Planning playbook

Budget season is upon us. As we gear up to craft our budgets, remember this: it's not just about getting the numbers right. It's about setting the stage for the entire year ahead.

Ever had that mid-year panic, wondering where the gaps in your budget sprang from? Proper planning is the antidote. If you start early and keep things structured, you can avoid sudden budgetary surprises.

In this edition of The Finance Fix, I'm sharing actionable tips and insights to help you create a strong, organized financial plan and set your business up for success.

Happy planning,
Christina

The big idea: planning for profit

Looking to stay organized and prevent costly oversights in the year ahead? An effective financial planning calendar is essential for preventing errors, boosting efficiency, and guiding your business in the right direction.

The All-in-One Financial Planning Calendar template aims to make the planning process less stressful—and more efficient—for busy finance leaders.

It has everything you need to plan with confidence—from a multi-phase calendar template to a financial planning timeline and checklist for your business. Check it out today to get a leg up on planning season.

Quick tips for creating a planning calendar:

1. Showcase value.

Transform simple entries like 'Quarterly Review' into 'Q1 Review - Assess Marketing ROI'. This specificity highlights financial priorities and outcomes, which is essential for finance pros. It isn't just about tracking time, but about demonstrating meticulous oversight and an understanding of where every dollar is directed. A well-articulated calendar boosts stakeholder confidence, showing that every financial decision is backed by thoughtful planning.

2. Prepare for plans to change.

Allocate a few "open" slots or blocks in your calendar dedicated to unplanned adjustments or unexpected events. These act as safety nets, allowing you to accommodate last-minute changes, emergencies, or unforeseen opportunities. Having these dynamic blocks saves you from having to overhaul the entire calendar when the unexpected happens. When gearing up for the budgeting process, this means being ready to pivot or re-evaluate without derailing the whole timeline.

3. Reverse engineer deadlines.

Instead of plotting out tasks leading to a budgeting milestone, start with the final milestone (e.g., "Final Budget Submission") and work backwards on your planning calendar. Allocate time slots to review each section of the budget and integrate feedback. This method provides a clearer picture of dependencies and potential bottlenecks. It also serves as a reality check, ensuring you have enough buffer time and aren't overly optimistic about the time needed for each phase.

Top 3 resources you can't afford to miss:

1. Keep calm and plan on: how to build a stress-free budget process

Whether your organization is struggling with collaboration across departments or flexibility in planning, these actionable insights can transform budgeting from a chaotic scramble into a smooth, well-orchestrated process.

2. Prepare for the unexpected: AFP's guide to scenario planning

Discover how to seamlessly integrate scenario planning into your financial planning calendar, ensuring you're equipped to navigate uncertainties, adapt to rapid changes, and embrace a multifaceted approach to future forecasting.

3. Budget preparation: when should you start planning your budget?