by Ronald J. Naples

Budgeting and setting financial goals are often confused as the same activity. They are not. Before a budget can be established, the financial goals for a program must be decided. This is no different from deciding a program’s goals and objectives before deciding on the type of program and where it may be held.

Setting Financial Goals

Financial goals must fit into the overall company and program objectives. In some instances, the program objective may be a goodwill goal rather than a profit goal. It might be a year-end celebration designed to build goodwill among the employees and to thank them for a record-breaking year. This program is most likely to be fully funded by a department, with no expectation of making ...

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