You need to discuss budgeting and forecasting with your boss. How do you approach the conversation? (2024)

Before you initiate the conversation, you need to have a clear idea of what you want to achieve and why. Are you asking for more resources, explaining a variance, proposing a change, or seeking feedback? What are the benefits and risks of your budgeting and forecasting decisions? How do they align with your boss's priorities and the organization's objectives? Having a specific and realistic purpose will help you focus your message, anticipate questions, and avoid confusion.

You also need to back up your budgeting and forecasting with relevant data, analysis, and evidence. You should be able to explain how you arrived at your numbers, what assumptions you made, what scenarios you considered, and what contingencies you planned for. You should also be aware of the external and internal factors that may affect your budgeting and forecasting, such as market trends, customer demand, competitor actions, regulatory changes, or organizational policies. Doing your homework will help you demonstrate your competence, credibility, and confidence.

Another important factor to consider is when and how to have the conversation. You should respect your boss's schedule and preferences, and avoid interrupting them or catching them off guard. You should also choose a format that suits the nature and complexity of your budgeting and forecasting. For example, you may want to use email or a report for simple or routine updates, but opt for a phone call or a meeting for more detailed or sensitive discussions. Choosing the right time and format will help you create a positive and respectful tone.

Once you start the conversation, you should not only present your budgeting and forecasting, but also listen and respond to your boss's input. You should pay attention to their questions, comments, concerns, or suggestions, and acknowledge them respectfully. You should also be prepared to explain, clarify, justify, or modify your budgeting and forecasting as needed, and provide additional information or examples if requested. Listening and responding will help you build rapport, trust, and understanding.

Finally, you should aim to end the conversation with a clear agreement and action plan. You should summarize the main points of your budgeting and forecasting, and confirm that your boss agrees with them or has any objections or reservations. You should also agree on the next steps, such as reporting, monitoring, reviewing, or implementing your budgeting and forecasting. You should also thank your boss for their time and support, and follow up with a written confirmation or reminder if necessary. Seeking agreement and action will help you ensure accountability, alignment, and results.

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

Budgeting & Forecasting

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