Insights About Budgeting – 1

Each round of budgeting, forecasting and review, helps me learn something. And this round (after finishing our first forecast), I observed the following:

What happen when the boss ask a question (during review) that you have not thought about?

Coming into budgeting/forecasting review, you need to be well prepared. Because an experienced boss will have a knack to ask that one question which you have not been prepared for! I have seen it over and over again.

3 suggestions to answer the question:

  1. Punt (you may need to look it up, because the wrong definition of this word would lost the explanatory power of this point) the question down the road
    • “Sir, the information is not at hand, can I get back to you next week?”
    • “Sir, we don’t have enough time to get into it today, as we still have x number of agenda to go, can we schedule another session to go through in details?”
  2. Use your best guess
    • There’s huge risk involved here as your guess could be wrong, exacerbate an already volatile situation. Deciding when to use this option does depends on the boss’ patience level, but also how much of the answer is guesswork, and how much you do know is a fact
  3. Use logical deduction to arrive at a reasonable answer
    • This requires quick thinking, some people are good at it, but not all. So know yourself before you opt for this option.

I trust the above musing will stimulate your thinking on this topic. There could be more answers I have not thought about. Feel free to join the conversation below.

Till next time…. happy working!

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