Business priorities often introduce areas that require incremental investments beyond the initial budget and run-rate. Depending on financial performance, funding these initiatives might mean uncovering opportunities in other areas of the organization, which forces teams to hastily scramble to find savings or implement unrealistic operational changes without proper planning. Growth and efficiency will be sacrificed if these initiatives are underfunded and unclear.

Read on to explore budgeting and planning, breaking down 10 steps (and tips) to help you prepare and navigate the process effectively while ensuring your leadership team stays focused on achieving efficient growth.