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The Importance of Budgeting and Forecasting: How Combining Both Can Drive Business Success
finance pillar
Managing the finances of a business is a crucial aspect of running a successful company. Budgeting and forecasting are two essential tools for financial management, but they are often confused or used interchangeably. In this article, we will explore the key differences between budgeting and forecasting and discuss why both processes are critical for driving business success.

Ehab Sobhy

A Great Lesson for CFOs from the Sporting World
leadership pillar
Here is a short lesson for Chief Financial Officers from athletes. In most sports, like business, success is measured in degrees and is often the culmination of many small victories and small failures. For example, in American football, the cornerback – a player whose main job is to defend against the forward pass by the opposing team – fails over 60% of the time, the percentage of forward passes completed in Professional Football. How do cornerbacks thrive – the best make over USD 15 million/year – when their success rate is less than 40%?

Steve Rosvold

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Governance & Controls – structure and controls.

Transaction Recording – systems, transaction processing and closing the books.

Reporting - efficient, timely and accurate information for decision making and meeting compliance requirements.

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Accounting

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Business Planning - provide the financial roadmap for the company with supporting analytics.

Financial Forecasting - integrate the company’s current performance relative to budget with the real-time business environment.

Investment Analysis - the framework to analyze new opportunities as they present themselves.

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Finance

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Cash Management - the discipline to ensure cash is available to operate the business normally.

Funding - Planning for and raising funds to meet the needs of the business.

Risk Management – Identification and mitigation of key business risks.

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Treasury

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Self-Awareness - Internal.

Team Building - External.

Strategy & Culture – Motivate people to follow you.

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Leadership

Four Pillars of Executive Expertise

CFO.University is built around the Four Pillars of CFO Success. These Pillars are supported with Core Competencies. Our framework allows you to master your role as a senior financial officer. The Four Pillars are made up of:


Accounting – Governance & Controls, Transaction Recording and Reporting

Finance – Business Planning, Financial Forecasting and Investment Analysis

Treasury – Cash Management, Funding (Capital Raising) and Risk Management

Leadership – Self Awareness, Team Building and Strategy & Culture

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