It's Time To Listen to What Your Budget Can Tell You
As a business owner you may be challenged with identifying the best plan for your business structure. When it comes to budgeting, let's be clear that it is different when compared to a long-range planning. One important difference is the time period involved. The maximum length of a budget is usually a year, and budgets are often prepared for shorter periods of time, such as a month or a quarter. In contrast, long-range planning usually encompasses a period of at least five years.
A second significant difference is in emphasis. Budgeting focuses on achieving specific short-term goals, such as meeting annual profit objectives. Long-range planning, on the other hand, identifies long-term goals, selects strategies to achieve those goals, and develops policies and plans to implement the strategies. To choose a strategy that will work best for your business starts with being realistic as possible. A budget can be used to indicate some of the following:
The final difference between budgeting and long-range planning relates to the amount of detail presented. Budgets, can be very detailed. Long-range plans contain considerably less detail. The primary objective of long-range planning is to develop the best strategy to maximize the company's performance over an extended future period.
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