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Finance: Is your budget process stuck on last year’s numbers?

Remember your last budget meeting? If you’re like many CFOs, it was a long, exhausting process that was not particularly effective. As the presenters showed you their plans, you probably challenged every number and explored every assumption. In the end, you may have raised their targets a little, but if you’re honest, you have to admit that each unit’s final budget for next year looked a lot like the one its managers proposed at the beginning of the budget process—which in turn wasn’t much different from the latest forecast for this year or actual performance for the previous year.

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