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Do you want to succeed this budgeting season but you don't know where to start?

Is budgeting new to you?

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• How to analyze variances for great insights
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• How to make Excel and PowerPoint work for you
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• And the most important right now: how to make a budget like a pro so your boss sees you as a valuable asset in the finance team!

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My Top 3 Budgeting Methods

If you are working in Finance, you must know how to use these 3 methods.

#1: Activity Based method

A top-down approach is where you derive the activities needed (input) to achieve your targets (output).

Example: To grow by 10%, you need to acquire 100 new customers. With a customer acquisition cost of 5,000$, you need to plan 500,000$ as a customer acquisition budget.

• Advantage: ideal for sales planning
• Drawback: It is only possible when you have historical data you can use to back up your assumptions

#2: Zero Based Budget (ZBB)

Every expense needs to be justified. Budgets are then built around what is needed for the upcoming period, regardless of the previous one.

Example: If last year's marketing budget were $50,000 under ZBB, you wouldn't automatically allocate the same amount this year. Instead, you'd evaluate what marketing activities are necessary now and budget accordingly, perhaps justifying $30,000 for targeted social media campaigns based on current goals.

• Advantage: ideal for cost reduction
• Drawback: time-consuming method

#3: Incremental approach

Take last year’s figures and add or subtract a percentage to calculate your budget.

Example: If last year's operating budget was $200,000 and you decide to increase it by 5% to account for inflation and growth, this year's budget would be $210,000.

• Advantage: simple & quick
• Drawback: perpetuates inefficiencies/ one-offs & and creates budgetary slack

You can find all three methods in my course and learn them by also saving 70%!

Which of the budgeting methods have you already used?

Let me know!

I hope you enjoyed this email.

Looking forward to reading your questions and responses!

Nicolas

P.S.: Boost your budgeting skills and your finance career with my tried and tested course. Save 70% and become an irreplaceable finance pro!