To budget is to look into the future. A budget is an estimate of the revenues and expenditures needed to meet a set of business objectives over a given period of time. But how accurate can the required projections be when facing an unprecedented pandemic, and whilst lacking holistic, relevant historical data from across the business?
COVID-19 is transforming how businesses plan and budget for the future. Annual or biannual budgets can't keep up with the pace of change and disruption. Instead, organisations are better served by more regular provisional budgets, with constant re-forecasting based on the latest information.