Skip to main content
Home
The Online Resource for Modern FP&A Professionals
Please register to receive the latest FP&A news, updates and tips Login

Main menu

  • Home
  • FP&A Insights
    • FP&A Trends Digest
    • FP&A Trends Research
    • FP&A Trends Insight Paper
    • FP&A Trends Survey
    • Short Videos
    • Our Contributors
  • FP&A Events
    • International FP&A Board
    • FP&A Trends Webinars
    • Digital FP&A Circles
  • AI/ML Committee
    • Introduction
    • Members
    • Resources
    • Meetings
  • FP&A Tools
    • FP&A Trends Maturity Model
  • About Us
    • Company Policy
    • Privacy Policy
    • Editorial Guidelines
    • Our Ambassadors
    • Our Sponsors & Partners
    • Contact Us
image
7 Ways to Make Budget Season Better!
November 1, 2021

By Ron Monteiro, Founder at KICT Inc

Ron Monteiro, CPA, CMA

Ron is a University of Toronto graduate & business professional who has extensive senior level FP&A experience mainly in the CPG industry.

His experience includes working for public companies such as Hitachi, Kraft, Campbell’s & Kruger as well as a start-up telecommunications company and a private entrepreneurial beverage manufacturing company.

Ron also frequently does guest lectures at Colleges and Universities and recently taught a course at Humber college in Toronto.

He is passionate manager, mentor, teacher and coach and is looking to share best practices & industry experience and insights with FP&A professionals.

FP&A Tags
Planning and Budgeting
FP&A Team Building

planningAs I write this article, I am reminded of the 20 or so Annual Budgets and 60 or more interim forecasts that I was a part of! 

  • In my days as an Analyst at Kraft Canada, there was a massive blackout across most of the Eastern part of North America. You would think that the financial forecast would be deprioritised, but our FP&A team was still working in the office using candles!!!! Everyone else was long gone yet Finance was building the Budget. Was the forecast an ‘essential service’? Absolutely, ludicrous as I reflect on this.
  • I remember one weekend where I was the only person in the building when I was new in FP&A. I spent the entire day documenting every change to the forecast and splitting my EBITDA variances between volume and rate. 
  • I remember a couple of instances recently as the FP&A Director where the P&L roll-up was miles behind our expectations. As the FP&A lead in both those circumstances, I had to be the bearer of bad news to the CEO and CFO. I learned a lot of things during these periods of ridiculous intensity where an amazing amount of pressure lands on the Finance team. 

We all have these horror stories where we have all sacrificed our personal lives during this challenging ‘Budget’ season. I guess they say that what doesn’t kill you makes you stronger. I personally think that there are several ways to make your lives better during this period.

I salute all of you amazing professionals who work ridiculous hours and put in the amazing effort with often very little recognition. Here are some lessons I have learned along the way that I hope will help you get through this period:

1. The Budget will be wrong so don’t sweat the small stuff! This always helped me put things in perspective. It is important to know that the Budget will come and go so put your best foot forward but don’t overthink it or spin on things that in the grand scheme of things are irrelevant. Focus on the big stuff and the little details will get resolved.  Budgets are not life and death so don’t treat them that way!

2. Recognise your team sincerely: In my new capacity as a trainer and coach I teach a course on building High-Performance Teams. In this course, we teach folks to flush the sandwich rule of feedback and move to a 6 to 1 ratio of positive to constructive feedback. Who does not love ‘sincere’ recognition? In one of my latest experiences, I asked the CEO Dino Bianco to join our zoom forecast call for 10 minutes. He was gracious enough to say yes and he sincerely thanked the team for the amazing effort and sacrifices that all these amazing folks were putting in. The team was energised by this feedback, and it helped them understand how important their roles were. 

As a leader, recognise your team often and thank them! Shout from the rooftops about how hard your amazing team is working!

3. Build in breaks and fun! Sleep on it! When you have those challenging times during a forecast where you can’t figure things out what should you do? My experience says that you should take a break, sleep on it if you can and the solution will generally come to you. It’s funny how during those crazy times, I would wake up in the middle of the night or on my drive to work the next day with a solution. I am convinced I was subconsciously solving the issue while I was sleeping (instead of banging my head against the wall trying to resolve the issue into the late hours of the night). Those breaks will often result in efficiency overall which is somewhat counterintuitive. As a leader, recognise when your team needs those nights and weekends 100% work-free. It will go a long way.

4. Limit complaining and focus forward. I read this amazing book called ‘The Miracle Morning’ by Hal Elrod and the author had a rule which essentially says that you can complain for 5 minutes or less but after that, it is a complete waste of time. Move from venting (a little venting is often needed) to a solution-based focus. Involve your team and anyone who can help build a solution to the challenge at hand. This is a very powerful tool for you and your team! 

5. Involve the cross-functional team and don’t delay communicating bad news: This is one lesson that took me a while to learn. Early in my career I often delayed telling my leaders that we have a problem because I was afraid of the reaction. This is the wrong approach! Involve your leaders (functional and cross-functional) in these discussions and be upfront and direct. Note that you should always have a solution-based approach, but it truly is a business challenge (not a Finance challenge). Leaders much prefer to find out early so they can help build a solution to the challenge!

6. Have a plan B and don’t be afraid to use it! In one of my last roles, I had to completely abandon the ‘system build’ and move to a high-level Excel approach. It was a difficult decision, but we ended up getting the Budget approved. Clearly not the approach I wanted but, in the end, we were able to present the Budget to the leadership team in a very professional manner. 

7. Plan a celebration at the end of the process: My work teams always had a drinks celebration planned for the conclusion of the forecast. For example, drinks and dinner at the Keg after every forecast was one of those rituals. It really helped our team get through the painful parts of the process. As leaders, it is so critical to build this fun reward into your process. 

