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For instance, an extensive budgetary process helps set realistic and attainable objectives, while also considering resource constraints (Shim and Siegel, 2005, p.9). Additionally, the financial planning component is a central element in the final success of any business endeavor, and one could wonder how it is possible to reach business success without focusing on financial constraints. It is in fact rather difficult. While it may be doable for companies in the public sector or for not-for-profit institutions, to a for-profit company, for which "profitability is the primary goal of the firm, […] financial systems are inevitably the primary mechanism through which top management seeks to control performance" (Grant, 2005, p.214).
From the lessons of Body Glove however, one can see that business triumph is indeed possible with a reduced emphasis on budget considerations. Yet, in their absence, it is pivotal that other criteria be met. In this order of ideas, it is imperative for the managers to agree on the desired course of action and the means of achieving the goals. Then, it is important to include the employees in the organizational efforts and to ensure that the overall...
It is also imperative to possess the ability to identify and seize market opportunities and manage them in such a means that the result becomes an internal strength. Finally, it takes pure luck to succeed without a solid budgetary process. Given the complexity of an operational system lacking budgetary control, it can be fairly assumed that the business success depends on several industry variables and that it may often be short-lived and it is not a sustainable form of business.
References:
Cohen, S., Eimicke, W., Heikkila, T., 2008, the Effective Public Manager: Achieving Success in a Changing Government, 4th Edition, John Wiley and Sons, ISBN 0470282444
Grant, R.M., 2005, Contemporary Strategy Analysis, 5th Edition, Wiley-Blackwell, ISBN 1405119985
Premchand, a., 1983, Government Budgeting and Expenditure Controls: Theory and Practice, International Monetary Fund, ISBN 0939934256
Shim, J.K., Siegel, J.G., 2005, Budgeting Basis and Beyond, 2nd Edition, John Wiley and Sons, ISBN 0471725021
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