You're struggling to be assertive in Budgeting & Forecasting. What can you do to build your confidence?

Over the years, i have learnt that understanding the basis of the budget promotes confidence. I once took a job where the budget prepared before i joined in the previous year was widely different from the actual and forecast. Before preparing the budget for the next year, i studied the assumptions of the latest budget and identified the areas of weakness to ensure that the budgets going forward are more realistic.

Budgeting & Forecasting: The domain of Real Estate and Facilities Management is critical for the function to capture all the expenses expected in the financial year. The data accuracy, metrics, and benchmark towards the gamut of FM is nothing but confidence building for the function as well as the head of the department. Understanding the complexity of Capex and Opex and historical data helps build confidence not only in the department but also at the CFO level. The fixed expenses like rent, maintenance charges, energy, utilities, AMC, and variable expenses updating month-wise and reviewed help build enormous confidence about the function.

Making sure you have a firm grasp of the figures can be all it takes to boost your faith in budgeting and forecasting. Confidence is fostered when one is well-versed in the sources, assumptions, and computations, and one can communicate them clearly. With a solid grasp of the major trends, drivers, and risks, these numbers may be better understood in light of the company's long-term objectives. Possessing this information and demonstrating skill, precision, and dependability will give you the self-assurance and bravery to face obstacles head-on. Being able to effectively discuss budgets and estimates can boost your professional reputation. This requires a thorough grasp of statistics.

To build confidence in budgeting and forecasting, I will prioritize education through courses or self-study to understand principles and techniques thoroughly. Practice regularly, seek feedback, and set achievable goals to improve proficiency and accuracy over time. Stay organized, stay updated on industry trends, and visualize success while remaining flexible to adapt to changing circumstances, ultimately celebrating achievements along the way to bolster confidence.

I agree. This comes from being in regular touch with leaders of key business units such as sales, operations, and others as well as regular data analysis to know the numbers and why they are where they are.

After the preparation of the budget forecast review with stakeholders particularly the CFO/finance function. Prepare yourself for expected questions from the function including data accuracy, benchmark expenses, per capita, and any target to optimize resources, capital, and opex expenses with reliable data to make this feedback review fruitful. The increase in employee experience by spending the same cost in terms of occupancy and utilization is key to making a sustainable workplace. Be prepared to rework of budget forecast after a review with the finance function. Needless to say, any savings achieved/cost avoidance to be part of the sign-off.

Improving one's assertiveness in budgeting and forecasting requires proactive preparation of feedback. Always have well-planned responses ready for any inquiries, comments, or suggestions that may come your way. Back up your budget and forecast with facts, examples, or references to ensure they align with industry best practices. It is possible to overcome nerves and hone your communication abilities via preparation, which will make it easier to respond positively to constructive criticism or disagreement. Being able to take criticism well shows that you are an expert in your field and gives you more confidence when discussing finances and predictions.

In my experience receiving feedback after submitting your budget or forecast is crucial for refining and improving financial plans. Relevant feedback provides valuable insights into the accuracy and feasibility of your projections, and helps to identify potential areas for adjustment or optimisation. It is important to note that constructive feedback fosters learning, growth and collaboration enabling better decision-making in future budgeting processes . Receiving feedback can also be seen as a tool for continuous improvement which enhances financial stewardship and strengthens organisational performance.

I believe that this step is crucial to be approached from the right perspective. Sometimes "preparing for feedback" is perceived as trying to have all the possible answers ("evidence, examples, or references") upfront, which could prove counterproductive. Instead one should be prepared to be flexible and at ease with admitting being wrong in certain cases.

My best advice prepare all the tricky question, and all the scenarios possible...and even like that life can surprise you. Keep it easy ??

Speak confidently and clearly, and you might discover that you are more forceful when talking about budgets and estimates. Instead of being evasive or apologizing, keep your tone positive and polite. Make better use of your time with visual aids like graphs and charts. Communicate your plans and budget in a way that is easy to understand and concise. Along with clarifying your views, this will also lend you an air of authority and trustworthiness. People are more inclined to back your financial endeavors when they trust you and perceive you as honest and forthright. If you want to make a powerful and convincing case when talking about money and predictions, try speaking with more conviction.

Have a strong knowledge of your subject and benchmark with industry comparables. Someone with a strong knowledge of their numbers and strong comparables should be able to gain confidence in their themselves and have this will make for an easier negotiation.

Clearly communicate your budgeting and forecasting assumptions, methodologies, and outcomes to stakeholders. Being able to articulate your decisions and rationale can enhance your credibility

In my experience, it is very important to know telling about scenario that company is living. The clear and objective communication is essential

Clear communication and the way you express yourself are crucial. You should not only make yourself understood but also ensure that teams understand the company's objectives, the importance of the budget and its usefulness, as well as the significance of accuracy in forecasting for executive management

Listen actively to determine what information is important to your audience and what the real data point is they're trying to see and/or understand. This will help you convey information that is practical and meaningful and keep you from expelling energy and information about things that aren't important to your stakeholders. When you understand what your audience is looking for, you can be more confident in delivering information that's going to provide real value.

