Budget Planning

Similar to sales planning, budget planning uses the resources of the company for planning. In this case, it is mainly the allocation of finances. The focus of planning should be the desired goals for the company. These must be measurable in order to provide a clear result of the planning. It is also important that the budget plan remains flexible and adapts to the situations that occur. There are different approaches to budget planning, which include top-down and bottom-up budgeting.