Preparing Your Budget Calendar
Work backwards. Always! It has always worked for me to build a budget calendar. I have helped three clients build their budget calendars this year alone. Two of them said they had never considered the process this way. During my corporate career, I worked with a CFO who was super flexible how I did my work, but super strict with deadlines. That's how I have been trained to prepare and adhere to deadlines. You can do that too. Your budget calendar may look different from mine, and that is okay. By following this process, you will arrive at the calendar that fits your and your organization's needs. Start by asking these questions and working backward: Q1: When is the budget meeting for the Board's approval? Q2: Do you need to present it first to the Executive Committee? Q3: If yes, when is the Executive Committee meeting set? Q4: How many days before your CFO wants to review the budget before the Executive Committee's meeting? Q5: When does the CFO want to review the first draft? Q6: How long do you need to consolidate the budget? Q7: How long does the department typically take to complete the departmental budget? Q8: How long do you need to prepare budget guidelines, assumptions, templates etc.? Q9: How long do you need to plan for the budget How do you prepare and plan for your budget?