It’s that time of year again when most public sector organisations and many private sector organisations begin to look at budgets for the next financial year. With the country struggling to come out of recession and with big public sector cut backs on the horizon, it is vital that every pound spent can be justified, accounted for and not wasted. Whist tight financial controls are inevitable, given the state of the economy, it is essential that funds are available for projects that will help organisations to survive and prosper though the upturn.
Over the next few weeks, as budgets for 2010/2011 are agreed and finalised, it is likely that your budgetary requirements from the previous 12 months will be taken in to consideration. If you have remaining funds from the 2009/2010 financial year and plan to roll over any residual funds into the next financial year, think again. It is highly unlikely that you’ll be rewarded for good financial control, but rather penalised for holding excess cash and, as a result, will see a reduction in next year’s budget.
If you have any excess funds available from this financial year, now is the time to procure the vital resources needed to succeed in projects planned for later this year.
As we come out of recession, risk, governance and compliance will be a key component for all organisations that want to succeed, and more importantly, grow and out perform their competition.