1. Build accountability into the process
Do your team leads tend to sandbag their budgets? Do they inflate the numbers just a bit, so they get more than their fair share of the budget pie? If so, it’s a common issue that signifies a lack of accountability in your business. Without transparency around the budgeting process, it’s easy for managers to get away with inaccurate figures and overblown estimates.
Building accountability into your budgeting process, where managers build and test their budget numbers autonomously, can eliminate this issue. Depending on your business, this could mean making budget details available to all business units, sharing data between teams and following up on goals at the end of the budget period. All of these can help keep your people on track and ensure you’re not spending in the wrong areas.