Finance Why Leaders Need Enhanced, Basic BUDGET Knowledge

Although one does not need, to be, a financial and/ or budgetary expert, the best leaders, invariably, are those, who, at least, have a realistic, reasonable understanding, of the necessities and basics, which might make a budget, meaningful, relevant and worthwhile. In addition, these individuals, would be better prepared, if they developed the skills, attitude and willingness, to thoroughly review and consider, any document submitted, and identify, whether it was a valuable instrument, as opposed to, just another pseudo – budget! Therefore, this article, will attempt to briefly examine and review, using the mnemonic approach, why a basic knowledge of the various aspects, of a BUDGET, and the related aspects, is a necessary skill, if someone wishes to become, the best leader, he can possibly be.

1. Benefits: Review any budget, not merely, in terms of the so – called, bottom line, but, rather, how it relates, to the plans, needs, and best courses of action. Quality, meaningful budgets focus on the best way to provide benefits, which make a real difference, for the better. A well – developed ability, to consider, the essential concern, often referred to as, bang – for – the – buck, helps one to lead, more relevantly and effectively!2. Useful; unique; understanding: Far too often, the budget process, becomes little more than a mere exercise! When one seeks to balance financial realities, with sustainable needs, etc, this becomes far more useful. There is no one – size – fits – all, rule, because, each group has certain unique characteristics and/ or heritage. When we develop leaders, with the abilities and understanding, to make them more insightful, organizations benefit!3. Delve deeply; deliver: One must be able to delve deeply into the best way to proceed, both, from a strategic and fiscal perspective. Doing so, positions someone, capable of delivering, as his group, and stakeholders, need and deserve!4. Growth; genuine: Organizations must focus on steady, meaningful growth, or risk losing its relevance, etc. A genuine leader focuses on the best possible, most viable approaches, and uses budgets, to improve his efforts and understanding!5. Enrich; excellence; engaged: When one faces the facts, and creates lemonade, out of lemons, he becomes the solution – oriented leader, who is capable of enriching his group. Striving for personal excellence, rather than settling for good – enough, means, becoming, engaged, in every relevant aspect of leadership!

6. Timeline; trusted: Understanding the finances, and financial considerations, of a group, helps a leader conceive of, create, and consider, the best possible timeline, which might be realistic and beneficial! Trusted leadership comes from preparation, and proceeding with eyes – wide – open!If you decide to be a meaningful leader, you must better develop your skills and understanding of the BUDGET process! Will you be prepared?