Here's how you can maintain resilience and recover from setbacks in your budgeting and forecasting career.

During past many years working with forecasting and budgeting process, I have learned that it is important to understand and learn from the errors and mistake rather than overstressing on errors & failures. Here are some of the learnings which I have embraced to create a robust & accurate forecasting process: 1) Forecasting is a team Job not individual functional job of sales, finance or production units. Collaboration is key to success! 2) Balance of bottom's up input, data driven approach, macro data, system tools/models and experiences. 3) Being close to customers (Feedback), good collaboration with suppliers, seamless communication across organization and agility are important in developing forecasts and plans.

Just thought to share some steps for good forecasting: i. Define goals and objectives. ii. Gather relevant data and trends. iii. Analyze historical patterns and seasonality. iv. Identify external factors and risks. v. Choose appropriate forecasting methods (e.g., moving average, regression). vi. Create a baseline forecast. vii. Adjust for biases and assumptions. viii. Monitor and update regularly. ix. Consider multiple scenarios and contingencies. x. Review and refine your forecasting process continuously. By following these steps, you can create accurate and reliable forecasts to inform your business decisions. I will expand on these one after the other in subsequent articles

For Example your Forecast: $100k, Reality: $70k. Don't sweat the miss! Treat it as a valuable learning opportunity. Analyze the discrepancy - did a competitor launch a surprise campaign you overlooked, or did unexpected customer preferences emerge? Learn & Adapt: Don't dwell on the error, but use it to refine your forecasting approach. The Benefit? Sharper forecasts are just the beginning. By understanding why your forecast missed, you gain a deeper understanding of the market dynamics. This knowledge empowers you to make informed budgeting decisions and navigate future financial challenges with greater confidence. Every miss is a stepping stone to forecasting mastery. Embrace the learning process and watch your forecasting skills soar!

Forecasting & Budgeting are snapshots of your future financials at a point in time. They will never be 100% accurate! The main things to track are: 1. Your key assumptions: If these change, you're forecast will be materially impacted 2. Your key variances: Whether is versus budget, prior year or prior month 3. Risks & Opportunities These can impact your forecast so building a transparent R&O schedule will help highlight potential changes Have I missed anything?

Continuously update your skills and knowledge to stay relevant. Build a strong support network of colleagues and mentors for guidance and encouragement. Practice self-care to manage stress effectively. Stay flexible and adapt to changes by revising your strategies and plans as needed. Reflect on setbacks to understand what went wrong and how to avoid similar issues in the future. Celebrate small wins to stay motivated and maintain a positive outlook.

Constructive criticism has played a crucial role in my professional growth. I actively seek feedback from colleagues and mentors to gain insights into my work. For instance, during my role at Community Catalyst, I frequently asked for feedback on my budgeting and forecasting processes, which helped me identify areas for improvement. Embracing both positive and negative feedback has helped me develop a thicker skin and a more nuanced understanding of my craft, ultimately contributing to my professional development.

Personal and professional growth requires self-awareness and emotional intelligence. Professionals would benefit from consistently assessing their work product and attitude. Professional growth can be enhanced by asking for valued feedback from business partners, customers, and peers who are able to hold constructive conversations. The feedback should be actionable, with examples and constructive ways to improve. When I first joined the workforce, companies offered training and had training departments. Sadly, those no longer exist. Therefore, finance professionals can benefit from mentoring and being mentored. These roles and interactions can offer a leg up on your work product while providing an excellent networking opportunity.

If you wanna have professional growth, you have to listen and take that as an opportunity to modify or develop new skills. Give and receive feedback is crucial for success.

La budgétisation et les prévisions sont un travail d'équipe. Elles doivent se faire avec la contribution de tout les membres de l'équipe. Cela y va de la crédibilité des chiffres.

I fully agree. Constructive criticism is key to close the gaps for improvement. However, we should also choose the right people who are credible and knowledgeable to give us their unbiased and straightforward points for that matter. This is not easy at all but make sure we don’t miss it from our checklist.

