Turning Numbers into Strategy: Highlights from May 6 “Ask the CFO” on Budgeting & Forecasting

This week’s Ask the CFO session focused on a topic that sits at the heart of operational success—budgeting and forecasting. While it might not be the flashiest topic in business finance, it’s one of the most essential tools for growth, decision-making, and long-term stability.

We kicked off the conversation by unpacking a common misconception: that budgets are restrictive or merely bureaucratic. In reality, a well-crafted budget serves as a roadmap, helping business owners set intentions for the year ahead while identifying opportunities and constraints in advance. But as Lowell emphasized, “As soon as you finish your budget, it’s already wrong”—because the business environment is always shifting. That’s where forecasting comes in.

Key Takeaways from the Session

• Budgets are aspirational, forecasts are adaptive. Your budget should reflect your goals; your forecast helps you respond to real-time conditions.

• Don’t default to “it’s in the budget.” Every spend still requires evaluation. Your budget isn’t a green light—it’s a guide.

• Monthly forecasts improve operational alignment. Especially in manufacturing and project-driven businesses, regular updates ensure the business stays on pace with production, customer expectations, and cash availability.

• Cash flow forecasting is non-negotiable. A rolling 13-week forecast gives visibility into your short-term financial health and decision-making power around large expenses, capital investments, or staffing.

• Data should drive collaboration across departments. When forecasts are shared across finance, operations, and sales, everyone rows in the same direction.

We also heard from participants with hands-on experience, including valuable insights about how budgeting and forecasting have played a role in their own companies’ growth, strategic planning, and operational improvement.

Let’s Keep the Conversation Going

“Ask the CFO” is open to everyone—business owners, financial leaders, operations managers, and anyone who wants to make better business decisions through financial clarity.

📅 When: 1st & 3rd Tuesdays at 11 AM CST
📍 Where: Zoom (register once at impactcfo.net/ask and you’ll get monthly reminders)

Bring your questions. Come for the discussion. Stay for the real talk about what it takes to run a financially strong business.