply discussing key points with stakeholders before its creation can save you time and nerves. Communication is key to a successful budgeting process

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5 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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You’re having trouble aligning budgeting and forecasting with internal stakeholders. How can you fix it?

1

2

3

4

5

1 Communicate clearly and frequently

2 Align your budgeting and forecasting with the strategic plan

3 Use a collaborative tool or platform

4 Involve your internal stakeholders in the budgeting and forecasting process

5 Here’s what else to consider

Budgeting & Forecasting

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You’re having trouble aligning budgeting and forecasting with internal stakeholders. How can you fix it?

1

2

3

4

5

1 Communicate clearly and frequently

2 Align your budgeting and forecasting with the strategic plan

3 Use a collaborative tool or platform

4 Involve your internal stakeholders in the budgeting and forecasting process

5 Here’s what else to consider

Budgeting & Forecasting

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