Stay relevant! Resilient finance professionals must continue learning the latest trends and topics in the field of finance as well as the industry trends for the businesses they support. The current trend is learning and applying artificial intelligence and machine learning to enhance current processes and procedures. Given the amount of data available, they can now use AI to tell an engaging story with highly specific and relevant material woven into the story arc. To be considered for most finance jobs, a solid candidate or professional should be able to access data using SQL. To be considered a top candidate or professional, they show how they can creatively apply AI and machine learning to the table.

Now a day's to keep learning and reinforce your knowledge and abilities are crucial to being in the game. Business world change constantly that's why you have to have the ability to adapt to the ways and news tools.

Learning mindset is always important in any case. It does not just keep us stay abreast of the changing world, industry, technology, etc, but it also in turn helps us avoid similar errors in the future. Equally important, we should do this learning as our routines and commitment, rather than a couple of times when we just want to learn overall.

Building networks is of prime importance. I believe that a person with people skills go far beyond than a person with knowledge and experience.

Throughout my career, I have placed significant emphasis on building a robust professional network. By connecting with peers, industry leaders, and mentors, I have created relationships that offer support, advice, and opportunities. This network has been particularly valuable during challenging times, providing a sounding board for ideas and strategies for recovery.

Always, and I mean always, have a plan B and keep it to yourself. Work hard at your job, but work harder for yourself. Companies will have RIFs, and eventually, they will no longer require your contribution. Therefore, keep your skillset sharp and relevant and consistently network. LinkedIn is a great tool that offers many resources for networking and staying visible to current and future employers. Shout it out! Again, call out your wins and show the world how you constantly improve and offer solutions to your company. Do the hard things (level up your education, read often and a lot, etc.) while you still have a job, and your future self will 100% thank you when that inevitable time comes.

Building a buffer is part of budgeting and forecasting jobs just in case things go wrong or sideways. The question is how much the buffer should be. That depends case by case and based on our experiences and sometimes conservatism.

J'ajouterai la mise en place d'un fonds d'urgence d'au minimum 6 mois. Ce qui vous permettra de rechercher et de trouver des solutions rapides pour revenir à la normale éviter de mettre la clé sous le paillasson très tôt.

Agility is the key to success in today's dynamic world where business climate is changing constantly with new scenarios and technologies. In the recent times events like Covid, fast evolving Geo-political, environmental scenarios, supply change dynamics, ever-changing technologies have taught us to be agile throughout business cycle. Those companies who have adopted agility as part of their business strategy has been successful. I have been fortunate to be part of great organizations where we have been successful in adapting to these changes with data driven approach, flexible financial plan with multiple scenarios, cost flexibility and with short term measures (contingencies) to achieve long-term objectives & visions.

The key to building resilience is agility. When faced with requests for new information, or unexpected results, be ready to change your forecasts and budgets on the fly. Having an agile mindset allows you the capacity to understand, collaborate, learn, and stay flexible which enables you to adapt your thinking and actions at a moment's notice without losing momentum. Developing this proficiency will best prepare you for the disruptions and/or uncertainties that one faces within their career journey.

In my career, I have consistently demonstrated the ability to adapt swiftly to new information and unexpected outcomes. For example, during my tenure at Community Catalyst, I faced several instances where funding projections were significantly altered due to unforeseen circumstances. By quickly revising forecasts and budgets, I ensured that the organization remained on track without losing momentum. My ability to stay agile and flexible in thought and action has allowed me to navigate financial changes effectively and maintain progress in my career journey.

By showing up, you are ahead of 65% of other people. Do your best with the information that you have. Do not practice being perfect but apply the progress over perfection adage. Embrace the idea that you will make mistakes. The real power lies in learning from these mistakes. The difference in making a mistake that will set you apart from others is how you respond, react, and take ownership of the error. Own it, learn from it, and let it go. Do not think about it again and bet yourself. Apply what you learn from mistakes and keep moving forward. Be authentic, operate with integrity, and have a great attitude. I wish you all the absolute best that life has to offer! Take the initiative and intentionally live!