PARKWELL

Budgeting For Success

A
A study
study by
by Cranfield
Cranfield University
University School
School of
of Management
Management found found that
that
80%
80% of
of companies
companies areare dissatisfied
dissatisfied with
with their
their budgeting
budgeting process
process
and
and many
many finance
finance directors
directors put
put reforming
reforming itit as
as their
their top
top priority
priority

Theyve cut the budget

by 10% but there is no
way I can meet it.
This is the 4th time I have
had to start this budget.
Why didnt they tell me Everyone hit their
what they wanted in the targets but we are
first place? still not meeting
our strategic goals.

Parkwell can help

Using Parkwells methodology we can:

Improve the relevance of your budget

The market has shrunk
by 15% and I cant Align your budget with corporate objectives
change my budget.

Make the budget process less painful So with 5% inflation

on my stationery
Save you time and money costs thats an extra
8.53 on that line.

Production didnt tell me

that it had scheduled for
a 10% increase when I did
my budget.

Web site: www.parkwell.co.uk Email: budgeting@parkwell.co.uk

Budgeting for Success
The benefits of getting it right
Budget aligned with Time & costs Flexible budgeting Buy in to budget External focus
strategy reduced rather than internal

Alignment of the The right technology Changes often occur Setting the right External benchmarking
financial and and planning at the during the year. targets will lead to ensures the budget
non-financial KPIs right level of detail A well designed less top down takes account of
with the strategy will will reduce the time budget model will intervention. The the market and
encourage all areas and effort spent on make re-forecasting budget then competitor activity.
to strive towards a budgeting as long a quick and becomes owned
common goal. as it is built on painless exercise. rather than imposed.
good processes.

Budget Fatigue?
Business
Intelligence
Beyond budgeting
There are many software
products and tools
on the market. Picking the So many
Predictive
right solution can be difficult analytics
Dashboards options so
and time consuming.
little time

Modelling
OLAP tools
The Parkwell methodology will
cut through the jargon, identify
which solutions are suitable Integrated planning
Driver based software
for you, and develop a
forecasts
medium-term plan for
implementation
Web enabled
Rolling
technology
forecasts

Parkwell is independent of any software organisation therefore our advice is completely impartial.

Parkwells approach was structured

Starting with our strategy Parkwell
and comprehensive, adding value to
ensured that this was reflected
our processes and allowing us to
throughout the budget
produce a more meaningful budget
Ian Jebson, Group FD,
Steve Dangerfield,
Major UK Retailer
Major UK Household Name

Parkwell provides experienced consultants to drive through improvements

Tel: 020 7648 4848 Fax: 020 7648 4849

 PARKWELL
Parkwells Budgeting For Success Methodology
Parkwell has developed a flexible budgeting review methodology that has been built up from
over 15 years experience of successful business change.

PHASES
Current Best Implementation
Strategic Budget
State Practice and
Objectives Approach
Assessment Design First Budget

Project Initiation Review current Determine Design best Follow through

state and appropriate budget practice processes recommendations
identify issues approach e.g. to minimise to results
Business rolling forecast vs timescales
strategy review annual budget,
Identify and P&L, balance Post-implementation
implement sheet, cash flow Design best review to
Steps

Compare quick wins practice use of confirm realisation

budgeting technology to best of benefits
objectives with the Determine support processes
business strategy Identify strategic appropriate level
drivers and KPIs of detail required
Design an
integrated
Design financial budget model
and non-financial
KPIs

Parkwells Pre-designed Best practice Best practice Parkwells

methodologies questionnaires budget process designs bespoke project
and templates approaches and management
Tools

methodologies methodology
Benchmarks and
Process best practice
mapping tools examples from
other
organisations

Project Current state Defined budget Integrated budget Cost and time
Deliverables

governance assessment approach savings and

improved analysis
Best practice
Project Quick win savings processes and
sponsorship and systems Budget is not
executive buy in annual, it becomes
a rolling task

Web site: www.parkwell.co.uk Email: budgeting@parkwell.co.uk

Budgeting for Success PARKWELL

Next Steps
If you would like to find out more please call Jason Raikes at Parkwell Management Consultants:

Telephone: +44 (0)20 7648 4848

Fax: +44 (0)20 7648 4849
Email: jason.raikes@parkwell.co.uk

Post: Jason Raikes

Parkwell Management Consultants
8 Laurence Pountney Hill
London
EC4R OBE

We will arrange for one of our experienced team to visit you. We look forward to hearing from you.

Some of our Senior Consultants -

About Parkwell Budgeting for Success Team:

Parkwell is an independent firm of management Jason Raikes: Jason is a Chartered Accountant who
consultants with extensive experience of review- joined Parkwell after spending ten years with a large
ing and improving budget processes in a range of consultancy. He has detailed experience of budgeting
different business sectors. Parkwell was founded having assisted a variety of clients implement new
in 1988 by a number of senior managers from a budgeting systems and processes.
big four firm of management consultants who
believed that a more focused organisation could Sue Kennedy: Sue is a Chartered Accountant who
provide a higher quality of service better tailored has worked for many years as a Financial Controller
to specific client requirements. Our approach has with a variety of companies gaining considerable
business expertise. She has experience of budgeting
always been to build long-term relationships with
as both a consultant and a company accountant.
our clients to gain a better understanding of their
business and thus provide a high quality service. Steve Clark: Steve is a Chartered Management
Since 1988 Parkwell has grown steadily and now Accountant and has worked as a consultant for over
employs forty consultants. 10 years. He has experience of budgeting on a wide
range of projects and industries, including financial
services, public sector, retail and telecoms.
Clients Include:
Mark Veitch: Mark is a Chartered Management
Abbey, Littlewoods Shop Direct Group, Associated Accountant with a background in industry and with
Newspapers, Schroder Investment Management. large consultancies before joining Parkwell. He has
analysed and improved the budgeting process for
organisations in a number of industries

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