Plansmith Blog

My Budget Is Done, Now What?

Posted by Bill Smith on 8/15/19 3:18 PM
Thankfully, my financial institution's budget is done – now what? Continue planning, that’s what.

Most of us hate planning. So why would I want to start now, when I could wait until the usual time next year?

Actually, there are two great reasons to plan early and often:

Number one:

The sooner I do it, the sooner I'll find ways to improve performance. At a minimum, I'll get a clearer, more up-to-date view of the future. And if I don’t like that picture, I can look for ways to alter it. I can’t change the past, but I can change the future – and the sooner I start, the better.

Number two:

The more I plan, the better I do it. Like any complex activity, planning improves with practice. I still remember the pain (and fear) I had when submitting budget projections for the first time. Those feeling continued for years – until I started planning every month. After the first few months, I found a new confidence. I could quickly compare results and learn from my mistakes. Budgeting became no big deal. The work was already mostly done.

I know that bankers today don't have time to plan. But I found that the time required decreased every month as I gained expertise. After a few months I had it down to as little as an hour or two. And I found it was the most valuable time I spent as a bank CEO.

Fortunately, I was a Plansmith client when I did this. Plansmith simplifies the process. Re-forecasting is virtually automatic. I could easily see the results without being bogged down by details - until I wanted them. And I could make changes and get instant feedback. It was so easy that I could do it live in a meeting. Plansmith gave me the communication tools to get the buy-in I needed to make the changes.

If you'd like to talk about how this can happen for you, click here to schedule a discovery call.

Topics: bank strategy, strategic planning, community bank strategy, community bank budget, community bank budget software, community bank budgeting, bank budget