In completing your reading for the week you learned about the benefits and challenges faced in the budgeting process. You also learning about the importance of focusing organizational efforts on customers. Chapter 22 introduced you to the many types of budgets, their importance, and the many ways that an organization can go about messing up the budgeting process. In Chapters 24 and 25 we learned about the benefits of focusing our efforts on the customer.
You and Emma have already spent a good deal of time focusing on and discussing the accounting department at CM Tech. Now its time to broaden the focus of your efforts. Emma asks you for your thoughts on the budgets at CM Tech and how the team can integrate the concept of customer focus into the budgeting process. Emma asks you to do some research for her.
Your research paper for Emma should include the following key elements:
What are the key problems that CM Tech could run into throughout the budgeting process that could reduce the effectiveness of their budget?
What should be done throughout the budgeting process to ensure the budget is tied to the organizations strategies? Why is this important?
How can CM Tech include a solid customer focus throughout the budgeting process? What benefits could be derived from ensuring the customer remains a key element of focus even during an internal process like budgeting? Be sure to fully support your assertions in all three sections with reasoning, examples, and research.
Your report should outline the key concepts in each area listed above and provide examples as appropriate. Be sure your report is a minimum of 4 pages, includes an introduction and conclusion paragraph, title page, and references page. The title and references pages do not count toward the total page count.