Key points of the management by objectives budget model

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Edited at 2022-07-18 21:21:01

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Key points of the management by objectives budget model

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Outline

Key points of the management by objectives budget model

Set clear goals

Determine the company's long-term and short-term goals

Long-term goals: the company’s development direction and strategic goals for the next 35 years

Short-term goals: The company’s specific goals and plans for the next year

SMART principles for setting goals

Specific: The goal should be clear and specific, not vague

Measurable: Goals must be quantifiable and measurable for easy tracking and evaluation

Achievable: The goal must be achievable and not too difficult or easy

Relevant: The goal should be related to the company's overall strategy and business direction

Timebound: The goal should have a clear time limit to facilitate planning and evaluation of progress.

Budgeting

Goal-based budgeting

Prepare corresponding budget according to the company's goals and plans

Ensure that the budget is consistent with the goals and avoid being out of alignment with the goals

Budget refinement and breakdown

Break down the total budget into individual departments and projects

Ensure departments and projects work within budget

Budget monitoring and adjustment

Regularly check the implementation of the budget and discover and solve problems in a timely manner

Adjust the budget based on actual conditions to ensure the achievement of goals

Performance evaluation and incentives

Set clear performance indicators

Set corresponding performance indicators based on the company's goals and plans

Ensure performance indicators are consistent with goals and reflect employee results

Establish an incentive mechanism

Set rewards and penalties to motivate employees to achieve goals

Ensure that the incentive mechanism is fair and just, and stimulate employees' enthusiasm and innovative spirit

Conduct regular performance reviews

Regularly evaluate employees' work performance to understand their work progress and results

Provide timely feedback on evaluation results to help employees improve their working methods and improve work efficiency

Continuous improvement and optimization

Summarize and analyze budget execution status

Regularly summarize and analyze budget implementation to understand problems and deficiencies in the budget implementation process

Propose improvement measures and solutions to problems

Optimize budget management process

Regularly inspect and optimize the budget management process to improve the efficiency and effectiveness of budget management

Ensure that the budget management process is adapted to the actual situation and development needs of the company

Improve employees’ budget management capabilities

Regularly organize budget management training to improve employees’ budget management capabilities and levels

Encourage employees to learn and share budget management experience and jointly improve budget management levels.