Controlling a budget
Budget control checklist
Options when taking action
Do nothing - if you anticipate the budget will shortly come back inline. This expectation should however be well-founded.
Prepare a forecast - or revise a existing one of where you expect to be vs the budget.
Suggest corrective action - to bring income and expenditure back in line with the original budget. I.e. cut costs.
7. Take action and communicate any changes
Regardless of the situation, appropriate action will need to be taken. As a practice owner, you will need to understand therefore what information needs to be provided to different audiences, and what action needs to be taken as a result of variances, and performance vs budget. If and when a forecast is changed or amended, ensure all budgetary stakeholders are informed, especially if they need to take action themselves as a result of the change.
Future Practice Owner.
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