Saturday, September 22, 2012

Checklist for financial planning? Are we doing?

Checklist for financial planning? Are we doing?

q       Targets are agreed on and committed to before the tactical and financial planning processes commence.
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q       Tactical planning includes the development and approval of contingency plans to meet targets under a range of future scenarios.
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q       Tactical plans clearly state the tasks to be completed, by whom, when, how, and with what resources.
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q       Tactical plans address the actions to be taken to sustain current operations, make improvements to current operations, and embark on new ventures.
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q       Benchmarks are utilized in setting goals to ensure that performance compares favorably with that of competitors or peers.
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q       Projects and initiatives are evaluated based on both strategic fit and economic value.
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q       Criteria for abandoning a plan or project are clearly stated and followed.
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q       Politics and influence are minimized throughout the process.
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q       Risk factors are clearly identified in all aspects of the plan.
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q       Trade-offs made in developing contingency plans are explicitly stated and agreed.
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q       Interim decision points are clearly identified together with the course of action under each likely outcome.
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q       The process for making decisions that impact the plan is clearly defined.
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q       Rewards for success and the penalties for failure are defined and communicated.
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q       Financial plans/budgets provide a financial representation of the tactical plan.
q       Agreement on the overall summary-level budget is reached prior to preparing detailed budgets.
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q       Baseline budgets are generated automatically based on actual trend data; managers can then focus on the ‘‘net change’’ that will result from new or changed tactics.
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q       Financial plans integrate capital budgets with operating budgets.
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q       The financial planning process is fully integrated with the forecast process.
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q       The level of detail (number of line items) is greater for earlier periods and less for later periods, based on the organization’s predictive ability.
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q       Financial plans are fully linked to strategic plans through tactical targets derived from strategic objectives.
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q       Current-year budgets are seeded using inputs from multiple sources (the latest forecast, variances from prior year, competitor assessments, internal/external information, etc.).
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q       Budget reiterations are focused on identifying actions to achieve tactical targets.
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q       Each level of the organization budgets a limited number of line items that are relevant to its area.
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q       Line item detail is derived from the key performance drivers and is based on materiality and volatility.
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q       Measures defined in the tactical and financial plans directly feed into the management reporting process.
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q       Tactical and financial planning is a collab

People and organizations who achieve excellence:Checklist

People who consistently achieve their goals have a way of imagining those goals as if they already have them. They are able to harness the power of their unconscious mind to work for them to realize goals in ways that are compelling.

People and organizations who achieve excellence are capable of:

q       Sensitivity toward themselves and others.
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q       Flexibility in being able to change what they are doing and how they are doing it when what they are doing isn’t working.
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q       Thinking in outcome terms and dovetailing their outcomes with those of others so that they achieve a win/win situation.        
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q       Building lasting relationships and strengthening the networks that surround them.
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q       Learning continuously from everything that happens to them.
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q       Being interested in and curious about what is happening around them and the people they meet.
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q       Acting and speaking on a day-by-day basis in ways that live out their mission, their beliefs and their capabilities.
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q       Changing their behavior so that they continually increase their flexibility while remaining true to their values.
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q       Asking questions in a way that allows them to learn from themselves and others.
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q       Asking for feedback and giving feedback when they have permission to do so.
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q       Enacting the behavior they want from others so that they lead by example.
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q       Recognizing that their environment and their appearance are an expression of who they are and what they think.
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q       Taking responsibility for influencing their environment so that it supports the outcomes they want to achieve.
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q       Respecting their environment and always leaving it “better” than the way they found it.