Budgeting: Your Plan or Your Downfall?

Tony Prykiel
October 27, 2023

As we approach the end of the financial year, we thought it would be worthwhile to give some light-hearted consideration to the budgeting challenges all businesses are confronting in the face of digital disruption. Don’t fret, we’re not here to crunch numbers for you, but we do want to ensure you avoid the pitfalls of digital uncertainty and remember to allocate a budget for your journey to digital maturity. This isn’t a laughing matter, though.

Having a budget for change is no longer optional; it’s a necessity.

So firstly congratulations! You’re almost done with your budget, feeling confident that you’ve cracked the code for business success. Sorry to be the bearer of bad news, but here’s a reality check: You’re dead wrong!

Hoping for the best won’t keep you competitive against digital disruptors. Embracing the rapidly changing digital landscape is no longer an option — it’s a necessity if you want to avoid business failure. Don’t make the mistake of focusing on the cost of business transformation, consider the undeniable value it brings to your business.

Remember Blockbuster? They thought their endless rows of VHS (and some Beta) tapes made them invincible. Then Netflix arrived like a digital sonic boom! See ya later, Blockbuster! And what about Blackberry? Once the dominators of smartphones and the first to market with a QWERTY keyboard, they were reduced to the one question of “How did they [Blackberry] not see that coming?” when Apple unleashed the might of the iPhone – phones weren’t even Apple’s thing! And let’s not forget Nokia, we’ve all had one in fact outside of Ericcson they were the leading manufacturer of mobile phones, and yet now, just a footnote in tech history.

Budgeting and planning may seem inseparable, but they’re distant relatives who occasionally meet. Planning is the grand strategy, while budgeting breathes life into it. Without a strategic roadmap, your budget, like your business, is destined for failure—a sandwich without bread, messy and unsatisfying.

At dovetail digital, we are here to guide you through the world of digital transformation. Buckle in for a rollercoaster ride of financial planning like never before. We’ve got the energy we just need you to lean into it!

Remember the golden rule: Your budget must align with your long-term goals. Think of it as a GPS guiding you to success, with spreadsheets as your trusty navigators. Don’t get lost in outdated directions—align your budget with your goals and prepare for success. Embrace the idea that change brings opportunities, as modernising your operations paves the way for scaling and growth. Enhancing efficiency will lead to cost reduction, and a well-executed business transformation will prove to be a self-sustaining investment.

But wait, there’s more! Budgeting in the digital age demands agility, adaptability and energy! Don’t underestimate, the need for energy! The digital world moves faster than fashion trends, and the economy is as unpredictable as a reality TV show. To thrive, you must embrace uncertainty and integrate it into your budgeting process. Without a strategic roadmap, you risk becoming a thing of the past – just like a QWERTY keyboard on a digital device…

As you plan for the future, you need to embrace and lean into digital maturity to help transform your business. Those who balk at change are destined for Blackberry-like extinction. But those with courage, commitment, and energy have opportunities akin to investing in Amazon before it left Jeff Bezos’ garage or buying Apple shares when all it sold was all-in-one computers.

When finalising your budget, remember that transformation is key. As you set out on your digital maturity journey don’t forget your strategic roadmap!

At dovetail digital, we are about ideas, people, processes, and technology coming together to make great things, happen!

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Budgeting: Your Plan or Your Downfall?

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