Type of paper: Essay

Topic: Budget, Budgeting, Goals, Time, Vision, Mission, Business, Understanding

Pages: 2

Words: 550

Published: 2021/02/10

Thinking and Feeling

Among the keys to the continuity of businesses is the utilization of sensible regimens for budgeting, subject to their various peculiarities. Understanding priorities when it comes to resource allocation provides the impetus for proper budgeting, especially if businesses have plans not just for continued operations, but also for expansion. With that, businesses must have the following considerations for budgeting: short-term goals (e.g. maintenance) and long-term goals (e.g. expansion). Drafting plans for budgeting in view of both short-term and long-term goals enables businesses to reach their prospects, which are in line with their vision-mission. At the same time, budgeting must incorporate views on past experiences – what needs to be followed, avoided and improved. Understanding the implications brought forth by experiences on budgeting gives business ideas on how to fix their respective budgets.

Doing and Watching

Experimenting on budgeting requires not only the application of best practices, but also on having a strong grasp on the peculiarities of businesses. In that case, it is important to emphasize on what businesses prioritize in line with their vision-mission and their short-term and long-term goals. Applying what other businesses have done with their budgeting regimens should not be taken at face value. Businesses, in that regard, must focus on what their peculiarities provide so that they could adjust their budgeting regimens in accordance to what they actually need for both their short-term and long-term goals. At the same time, however, it is also helpful for businesses to learn more about how others do, and have done budgeting by looking at established cases where successes and failures have figured. In that way, businesses may learn more about how to control their budget on an observational basis, which is considerably less costly compared to experimenting on different ways for budgeting.

Feel and Do, Feel and Watch

Preparing businesses for budgeting requires them to understand the implications of different experiences on setting budgetary controls, whether or not those are their own. Since budgeting is a highly sensitive component of maintaining and expanding businesses, it is important to observe responsible measures that would take off from both successful and unsuccessful cases. Extra care in budgeting must arise from lessons on budgeting failures, as well as keen consideration of the given facts businesses need to consider when setting their respective budgets. At the same time, it is important to derive learnings from past experiences in observing how other businesses budget and how such has worked to their benefit, in terms of reaching both their short-term and long-term goals. In that case, it is crucial to consider the fact that businesses must keep in mind how experiences on budgeting affect them both in their experimentations and observations.

Think and Do, Think and Watch

Planning budgetary controls must engage businesses to incorporate a salient set of proven plans for budgeting in order for them to fully understand the entire extent of their budgets for both their short-term and long-term goals. Doing so would require businesses to utilize established budgeting plans that would best suit the peculiarities of their operations, which are mainly defined by their mission-vision and both their short-term and long-term goals. At the same time, business must keep in mind the application of best practices in examining both successful and unsuccessful cases, which they can follow, avoid or improve, whichever is applicable.

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WePapers. (2021, February, 10) Budgeting Essay Samples. Retrieved June 19, 2024, from https://www.wepapers.com/samples/budgeting-essay-samples/
"Budgeting Essay Samples." WePapers, 10 Feb. 2021, https://www.wepapers.com/samples/budgeting-essay-samples/. Accessed 19 June 2024.
WePapers. 2021. Budgeting Essay Samples., viewed June 19 2024, <https://www.wepapers.com/samples/budgeting-essay-samples/>
WePapers. Budgeting Essay Samples. [Internet]. February 2021. [Accessed June 19, 2024]. Available from: https://www.wepapers.com/samples/budgeting-essay-samples/
"Budgeting Essay Samples." WePapers, Feb 10, 2021. Accessed June 19, 2024. https://www.wepapers.com/samples/budgeting-essay-samples/
WePapers. 2021. "Budgeting Essay Samples." Free Essay Examples - WePapers.com. Retrieved June 19, 2024. (https://www.wepapers.com/samples/budgeting-essay-samples/).
"Budgeting Essay Samples," Free Essay Examples - WePapers.com, 10-Feb-2021. [Online]. Available: https://www.wepapers.com/samples/budgeting-essay-samples/. [Accessed: 19-Jun-2024].
Budgeting Essay Samples. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/budgeting-essay-samples/. Published Feb 10, 2021. Accessed June 19, 2024.

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