The uncertainties due to the pandemic are making the annual budgeting and planning process especially challenging. Instead of the conventional predict, command, and control approach, companies should focus on learning, adapting, and growing — not on trying to predict the unpredictable. They should shift the focus from financial precision to strategic success. And they should plan faster and more frequently: Set bold, challenging objectives and then adjust plans to incorporate valuable lessons learned along the way.
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It’s August, and you know what that means. Leadership teams are launching annual business planning and budgeting processes, all too aware that the current year’s plans went kaput sometime around March thanks to the pandemic.
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