How to Plan, Budget and Forecast for 2021

This year has been very different and will have resulted in changes to your planning, budgeting and forecasting processes and results. The initial plans, budgets and forecasts for the year 2020 you created have probably changed from the originial, and forced you to adapt to the current climate and more flexible processes. Here are 5 tips on how to help you plan, budget and forecast for 2021. 

5 tips

1. Flexible planning

Be flexible in both strategic and operational planning when you set your goals for 2021. It’s important to understand the current market and be aware of changes. Don’t set unrealistic goals when you are planning and keep your organisation informed when you make any plan changes. 

2. Allocate the appropriate revenues and costs at department level

To be able to have a successful plan you need to set a budget for the coming year. It’s not all about saving money but also the correct allocation to the correct departments or divisions. Make sure that your departments or divisions understands their allocations and any tops down allocation adjustment.

3. Forecasting during a pandemic

It’s difficult to predict the future when the whole world is in a pandemic. Living in uncertainty makes it almost impossible to assume anything. By forecasting for different scenarios, you can update the budget and forecast as needed.

4. Don’t plan, budget & forecast in spreadsheets

It’s very common for organizations to plan, budget and forecast in spreadsheets, even though there are some disadvantages. Some of the disadvantages you might face are; it’s time consuming, no collaboration, spreadsheets are inherently error-prone and involve a lot of manual work. Read our eBook Mastering spreadsheets for more tips.

5. Plan, budget and forecast in a budgeting software solution

By investing in a budgeting software solution, you will be able to plan, budget and forecast in one single solution. It’s easy to set goals, plan for future scenarios and collaborate across different departments or divisions. Monitor all your planning, budgeting and forecasting in real-time.

Plan, budget and forecast in Mercur Business Control

Mercur Solutions has developed the market leading solution for planning, reporting and analysis. Mercur Business Control is the solution for corporate perfomance management and business intelligence. Read Saab's journey on how they improved and streamlined business management and decision-making with the help of Mercur Business Control. 

Contact us for more information on planning, budgeting and forecasting in Mercur:

 

Mercur Solutions (UK) Limited - UK office

Mercur Solutions Limited
Ocean House, The Ring, Bracknell RG12 1AX, United Kingdom
+44 (0) 1344 388 025

Mercur Solutions AB - head office in Sweden

Mercur Solutions AB
Vretenvägen 13, SE-171 54 Solna
+46 (0)-459 69 00

 

Malmo Office

Stortorget 3, SE-211 22 Malmö
 

Gothenburg

Östra Hamngatan 17, SE-411 10 Göteborg

Mercur Solutions

A Swedish company with over 40 years of experience, delivering solutions for performance management and business intelligence.

  

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