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What are some of the best practices for creating a realistic and flexible budget?

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Creating a realistic and flexible budget is a key skill for any budget analyst, whether you work for a business, a nonprofit, or a government agency. A good budget can help you plan ahead, monitor your performance, and adjust to changing circumstances. But how do you create a budget that is both accurate and adaptable? Here are some of the best practices for creating a realistic and flexible budget.

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Yemmie Olaleye (CMSA?, FTIP?)

I help individuals make informed & strategic decisions in the financial market; impacting with charts. Market Analyst|…

1 Understand your goals

Before you start crunching the numbers, you need to have a clear idea of what you want to achieve with your budget. What are the main objectives and priorities of your organization or project? How do you measure your success and progress? How do you align your budget with your strategic plan and vision? By answering these questions, you can define your goals and set realistic expectations for your budget.

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Yemmie Olaleye (CMSA?, FTIP?)

I help individuals make informed & strategic decisions in the financial market; impacting with charts. Market Analyst| Coach| Mentor| Thought leader| Futurist CFI: FMVA?| CMSA?| CBCA?| BIDA?| FTIP?| FPWMP?
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In creating a realistic budget, itemize the priorities in your objectives and focus on their budgeting. Relevant goals that will add up to the organization's growth needs proper budget with a designed measurable progress metric. Negotiation skill is another attribute that can enhance budget to be optimized in an organization.

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2 Gather relevant data

To create a realistic budget, you need to base it on reliable and relevant data. This means collecting and analyzing information from various sources, such as past financial statements, market trends, industry benchmarks, and stakeholder feedback. You also need to consider the external and internal factors that may affect your budget, such as inflation, regulations, competition, and organizational changes. By gathering relevant data, you can make informed assumptions and estimates for your budget.

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3 Use appropriate tools

To create a flexible budget, you need to use appropriate tools that can help you organize, visualize, and modify your data. For example, you can use spreadsheet software, such as Excel or Google Sheets, to create formulas, charts, and scenarios for your budget. You can also use budgeting software, such as QuickBooks or Mint, to automate and streamline your budgeting process. You can also use cloud-based tools, such as Dropbox or Google Drive, to share and collaborate on your budget with other stakeholders.

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4 Review and revise

To create a realistic and flexible budget, you need to review and revise it regularly. This means comparing your actual results with your budgeted figures, identifying any variances and discrepancies, and explaining the reasons behind them. You also need to evaluate your performance and progress, and determine if you need to make any adjustments or corrections to your budget. By reviewing and revising your budget, you can ensure that it reflects your current situation and needs.

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5 Communicate and report

To create a realistic and flexible budget, you need to communicate and report it effectively. This means presenting your budget in a clear and concise way, using simple language and visual aids, such as tables, graphs, and dashboards. You also need to communicate your budget to your stakeholders, such as managers, employees, clients, and funders, and solicit their feedback and input. By communicating and reporting your budget, you can gain their support and trust, and improve your accountability and transparency.

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6 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 are some of the best practices for creating a realistic and flexible budget?

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1 Understand your goals

2 Gather relevant data

3 Use appropriate tools

4 Review and revise

5 Communicate and report

6 Here’s what else to consider

Budget Analysis

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