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Number of benefits of drawing up a business budget

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Reference no: EM133053148

There are a number of benefits of drawing up a business budget, including being better able to:

  • manage your money effectively
  • allocate appropriate resources to projects
  • monitor performance
  • meet your objectives
  • improve decision-making
  • identify problems before they occur - such as the need to raise finance or cash flow difficulties
  • plan for the future
  • increase staff motivation

Professor's questions: I like that you were able to come up with benefits of budgeting. Would you be able to expand on these bullet points and/or provide some drawbacks to budgeting?

What is zero based budgeting and why would it be gaining in popularity as margins tighten in industry after industry?

Reference no: EM133053148

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