Reference no: EM133654522

Budgeting First-

There are many things that you will want to consider when budgeting for your organization. You want to make sure that every one that is involved with that area you are budgeting is involved. This will be important to make sure everyone understands where they stand and has an understanding of where they need to get to as a whole. According to Engage, "You want to budget for income." This is important because this is what you know that you are bringing in for sure and that it is the bare minimum that you may be able to use as an organization. When organizing the funds you must take note of what the money is being used for so everyone knows where it is going and not just disappearing. With that when fundraising it is important that you project what you may think you will earn but keep in mind things may change and have a backup plan just in case things do not go as planned.

Throughout the corporate budgeting process, the first step is to make sure each area of the company has things laid out from what things they may need throughout the year, to possible outcomes as well as they can. To have an idea of what they need to budget for the upcoming year, they can look back at previous years and what their area spent or budgeted for. This is a useful tool because if you see it growing yearly, you can increase your budget or lower it if it has been decreasing. As doing further research I found that according to Calum Bailey is that "The process is done well if throughout it the senior management, finance team, and the budget managers across the organization is a part of this process." This is important because everyone needs to agree and there is nothing that is not going unnoticed. There are times if only one or two people are involved things could be missed. Instead, when there are more, there are more eyes and minds put together to make sure we have everything right.

In my current organization, I am a Graduate Assistant with a baseball team. I participate a decent amount in the budgeting process as we discuss what our program wants and needs are. And to be able to decide that is what will help us get to our end goal and make us a better team overall. It is very important to have these discussions and we do a lot of fundraising to get new things so we do not want to be purchasing useless stuff that we will not be using anymore after a week, month, or the course of the season. With that, it is nice to be a part of those discussions as I have learned a lot regarding that side of things with budgeting for a baseball team. I will admit I may not do a lot of talking compared to the other two coaches, but I can add some input on things.

Going further into my response, I feel like I could ask more questions throughout those meetings. I would love to be a college team coach at some point, so as much knowledge as I can get now would help me in the future.

What is your response to what I wrote above regarding budgeting? key points? Do you think these are deal conditions for budgeting?