What do you do if the feedback you receive in Budgeting & Forecasting lacks specificity and actionability?

When you're knee-deep in the world of Budgeting & Forecasting, receiving clear, actionable feedback is as crucial as a compass to a sailor. But what happens when the feedback you get is as clear as mud? Imagine you've just presented your financial forecast for the next quarter, and all you get in return is a tepid "It looks fine." Frustrating, isn't it? This scenario is not uncommon, and it can leave you feeling directionless. But fear not! There are strategies to turn even the vaguest comments into valuable insights that can steer your financial planning in the right direction.

1 Clarify Intent

When feedback on your budget or forecast is unclear, the first step is to seek clarification. Don't hesitate to ask follow-up questions. For example, if someone says your budget is "interesting," ask what specifically caught their attention or if there's an area they think could be improved. This approach shows that you're engaged and willing to delve deeper into their thoughts. It's like turning on a flashlight in a dim room; suddenly, you can see what's around you more clearly and navigate with greater confidence.

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Neelu Bansal

Corporate Finance
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There is never a wrong question or too many questions for seeking clarification. Absolutely need to speak the same language and being on the same page is critical!

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2 Probe Deeper

Once you've asked for clarification, it's time to probe deeper. Encourage the person providing feedback to elaborate on their initial comments. If they mentioned that something in your forecast "could be better," ask them to specify which part and why. This can often lead to a more meaningful conversation about the assumptions underlying your projections or the risks you may not have considered. By inviting detailed critique, you transform vague feedback into a constructive tool for refinement.

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3 Reflect Internally

After gathering more specific feedback, take a moment to reflect on it internally. Look at your budget or forecast through the lens of the comments received. Does the feedback highlight a potential oversight or a different perspective you hadn't considered? Sometimes, external input can reveal blind spots in your own analysis. Use this as an opportunity to challenge your assumptions and potentially strengthen your financial planning.

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4 Engage Regularly

To avoid the trap of vague feedback, establish a culture of regular, structured feedback sessions. These should be safe spaces where colleagues can give and receive constructive criticism without fear of reprisal. By setting a standard for how feedback is given, you encourage others to provide specific, actionable insights consistently. Think of it as preventative maintenance for your budgeting and forecasting process, ensuring that the machine runs smoothly with fewer surprises down the road.

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Neelu Bansal

Corporate Finance
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Regular cadence of sync ups are proactive and preventative means of being on the same page as your business partners. It is easy to identify an issue and course correct during these calls rather letting it fall through the cracks.

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5 Utilize Examples

If you're still struggling to get specific feedback, try using examples to guide the conversation. Present a couple of different budget scenarios or forecasts and ask which one resonates more and why. This tactic can help others articulate their preferences and concerns more clearly, as they have a concrete reference point to compare against. It's akin to giving someone a map with multiple routes; they're more likely to point out the path they believe is best.

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Neelu Bansal

Corporate Finance
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In my experience, a visual diagram/ flow chart / simplistic way of depicting the problem has a far reaching impact on what you are trying to portray and seek guidance on from your business partners.

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6 Adjust Accordingly

Lastly, once you've obtained clearer feedback, it's time to adjust your budget or forecast accordingly. This might involve re-evaluating your cost assumptions, tweaking your revenue projections, or even rethinking your strategic goals. Remember, the ultimate aim of any feedback is to improve your work. By embracing the insights provided, no matter how vague they initially seemed, you can fine-tune your financial plans and set a more accurate course for your organization's future.

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Neelu Bansal

Corporate Finance
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Feedback provided by business partners on regular sync ups needs to be translated to actionable items and incorporated in an updated version of the financial plan/forecast to always depict the "current" state. These frequent calibrations lead to fewer variances when the period actually closes.

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7 Hereâ€™s what else to consider

This is a space to share examples, stories, or insights that donâ€™t fit into any of the previous sections. What else would you like to add?

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What do you do if the feedback you receive in Budgeting & Forecasting lacks specificity and actionability?

1

2

3

4

5

6

7

1 Clarify Intent

2 Probe Deeper

3 Reflect Internally

4 Engage Regularly

5 Utilize Examples

6 Adjust Accordingly

7 Hereâ€™s what else to consider

Budgeting & Forecasting

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Directory

What do you do if the feedback you receive in Budgeting & Forecasting lacks specificity and actionability?

1

2

3

4

5

6

7

1 Clarify Intent

2 Probe Deeper

3 Reflect Internally

4 Engage Regularly

5 Utilize Examples

6 Adjust Accordingly

7 Hereâ€™s what else to consider

Budgeting & Forecasting

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