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Beyond Budgeting
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Beyond Budgeting
by Robin Fraser, Jeremy Hope
Beyond Budgeting: How Managers Can Break Free from the Annual Performance Trap
Title Page
Dedication
Copyright Page
Table of Contents
Foreword
Acknowledgments
Introduction: Toward a New General Management Model
Part I - The Promise of Beyond Budgeting
Chapter One - The Annual Performance Trap
Budgeting Is Cumbersome and Too Expensive
Budgeting Is Out of Kilter with the Competitive Environment and No Longer Meets the Needs of Either Executives or Operating Managers
The Extent of “Gaming the Numbers” Has Risen to Unacceptable Levels
Toward a Vision of a New Management Model
Chapter Summary
Chapter Two - Breaking Free
The Adaptive Process Opportunity: Enabling Managers to Focus on Continuous Value Creation
The Radical Decentralization Opportunity: Enabling Leaders to Create a High Performance Organization
Scaling the Twin Peaks of Beyond Budgeting
Beyond Budgeting Provides Benefits for Shareholders
Chapter Summary
Part II - The Adaptive Process Opportunity: Enabling Managers to Focus on Continuous Value Creation
Chapter Three - How Three Organizations Introduced Adaptive Processes
Rhodia
Borealis
Svenska Handelsbanken
Chapter Summary
Chapter Four - Principles of Adaptive Processes
Six Principles of Managing with Adaptive Processes
Changing Attitudes and Behaviors
Chapter Summary
Chapter Five - Insights into Implementation
Defining the Case for Change and an Outline Vision: It’s an Essential First Step
Convincing the Board: Be Prepared
Getting Started: It’s Easier Than You Think
Designing the Model and Implementing New Processes: It’s Coherence That Matters
Training and Educating People: It’s Never Enough
Rethinking the Role of Finance: It’s an Opportunity to Add Value
Changing Behavior: It’s Driven by New Processes, Not by Management Decree
Evaluating the Benefits: There Are Plenty of Quick Wins
Consolidating the Gains: It’s about Winning Hearts and Minds at the Top
Chapter Summary
Part III - The Radical Decentralization Opportunity: Enabling Leaders to Create a High Performance Organization
Chapter Six - How Three Organizations Removed the Barriers to Change
Ahlsell
Leyland Trucks
Svenska Handelsbanken
Chapter Summary
Chapter Seven - Principles of Radical Decentralization
Principle 1: Provide a Governance Framework Based on Clear Principles and Boundaries
Principle 2: Create a High-Performance Climate Based on Relative Success
Principle 3: Give People Freedom to Make Local - Decisions that are Consistent with Governance Principles and the Organization’s Goals
Principle 4: Place the Responsibility for Value Creating Decisions on Front-Line Teams
Principle 5: Make People Accountable for Customer Outcomes
Principle 6: Support Open and Ethical Information Systems - That Provide “One Truth” throughout the Organization
Chapter Summary
Chapter Eight - Insights into Changing Centralized Mind-Sets
Selling the Benefits: How the Soft Numbers Become Hard
Changing Processes Precedes the Devolution of Responsibility: The Order Is Crucial
Devolving Responsibility: It Cannot Be “Given,” Only “Taken”
Overcoming the Resistors: The Forces of Centralization Are Never Far Away
Letting Go: It’s the Ultimate Challenge
Changing Recognition and Rewards: It’s the Seminal Moment
Maintaining the Momentum: It’s a Never-Ending Process
Chapter Summary
Part IV - Realizing the Full Promise of Beyond Budgeting
Chapter Nine - The Roles of Systems and Tools
Shareholder Value Models
Benchmarking Models
The Balanced Scorecard
Activity-Based Management Models
Customer Relationship Management Models
Enterprisewide Information Systems and Rolling Forecasts
Using the Integrative Power of Tools to Support Front-Line People
Chapter Summary
Chapter Ten
Is the Model Simple, Low Cost, and Relevant to Its Users?
Is the Model in Tune with the Success Factors of the Information Economy?
Does the Model Encourage Good Governance and Ethical Behavior?
Reconnecting Front-Line People to the Organization
Chapter Summary
Glossary
Notes
Index
About the Authors
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