Planning and budgeting for SMEs
On Friday, 15 January in Belgrade, Valor Academy held training on planning and budgeting. The training was attended by a large number of representatives of small and medium sized enterprises, mostly owners and managers. Valor Academy trainer Ivana Visnjic, presented the importance and value of planning and budgeting processes and their impact on company’s successful business.
Training’s focus was on benefits of business planning that enables organizations to more easily determine goals and direction of business development and gives them ability to monitor performance and adjust their businesses, together with factors affecting the business. Planning increases opportunities for improvement and anticipate problems, providing reliable financial information on which decisions are made, improving clarity and focus, further planning increases confidence in decisions that has been made. Planning is inseparable from process of budgeting and essential for good business because the process itself to effectively enables control of cash flow, allocation of adequate resources to projects, performance monitoring, identification of problems before they occur, planning future activities and increase the motivation of employees.
"In the sea of everyday problems, businesses often ignore the bigger picture. Successful businesses invest their time in budget management, preparation and review of business plans and regularly monitor finances and performance," said Ivana Visnjic.
Training on planning and budgeting is the fourth training of program "Financial Management for SMEs", supported by USAID BEP and in cooperation with Erste Bank. The program is designed for representatives of banks and consumers of banking products and services - owners of small and medium-sized enterprises. The program objective is to highlight the importance of education of owners of small and medium-sized enterprises and how it affects business performance and at the same time, to support banks that want to invest in education of their clients.
