Budget Management Best Practice 2 – Monitor the Market and Be Prepared for Change

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Monitoring changes in the global marketplaceToday’s marketplace is both dynamic and complex; changing rapidly and possessing interrelationships between products, services, and commodities that are often difficult to perceive. These changes and interconnections favor organizations capable of responding to the evolving supply and demand for their current products as well as fulfilling new consumer needs.
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Budget Management Best Practice 1 – Line Item Awareness

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Budget Management Line Item AwarenessThe primary organizational responsibility of every executive and manager is the diligent management of resources. This oversight is clearly expressed through the effective management of an executive or manager’s assigned budget.
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Budget Management Warning Flag 1 – Across the Board Cuts

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Turbulent economic times typically require budgetary constraint and even cutbacks. As business slows and revenues decline, executives demand managers reduce spending and increase production efficiency. Waste cannot be tolerated and must be rooted out.
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