Creating, Implementing, and Managing Annual Organizational-wide Budget

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Creating, Implementing, and Managing Annual Organizational-wide Budget

Annual organizational-wide budget creation, implementation, and management are some of the most complicated activities that any business has to undertake. Within these critical budgeting steps, there are several aspects that I feel are more complicated for me. First is incorporating the strategic idea of a business into an annual budget. According to Suurd (2020), a business should have a direction, and that direction must be well funded. I think this aspect of annual budgeting is complicated, mainly due to the need to consider business operation variabilities. The second aspect that I feel will be very complicated is involving stakeholders, mainly the shareholders who have a strong desire for an increase in dividends, which complicated the budgeting process. Thirds, I feel that setting goals for a budget can be a tall order, mainly considering business performance variation. According to Suurd (2020), budgeting can vary many times within one year of operation; hence setting budgeting goals become hard. The other complicated aspect is projecting revenues within the budget. A budget...