For executing a project, implementing a scheme, or for undertaking an operation, there is a general need for finances to start and endeavor and to further develop it. Finances are the roots of every business activity. Every business decision, whether it relates to production, personnel or marketing, will have a financial implication. The final criterion for the selection of any alternative course is its financial viability. So, now, today, I want to ask you, are you growing or are you dying? Yes, those are your only two options. Consider this carefully, it might be the most important question you’ll answer this week. I’m assuming since you’re reading something other than the daily paper, you’re choosing to grow.
There may be different sections of the budget that will be controlled by different staff, so it is best to allocate and give authority to the people who are directly involved—for example, the approver of budget and the budget manager. The departments or teams should be made aware of the person who is responsible for controlling the income and expenses.