You heard us right-they have no value. Jack Welch the brilliant former CEO of General Electric agrees with me (don’t confuse him with the current clown at the head of GE). Welch did away with all the wasted weeks of the budget process and focused on creating projections instead. He then held the departments accountable to the projection of income and expense that they participated in creating.
What’s the difference between budgeting and projecting? The answer is too long for this post but clients can Email us for some written guidelines on how to run their business like Jack Welch.
In the meantime, Dilbert (see below) learns just how useful the budget process can be. [Click the picture for a larger image.]
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