Most of us fall into one of two categories: We enjoy managing money, or it’s a source of stress. Plenty of us have significant financial responsibilities within our careers, and we all are certainly confronted with it in our personal lives. Whether we enjoy them or not, finance and budgeting are unavoidable. We see successes and failures reported daily in the news with Wall Street earnings reports and how corporations performed to earning estimates. Finance, regardless of the amount of money being overseen, is a core area of management and something we should all have competencies in.
In my career, I have seen budget successes and significant failures. The successes have come from everyone doing their due diligence. Failures often seem to be the result of stakeholders not using all of the readily available information and resources to make the best decisions. For the purposes of budgeting and managing money, it’s important to be realistic about what the results are likely to be.