Most financial institutions are moving into the heart of budget season, which offers a great opportunity to take a step back and assess business priorities. In many cases, however, budget planning also carries a heavy dose of frustration. As I came to call it over my years in the industry, Doctor No takes up residence in the office – putting the kibosh on a variety of worthwhile and aspirational projects.
Department heads realize that no budget will have room to fund every project, and good managers find ways to free up enough dollars to pursue a select group of long-term initiatives alongside the “keep the lights on” necessities. Nonetheless, by the time the process is complete, it inevitably seems like the belt-tightening has squeezed out too many of the promising ideas.