Pro tips for surviving budget season

What's up, Finance superstars? It's Chris Ortega here—Fractional CFO and CEO of Fresh FP&A. I'm thrilled to be taking over this week's edition of The Finance Fix.

Christina and I have shared many discussions about the highs and lows of budget season (we even teamed up for a webinar dedicated to this topic). So, when she asked me to share my biggest budget season tips in her newsletter, I jumped at the opportunity.

Whether this is your first or hundredth budget season, I've gathered some tricks, insights, and resources that will help you not only survive but thrive during this crucial time. Let's dive in and make this budget season one to remember!

Happy budgeting,
Chris

The big idea: surviving budget season

From working with budget leaders to getting buy-in for your strategic plan, this time of year can feel like herding cats.

To survive, you need to bring together key players, build a plan people can rally behind, and guarantee everyone is aligned around a common goal.

For tips and tricks to ensure your upcoming budget season is productive, collaborative, and on target, check out my latest webinar with Christina Ross, Surviving Budget Season: 4 Proven Tactics for Finance Leaders.

Quick tips for rolling out a budget:

1. Don't set it and forget it.

Budgeting is a living process, not a one-time event. You can stay agile and responsive to changes by frequently revisiting and adjusting the budget. Schedule regular check-ins with business partners to review actuals, discuss any surprises, and make adjustments. This way the budget remains relevant, collaborative, and encourages shared accountability.

2. Conquer the 3 C's.

To optimize your budgeting process, prioritize the 3 C's: Collaboration, Connection, and Clarity. Collaborate with all teams involved, connect them to the budget's core objectives, and provide clarity in all financial documents. This straightforward approach ensures everyone understands and is aligned with the financial goals.

3. Balance precision vs. accuracy.

Know when to be perfect or not. Budgeting needs flexibility and agility, but not in all cases. Striving for perfection on every metric could lead to budget fatigue. Determine which areas require precision and which ones can be directionally accurate. This balance allows for agility but also clarity on what matters.

Top 3 resources you can't afford to miss:

1. The all-in-one financial planning calendar

Looking to stay organized and prevent costly oversights in the year ahead? Discover how to build an effective financial planning calendar that prevents errors, boosts efficiency, and sets your business up for success.

2. Seal the deal on a successful budget season: 5 can't-miss tips

Want to conquer the chaos of budget season? Check out this blog from Fresh FP&A for practical strategies to navigate budget season, avoid burnout, and ensure your team's success.