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February 3, But there needs to be some level of connection between budgeting and strategy.

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Action items break down your strategic plan into things you can actually do. What cities? What clientele? Who will run each office?

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The connection between planning and budgeting can be that you budget for handling the action items in the plan. For instance, each person at the strategic planning meeting may have envisioned offices in a different set of cities, servicing different types of clients, run by different people, and so on. Action items are typically found inside an annual business plan. All of these tasks can be completed within the timeframe of a quarterly budget, and that budget can contain individual items for the cost of each task based on the hours and resources involved.

And in addition to greater accuracy, having quarterly budgets tied to action items also helps produce more accountability and a positive sense of urgency. As covered in the prior blog, the accuracy of your budgeting tends to improve from quarter to quarter since you not only have the results of the prior quarter to guide your decision making, but the ongoing accumulation of quarterly results Corporaet well.

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You might not achieve that perfect world vision precisely, but when the process is properly managed, you should be able to start at a granular level and come very close to hitting your long-term targets. No more starting from scratch! And no more dealing with the repercussions of having a vague here with little-to-no accountability.

Neither on its own will drive success.

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Sometimes, you just get lucky. The firms that enjoy sustained success are the ones that use thoughtful, quarterly budgeting to control their own destiny. Learn all the ways that Factor AE benefits firm owners and managers.

Get started today! Action Items and Annual Business Plans Action items are typically found inside an annual business plan. The Accuracy Snowball Effect As covered in the prior blog, the accuracy of your budgeting tends to improve from quarter to quarter since you not only have the results of the prior quarter to guide your decision making, but the ongoing accumulation of quarterly results as well.]