If you have the responsibility to prepare and present a budget to your organisation's management committee, work colleagues or any other management group, there are a number of techniques you can use to take your presentation to new level.
Instead of presenting a long and boring monologue, you can set up your presentation so that it is interactive and your audience can see at a glance the effect of changes to pricing or staffing levels or other business decisions of a significant nature. In such a circumstance, your budget workings become an effective tool for decision making.
To achieve this level of interactivity, you need to create a dynamic Financial Model, developed in Microsoft Excel or similar software, rather than a static Budget Workbook. This may seem a quantum leap in the amount of work but truly it is not. You just need to know a few spreadsheet techniques such as linking cells, IF Functions and the inclusion of an additional worksheet for "key parameters" or "business strategies". It is really just a couple of steps further than the average person achieves with Microsoft Excel because they have never been shown
You will really impress when you can show instantaneously what happens to the budget bottom line when key parameters are changed. This enables the assembled group to make use of your Financial Model to test ideas that come from within the meeting.
If you are interested to take your Excel skills a step further, available on this website is a 27-page publication that will provide you with instructions, examples and screenshots.
The booklet guides you through a case study to develop a financial model. You are provided with a partially completed Microsoft Excel file and instructions and videos on how to male changes to the Excel file so that it comes a dynamic Financial Model.
AU $14 (Australian Dollars)
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