Effective Budgeting & Operational Cost Control for Managers

OF2

Introduction

This course is delivered as Online Training. Learn more about our approach.

Now, more than ever, organisations need to ensure they are financially sustainable. An excellent budgeting process is a crucial tool to achieve this.

This course takes delegates through the whole budgeting process, from strategic planning, through target-setting and budget negotiation, to budget monitoring and variance analysis. We examine how key performance indicators can be used to tighten up behaviour within the organisation. In particular, we explore best techniques for the control of operational costs, and the achievement of radical cost savings where necessary.

Who should attend

This course is designed for managers, supervisors and team leaders, who need to be effective performers in their organisation’s budgeting and operational cost control process. It is beneficial to those who have recently been given a new budget responsibility, or have recently been tasked to control costs within their organisation. No previous financial knowledge is required.

Group Nominations - 3 or more delegates attending the same course on the same date will enjoy a discounted rate.
Please contact customersupport@lmcuk.com for more details.

5 days

Online Course | £1925

27 Sep - 01 Oct 20 (Online) 13 - 17 Dec 20 (Online) 07 - 11 Mar 21 (Online)

RESERVE A SEAT

COURSE PROFILE COMPETENCIES SKILLS / TOOLS BOOKING

Grounding your budget in your strategy

Developing your strategic plan: gathering and analysing data
Creating an operating plan: managing staff numbers and other resources in the light of your strategy
Establishing a one-year budget cycle consistent with strategy

Constructing budgets

The difference between capital budgets and operational budgets
Planning revenues: Why budgets overstate revenue and bringing realism in revenue estimates.
Planning costs: variable and fixed costs; absorbing fixed costs

Communicating your budget effectively

Negotiating the annual budget process: top-down targets v realism
Choosing floor targets, stretch targets, and expected results: selecting targets to influence staff behaviour
Summarising budget information effectively; identifying what is and is not controllable by a manager

Effective target setting, measurement and monitoring

Choosing appropriate Key Performance Indicators (KPI's)
Benchmarking and balanced scorecards
Variance analysis; fixed versus flexed budgets

Achieving operational cost savings

Reducing cost prices: assertive approaches to purchasing
Increasing efficiency: doing more with less resource
Zero-based budgeting: a radical approach

At the end of this course, delegates will be able to:

Negotiate and participate in the annual budget process
Work with up-to-date techniques for achieving cost savings and cost control
Understand how budget models are constructed and shared
Take part in the setting of realistic targets and KPIs
Engage with actual-budget comparisons and variances
Understand how the best budgets are rooted in a sound strategic and operational plan