The client, a crop protection and industrial chemicals company was facing the following challenges:
- Existing annual targets and budgeting system lacked standardisation and integration across divisions and departments
1) This led to poor analysis and review of budgets/ targets
2) Integrity check across departments could not be done
- Lack of detailed review of targets and budgets led to poor integrity with the overall corporate strategy.
To develop a plan for budgeting and target setting, UC Strategy adopted the following approach:
- Defined and standardised budgeting formats and templates
1) This facilitated quick analysis and review to reduce the budgeting time
- Detailed and integrated review of draft budgets before finalisation to ensure
1) Integrity with overall corporate strategy
2) Integrity across sales, production and purchase plans
- Developed cash flow budgets
- Developed an action plan and review mechanisms
- Defined budgetary controls and review mechanisms.
The client received a detailed template for their budget making processes that enabled efficiency and standardisation across the company.