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Track all your assumptions in your budget projections

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in HR Management,Human Resources

Every budget has built-in assumptions. Savvy managers document these assumptions as they go, testing them against last year’s numbers when possible. Example: If you assume a 10 percent employee turnover or a 25 percent reduction in the use of temps, list these items alongside your budget projections. Compare them to last year’s results to evaluate whether they’re realistic, and make adjustments based on evidence. Tracking your assumptions as you go works better than going back later and trying to play catch-up, especially if you’re suddenly asked to explain your budget.

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