Why do budgeting cycles frequently take between 3 – 6 months to complete? Not only is the information out of date before it reaches decision makers but it frequently contains errors.
A 3-6 month time-frame makes it very difficult to adapt to rapidly changing conditions such as the Global Credit Crisis. Add on top of this the expense of taking people away from their day to day jobs and the significant effort from the finance office to produce the end result.
Most companies in a lengthy budget cycle trap are acutely aware of the costs both in time and resources but are unaware of how to exit the trap.
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