The practices of strategy and budgeting are often confused and completed out of sequence. In essence, strategic thinking is focused on how we wish to position the organization in the future - our purpose, in which markets we wish to play and how we plan to be successful in these markets. Budgeting, on the other hand, is the process by which we allocate resources in order to achieve this strategy
As can be seen, the sequence is important. It makes sense to decide what you plan to do before allocating resources in oder to do so.
The other important factor here is to be clear why you are in business - the purpose of business. The purpose is NOT to make a profit. The purpose is to meet the needs and add value to your customers. If you do this well, you will make a profit. Profit, therefore, is the OUTCOME of business, not the purpose.
Is this an important distinction? We believe it is. Because it focuses the attention of the business on the critical drivers of profitability, rather than just the outcome.
The session will outline this principle by addressing the following topics:
- What is strategic thinking - the ‘DNA’ of strategic thinking
- How strategic thinking develops strategy
- The role played by resource allocation and finance in the execution of the strategy
- How effective budgeting can guide the resource allocation and enhance the profitability of the business.
Agenda
15:00-15:30 Registration and net working
15:30-16:00 What is strategic thinking - the ‘DNA’ of strategic thinking
16:00-16:45 How strategic thinking develops strategy
16:45-17:15 The role played by resource allocation and finance in the execution of the strategy
17:15-17:45 How effective budgeting can guide the resource allocation and enhance the profitability of the business.
17:45-18:00 Q & A
Terms & Conditions
Events have limited seating, so to ensure your attendance we encourage you to register and pay in advance. We cannot guarantee entry those that have not pre-registered.
All our events are held in English and follow the Chatham House Rule unless otherwise stated. The posting of presentation materials is at the speaker's discretion.
Cancellation Policy
If you cannot attend an event that you have registered for, please cancel your registration no later than one business day prior to the event. If you fail to notify us of your cancellation in a timely fashion, you will be charged for event costs.
To cancel you can: 1) email yangzhao@europeanchamber.com.cn or 2) cancel online if you registered for the event through the website