“We must consult our means rather than our wishes.” -George Washington

One of the best ways to get managers to ‘own their budget’ is to involve them in creating it.

This approach takes time, patience, and training. And it can yield extraordinary results.

Here are the first steps to help managers own their budget:

1. Develop a financial literacy training plan (or use this one here)
2. Include managers in the development of the financial budget
3. Use the weekly financial huddle model for accountability

Step #1 Use a financial training plan

Financial literacy is the ability to read and understand the numbers of business.

The first step in getting managers to own their budget, is to teach them how to read the financial statements.

More specifically, teach them how what they do every day – their actions and decisions – relates to the financial statements.

And it doesn’t hurt to start with some key metrics.

Step #2  Include managers in the development of the budget

It is a lot easier to get managers to own their budget if they have a say in creating it.

Include managers at the beginning of the budget process. Show them how the numbers have been developed in the past.

Encourage questions and ask for their input on building the new financial plan.

Step #3 Follow a weekly financial huddle

Consistency and accountability are under-rated when it comes to the budget.

The weekly financial huddle is the best way that I’ve seen to hold managers accountable to the budget.

Watch this short video to learn more about weekly financial huddles.

Do this next:

1. Watch the short budget video below
2. Join the network of beer wholesaler professionals