Patrick BiddiscombeNew Breed · Founder & CEO of New Breed | HubSpot-Led Growth | Advisor to HubSpot & FinQore

The Budgeting Mistake Most Companies Make

Name: The Budgeting Mistake Most Companies Make
Uploaded: 2023-12-15T18:47:37+00:00
Duration: 26 s
Channel: Patrick Biddiscombe
Description: Patrick Biddiscombe (YouTube video) argues that many companies fail at budgeting by obsessing over the final 3–5% of discretionary spend while leaving…

15 Dec 2023 · 0 min

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Patrick Biddiscombe (YouTube video) argues that many companies fail at budgeting by obsessing over the final 3–5% of discretionary spend while leaving the remaining ~95% of the budget unquestioned; this habit prevents rethinking how to allocate the larger share of resources and leads to poor budgeting decisions.

If you are going to spend the vast majority of your time arguing on the last 3 to 5% of the budget, which is a really stupid thing to do because you have this whole other 95% of the budget over here that you won't challenge, you won't revisit, you won't think about how to spend differently. Instead, you'll be like, oh, well, we've been doing this, we've been doing this, so we got to keep doing those things. We only have this little bit of money left, and so we're all going to argue about where that money should go, and that is the first step of how to fail at budgeting.