One of my mentors Brendan Flynn used to take the teams that worked the hardest to a restaurant that most of us would never be able to afford at the time. I also had leaders who used to bring in treats and lunches during forecasts which always helped motivate me. Food always helps! Clearly, this is a little tricky during Covid but be creative! Send a Timmies card or Starbucks card? Give your team a Friday or Tuesday off when they least expect it! Gestures like this go a long way. 

Lastly, as a leader remember that your attitude and energy is contagious. Smile and try to keep things light whenever possible. It goes along way and your team will appreciate it!   A smile and positive demeanour does not cost anything but makes a massive difference.

Good luck to all of you in Finance and Accounting as you finalise your Budgets and go through year-end. You are organisational heroes that should get recognised for your tremendous work!

The full text is available for registered users. Please register to view the rest of the article.
  • Log In
  • or
  • Register

Related articles

fp&a
How Do Incompetent Managers Survive the Planning Process?
October 25, 2021

A plan, for an incompetent manager, is just an administrative task that needs to be completed...

Read more
team
Three Key Elements to Building Synergistic FP&A Teams in the “Next Normal”
October 6, 2021

In anticipation of turning the pandemic corner, companies are contemplating the return to the office or...

Read more
fp&a
Placing your FP&A Initiatives into Practical Execution
July 2, 2021

It’s often been said that we’re in the agile phase of strategic thinking – the stage...

Read more
fp&a
Maintaining the Relevance of FP&A in Changing Times
June 16, 2021

Irrespective of the industry you work in, I am sure all of you would have noticed...

Read more
planning
Making Your Planning Season a Success: Three Questions to Consider
July 28, 2021

Annual Operating Planning is an important activity in many organisations.  Some refer to it as budget...

Read more
fp&a
4 Steps for Overcoming New FP&A Challenges
May 19, 2021

There is no doubt that 2020 has been one of the most disruptive years for all...

Read more
+

Subscribe to
FP&A Trends Digest

We will regularly update you on the latest trends and developments in FP&A. Take the opportunity to have articles written by finance thought leaders delivered directly to your inbox; watch compelling webinars; connect with like-minded professionals; and become a part of our global community.

Create new account

image

Event Calendar

Pagination

  • Previous
  • May 2025
  • Next
Su Mo Tu We Th Fr Sa
27
28
29
30
1
2
3
 
 
 
 
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Transforming FP&A Together: Human & AI Synergy
 
18
19
20
21
22
23
24
Moving from FP&A to Extended Planning and Analysis (xP&A)
 
Five Critical Roles for Building a World-Class FP&A Team
 
25
26
27
28
29
30
31
FP&A Business Partnering and AI: A New Era
 
All events for the year

Future Meetings

The Face-to-Face Amsterdam FP&A Board
The Face-to-Face Amsterdam FP&A Board Transforming FP&A Together: Human & AI Synergy

May 15, 2025

The Face-to-Face Milan FP&A Board
The Face-to-Face Milan FP&A Board Moving from FP&A to Extended Planning and Analysis (xP&A)

May 20, 2025

The Face-to-Face Frankfurt FP&A Board
The Face-to-Face Frankfurt FP&A Board Five Critical Roles for Building a World-Class FP&A Team

May 22, 2025

BPAI
The FP&A Trends Webinar FP&A Business Partnering and AI: A New Era

May 28, 2025

The Face-to-Face London FP&A Board: Data Management & Analytics: Unlocking FP&A Value
The Face-to-Face London FP&A Board Mastering Data in FP&A: Smarter Analytics, Better Decisions

June 5, 2025

FP&A Trends Webinar The Evolving Role of FP&A: From Number Cruncher to Strategic Advisor
The FP&A Trends Webinar Making FP&A Teams Fit for the Future

June 11, 2025

The Face-to-Face New York FP&A Board
The Face-to-Face New York FP&A Board From Insight to Impact: FP&A Business Partnering in Action

June 17, 2025

The Face-to-Face Sydney FP&A Board
The Face-to-Face Sydney FP&A Board Modern Financial Planning and Analysis (FP&A): Latest Trends and Developments

June 26, 2025

The Face-to-Face Singapore FP&A Board: Modern Financial Planning and Analysis (FP&A): Latest Trends and Developments
The Face-to-Face Singapore FP&A Board Modern Financial Planning and Analysis (FP&A): Latest Trends and Developments

July 8, 2025

AI/ML FP&A
AI/ML FP&A
Data and Analytics
Data & Analytics
FP&A Case Studies
FP&A Case Studies
FP&A Research
FP&A Research
General
General
Integrated FP&A
Integrated FP&A
People and Culture
People and Culture
Process
Process
Technology
Technology

Please register to receive the latest FP&A news, updates and tips.

info@fpa-trends.com​

              

Foot menu

  • FP&A Insights
  • FP&A Board
  • FP&A Videos

Footer countries

  • Amsterdam
  • Austin
  • Boston
  • Brisbane
  • Brussels
  • Chicago
  • Copenhagen
  • Dubai
  • Frankfurt
  • Geneva
  • Helsinki
  • Hong Kong
  • Houston
  • Kuala Lumpur
  • London Board
  • London (Circle)
  • Melbourne
  • Miami
  • Milan
  • Munich
  • New York
  • Paris
  • Perth
  • Riyadh
  • San Francisco
  • Seattle
  • Shanghai
  • Singapore
  • Stockholm
  • Sydney
  • Tokyo
  • Toronto
  • Washington D.C.
  • Zurich

Copyright © 2025 fpa-trends.com. All rights reserved.

0