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Beyond Budgeting

Beyond Budgeting

Beyond Budgeting

How Managers Can Break Free from the Annual Performance Trap

by Jeremy Hope & Robin Fraser

The authors show how to reform the traditional budgeting process, which currently consumes too much time while adding too little value. The problem is traditional budgeting’s focus on fixed targets and performance incentives. The authors argue for replacing centrally controlled, predetermined goals with self-regulating, relative competitive benchmarks and transfer the power and decision-making authority from the center of the organization to the front line.

What You'll Learn

  • Why the annual budget and performance contract is a trap and how you can break free from it. Do away with budgets and you will save time and money while you create a more ethical and profitable company.
  • How creating an adaptive process lets managers focus on continuous value creation instead of meeting budget goals. No longer will managers meet artificial, internally set goals. Instead they will measure their performance against others in the industry as managers set stretch goals.
  • How and why to create a radically decentralized organization to become a high performance organization. By decentralizing, you create a vital, responsive organization.
  • What you need to do to realize the full potential of management models like customer relations management, benchmarking, Balanced Scorecards, activity-based management and rolling forecasts.
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