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I fully agree with the answers been added by EXPERTS..........................Thanks
I agree with Vinod Jetley .......
reducing number of employee due to budget concern is the most difficult issue.
the most difficult decision is to select a person whom you reduce-if all are actually needed and perform equally.
How to make fair decision-very difficult, also you decide someones destiny, and they did nothing wrong, just you don't have budget.
Use effective proactive budgeting techniques and avoid common pitfalls to find budget success.
Understand the Importance
It's difficult to achieve budget success in both personal and business settings without recognizing that budget discipline is important. You need to buy into the importance of staying within your allocated budgets. Company leadership can help this by communicating the impact of budget discipline to the bottom line. However, good budget managers take their fiscal responsibilities seriously and commit to monitoring cash inflows and expenses rigorously.
Be FlexibleIn his article "8 ways to make a budget work" for Microsoft, Jeff Wuorio notes budget flexibility in his first three points. Specifically, he recommends managers realize the learning curve with budgeting, understand that misses can happen, and be flexible as needed. This is not a message of acceptance for poor budget discipline; instead, Wuorio points out that budgeting is a learning process. You have to fail sometimes and be willing to adjust in specific expense categories. Additionally, various expenses or investments can fluctuate in importance.
Spend WiselyBudgeting often carries a negative connotation because you tend to see it as a constraint to spending. However, part of good budgeting is spending money wisely. Ideal budget includes avoiding unnecessary or wasteful expenditures and maximizing profitable or beneficial investments. To achieve this optimal budgeting position, you cannot become comfortable. Some activities that once were worthwhile might no longer have value. Constantly monitoring the correlation between expenses and cash inflows can help you realize when and where to adjust spending.
Stay FocusedOne common mistake in small-business budgeting is getting too particular. For instance, managers that have to concentrate on budgets for every single part or supply they use will get too caught up in minute details. By budgeting for more general supply or inventory categories, managers can more effectively review, analyze and reassess budget objectives. Additionally, small businesses often rely on systematic budget software programs to record and analyze cash inflows and expenses. Overly detailed line-item budgets can make practical analysis and revisions to budgets much more difficult. Disciplined budget managers focus on broader budget strategy rather than overly narrow itemized budgets.
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