Actively listen to feedback and insights from colleagues, executives, and other stakeholders. By considering different perspectives, you can refine your budgeting and forecasting strategies and gain confidence in your decision-making processes

1. Envolva a equipe: Envolva os gestores e colaboradores relevantes no processo de or?amento para obter insights e contribui??es valiosas. Promova a transparência e a comunica??o eficaz em rela??o aos números do or?amento. 2. Busque apoio de profissionais qualificados: Se necessário, conte com a ajuda de profissionais de contabilidade, finan?as ou consultoria para interpretar e analisar os números do or?amento empresarial de forma mais aprofundada.

Working on active listening is also an interesting and vital aspect of budgeting & forecasting. You should strive for a balance between mastering the entire process to gain assertiveness and confidence without losing the humility to listen actively to all involved parties. Why? Because no matter how well you master your responsibilities and the process, any serious department head who has mastery over their work will have more information than you, and together will have a better understanding of the figures.

Una vez en el trabajo me toco negociar con los departamentos de proyecto y de obra, para realizar cambios en método constructivos y materiales, para de esta manera estar dentro del presupuesto previsto. Una vez que se les compartio la idea desde la perspectiva de presupuesto, utilidad y rentabilidad, todos se alinearon para trabajar sobre esa meta.

Negotiate Effectively with finance/CFO by projecting ESG related Capex and Opex expenses in Real Estate & Facilities Management. The negotiation should be based on industry trends, strategic vision, and short/medium/long term achievement in environmental benefits which eventually build a brand image of the organization. Particularly spending increases should be substantiated with references to gain in emissions reduction, DEI, Governance, and compliance. Overall bringing the positive approach to expenses in the hands of leadership support with a strong team for a sustained journey.

In budgeting and forecasting, negotiation skills are crucial when discussing resource allocations, financial targets, and strategic priorities. Learning how to negotiate effectively can help you assert your position with confidence

It is very important the way you present your numbers, so your message get thru: -Go from general to the detail if necessary -Who is your audience (are they good with numbers or with images or with technical language?) -Present not only numbers but if possible graphs -What is the key message? -What are the options? -Finish with a summary

Estabelecer Metas Realistas: Certifique-se de que as metas e expectativas do or?amento sejam desafiadoras, mas alcan?áveis. Defina metas claras e mensuráveis, proporcionando aos funcionários um senso de propósito e dire??o.

Acknowledge and celebrate your successes in budgeting and forecasting. Recognizing your accomplishments can boost your confidence and motivate you to continue improving your skills in financial planning

Independentemente do tipo de comemora??o escolhido, o mais importante é que o reconhecimento e agradecimento sejam sinceros, personalizados e condizentes com as contribui??es e esfor?os dos funcionários. Essas práticas ajudam a promover o engajamento, a motiva??o e o sentimento de valoriza??o da equipe, contribuindo para um ambiente de trabalho mais positivo e produtivo.

Look at historical data for budgeting and forecasting and figure the gain and pain points. Calculate the risks and rewards and position your argument around data. At the end of the day data talks.

For any planning discussions, I first pre align all stakeholders by ensuring I take their feedback / inputs along the way. If I try to get commitment by being assertive & hope that they understand & accept my point of view, then its a bad plan to start with, and in all places I have worked, not acceptable in the organizations culture. To convince people I ensure my forecast is built in a waterfall chart & I have a bar for every tail wind and headwind and each of my big ticket sales generating activities with sufficient insights backing it.

Much of the success of a good budget is the analysis of historical data and trend analysis. But another important part is to get closer to your operational area, listen to them and understand how the business works, having a good communication between areas when making budgets helps mitigate or better evaluate the risks.

To build confidence in budgeting and forecasting, it's important to start by setting clear goals and objectives for yourself and taking feedback and ideas from the team below are key points - Develop a deep understanding :Take the time to thoroughly understand the financial concepts, tools, and techniques involved in budgeting and forecasting. The more knowledge you have, the more confident you will feel in your abilities. Practice active listening :When discussing budgeting and forecasting with others, make sure to actively listen to their input and feedback. This will help you gain different perspectives and improve your decision-making skills. Remember that assertiveness is a skill that can be developed with practice and perseverance.

Before those 7 points were mentioned, it was all suppose to be started with the big picture and the business process understanding. The details of the calculations and assumptions will likely be misleading or incorrect if the bigger picture of the industry, or the macro economical situation is not put in the budgets yet. It is important to understand how the business flow, the main goal, or the short term goal of what the company wants to achieve instead of diving first into the number details.