first_imgA professor at the University of Minnesota once taught me that death and taxes are not the only certainties in life, because you can also always count on your budget being wrong. While this (annoyingly) still seems to prove true, there are a number of practices to improve budget planning and optimize the potential of your budget to prepare you for data analytics.With fall around the corner, many credit unions are entering the budget planning stages for the next year. If you are planning to remain competitive in the industry,  this does not mean you are simply tweaking minor adjustments from last year’s budget. Credit unions are complex businesses, serving a variety of members in a relatively difficult-to-predict industry.  At the same time, the financial services industry is starting to experience incredible innovations and disruptors, which have the potential to permanently alter the financial services industry. It’s time to make sure your budget is up-to-date so it won’t put you at a competitive disadvantage.Start With Your GoalsStarting with your goals is certainly not unique to credit unions, but it is still a very important first step before putting numbers into your budget. Have a discussion about both your short and long term goals and have a plan to get there. It will be easier to manage your budget if you know what you are working toward and which projects or departments will require higher levels of funding to achieve the new goals. Remember to follow SMART guidelines (Specific, Measureable, Attainable, Relevant, and Timely) to increase the effectiveness of your goals. continue reading » 12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img


Leave a Reply

Your email address will not be published. Required fields are marked *