Most organisations use the budget as their primary management system for establishing targets, allocating resources and reviewing performance. For organisations operating in an environment of continuous change, budgets quickly become out of date, raising the question of whether they are in fact worthwhile.
Rolling forecasts offer greater visibility into future operating performance. Unlike budgets, they reflect the fact that operations don’t switch off at year-end. Making good business projections isn’t as hard as it sounds. Well-established forecasting techniques, used properly, can significantly improve profits. Implementing forecasts and invigorating your planning techniques can take some of the guesswork out of operational decision making and put the focus back on optimising profitability, rather than putting out fires.
This two day in depth masterclass will allow you to effectively link strategic planning, budgeting and forecasting and has been updated to meet the challenges faced by the public sector.
Key Learning Objectives:
• Gain an understanding of Strategic Planning in the Public Sector context
• Learn to develop financial plans
• Understand leading edge budgeting tools and how they apply to Public Sector organisations
• Learn to make an effective rolling forecast
• Use effective tools for performance management and setting KPIs
Who Should Attend?
Anyone in the public sector (including central, local government and assorted agencies) who wants to increase their knowledge of budgeting and forecasting in a public sector environment including:
• Chief Financial Officers
• Finance Managers
• Management Accountants
• Planners and Policy Analysts
• Performance Managers
• Budgeting Managers
This intensive 2-day master class will combine tutorial sessions and case studies with interactive learning exercises. All attendees will be provided with a workbook and a certificate of completion.
Understanding Strategic Planning
• Planning in the Public Sector
• Strategic planning models and frameworks
• Translating strategic plans into business plans suitable for the Public Sector
• What is the relationship between strategic plans and financial plans?
Strategic Planning Processes within Public Sector Organisations
• Linking organisational strategy with agency vision and mission
• Are there gaps in your organisations strategy?
• Aligning your departments strategic plan with the agencies (and Government) policy and plans
• Identifying and managing the organisations strategic risks
• Communicating strategy to diverse units across the organisation
Developing the Financial Plan
• Highlighting the limitations of traditional budgeting processes in organisations
• Integrating budgeting and planning to drive resource allocations
• Involving operational managers and business unit heads in the budgeting process
• Communicating the budgeting process across the organisation
• Assessing whether traditional budgets support the current business environment
Leading Edge Budgeting Tools and Techniques for Public Servants
• What are the current leading edge budgeting methodologies?
• Implementing best practice financial management processes
• Beyond Budgeting concepts applied to public sector organisations
• Activity-based budgeting & Zero-based budgeting
• Priority-based budgeting
• Trending and benchmarking
Rolling Forecasts in the Public Sector Context
• Core concepts of rolling forecasts
• Why move from budgeting to rolling forecasting?
• Setting targets and measuring performance
• Evaluating forecasting options
• Designing and preparing rolling forecasts
• Linking activity based budgeting to rolling forecasts
• Linking rolling forecasts with strategic planning
• Evaluating the software solutions that support rolling forecast
Tools for Effective Performance Management in the Public Sector
• Linking performance management to departmental and the Government’s strategy
• Integrating strategy, financial plans and performance indicators
• Highlighting factors that influence performance management
• Developing effective performance management systems for your department
• Considering alternative frameworks for performance measurement and improvements
Performance Management and Reporting
• What are relevant Key Performance Indicators (KPI’s) and drivers?
• How does management reporting influence performance?
• Introducing strategic scorecards
Case Study: Putting it all together
Aubrey will work through an implementation linking planning budgeting and forecasting in a Public Sector Organisation
Aubrey Joachim (Australia) FCMA; MBA; GAICD is a Chartered Management Accountant – a Fellow of the Chartered Institute of Management Accountants UK, and MBA and a Graduate of the Australian Institute of Company Directors. He has over 30 years of strategic management accounting experience with global conglomerates (Anglo-Dutch conglomerate Unilever and US Energy giant McDermott International Inc.) in South Asia, the Middle East, South East Asia and UK.
Aubrey Joachim is also facilitating:
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