Budget planning is a structured process that involves forecasting, allocating, and managing financial resources to achieve specific organizational goals. It begins with analyzing current financial standing, identifying key objectives, and estimating future expenses and revenues. Effective budget planning requires collaboration across departments to ensure alignment with strategic priorities and operational needs. By setting clear spending limits, monitoring expenditures, and adjusting plans as needed, businesses can maintain financial discipline and prevent overspending. This process not only supports decision-making and long-term growth but also enhances accountability and resource optimization across the organization.
