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Beyond Budgeting: Leading with Flexible Targets. 2-day seminar

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  1. beyond budgeting transformation network. Makeitreal! > BeyondBudgeting: Leadingwithflexibletargets. Howtobeatthecompetition–withoutfixedtargetsand withnoannualplanningwhatsoever! NielsPflaeging BBTN&MetaManagementGroup SeminarwithUniStrategic,KualaLumpur 01./02.12.2008

  2. Someintroductorywords… •  Englishasaforeignlanguage… •  Openingheartsandmindsfortwodays… •  Everyone´saCEO. •  Dialogue,notmonologue. •  Thematerialhaschanged! •  Excercises •  Culturaldifferences:Wehavetodealwiththat! Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 2

  3. Whatisitthattheseorganizationshaveincommon? Exceptionalcompaniesthatdoalmosteverythingdifferently! Airline, USA Engin.Services, Brazil Technology, USA Industry, USA Retail, Sweden Services, Switzerland •  Innovators:Acriseswithintheirindustries orfirmscausedthemtochangeradically •  Exoten:Exceptionalleadershipmodels •  Performer:Superiorcompetetivesuccess Banking, Sweden Services, Australia It´sthecoherenceofthe leadershipmodelthatmatters! Industry, USA Industry, Japan Retail, Sweden Retail, Germany Retail, Germany Energy, USA Industry, USA Services, Brazil Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 3

  4. Therearemanyoutstandingcasesofcompanies thathaveappliedthe“new”model.Thisisaselection. 4 44 Seminar–BeyondBudgeting ©BBTN–Allrightsreserved

  5. Theworldhaschanged: outliningtoday'scriticalsuccessfactors high Industrialageends: ”Supplieshavethepower“, Evolutionofmassmarkets: Taylorismasthesuperiormodel Knowledgeeconomyadvances: ”Customershavethepower“, strongcompetition,individualizeddemand: decentralizedandadaptivemodelissuperior! Allare importanttoday! 1.  Discontinuouschange 2.  Shortlifecycles 3.  Constantpressureonprices 4.  Lessloyalcustomers 5.  Choosyemployees 6.  Transparency, societalpressure   Highfinancial expectations Competitive successfactors (CSF) -Fastresponse -Innovation -Operationalexcellence -Customerintimacy -Greatplacetowork - Effective governance - Sustainedsuperior valuecreation/fin.perf. Characteristics Dynamics and complexity Characteristics •  Incrementalchange •  Longlifecycles •  Stableprices •  Loyalcustomers •  Choosyemployers •  „Managed“results low Mostorganizationsstilluseamanagementmodelthatwasdesigned forefficiency,whiletheproblemtodayiscomplexity. 1890 1980 1990 2000 2010 2030 2020 Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 5

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  8. Ourjourneysince1998,withintheinternational BeyondBudgetingmovement Beyondbudgeting (1998-2002) Beyondcommandandcontrol (2003-2007) Beyondincrementalchange (2008-) … Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 8

  9. Anewbrand.Anewnetwork. Makeitreal! Thefirst“opensource“movementinthemanagementarena-worldwide! Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 9

  10. Thenewmodelissupportedbyscienceandpractice Sciences: Thoughtleaders (selected) Practice: Industryleaders •  StaffordBeer •  MargarethWheatley •  NiklasLuhmann •  KevinKelly •  RossAshby •  JosephBragdon •  … (selected) •  DouglasMcGregor •  ChrisArgyris •  JeffreyPfeffer •  ReinhardSprenger •  StephenCovey •  HowardGardner •  ViktorFrankl •  … Complexity theories Manufacturing Social sciences&HR Distribution •  PeterDrucker •  TomPeters •  CharlesHandy •  JohnKotter •  PeterSenge •  ThomasDavenport •  PeterBlock •  … Leadership& Change Services Strategy& performance management Government &Not-forprofit •  CharlesHorngren •  HenryMintzberg •  GaryHamel •  JeremyHope •  MichaelHammer •  ThomasJohnson •  … Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 10

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  13. Outliningthe‘ ‘industrialage’ ’modelanditspitfalls “ “commandandcontrol“ “ •  Toocentralized •  Tooinward-looking •  Toolittlecustomer-oriented •  Toobureaucratic •  Toomuchfocusedoncontrol •  Toofunctionallydivided •  Tooslowandtime-consuming •  Toode-motivating •  … Fromthefilm‘ModernTimes’withCharlieChaplin,1936 Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 13

  14. Howmarketsgovernorganizations“ “fromtheoutsidein” ” Periphery Center Decision Information Command Centralistcommandand control“ “collapses“ “in increasinglycomplex environments Impulse Reaction Source:GerhardWohland Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 14

  15. Fromhierarchytonetworkstructure. Traditionalmodel (centralizedfunctionalhierarchy) Newmodel (decentralizedleadershipnetwork) Changing leadershipand structure •  “ “Bosses” ”rule! •  Top-down commandandcontrol •  Topmanagement isalwaysincharge •  Centralizedleadership •  “ “Themarket” ”rules! •  Outside-in senseandrespond •  Front-lineteamsarealways incharge •  Devolvedleadership Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 15

  16. Seminar–BeyondBudgeting “faaleghah-ve“ ©BBTN–Allrightsreserved 16

  17. Doesplanningreallywork? Thetraditionalmodelcandestroyvalueonamassivescale! Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 17

  18. Theproblemobservedinitially, bytheBeyondBudgetingmovement JamesO.McKinsey,1922 “Budgetarycontrol…isurgentlyneeded, asafoundationofcontrolexercisedbyexecutives,andasawayto coordinatetheactivitiesoffunctionaldepartments.” Dr.JanWallander,1997 “Budgetarymanagementisanunnecessaryevil” SeminarioBeyondBudgeting-Conferencista:NielsPflaeging Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 18

  19. Traditionalmanagementprocesseskeepteamsfromstrategic thinking,andmotivatecounterproductiveorunethicalbehavior Financialproblems •  Processtakestoolong •  Plansbecomeobsoletequickly •  Plansareoflittleornouse Vision Targetsand strategicguidelines Strategicproblems ProfitabilityinpetrochemicalindustryinEurope 600 500 •  Targetnegotiation •  Definitionofincentives •  Activityplanning •  Resourceallocation •  Coordinationofplans •  Approval 400 300 Fixed 200 performance contactsand “keepontrack” 100 0 198419861988199019921994199619982000 Source:ChemSystems Behavioralproblems Budget Performancecontrol (plan-actual) Bonus (vs.targets) ... Source: BBRT Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 19

  20. Managementprocessesinorganizationsare“straightjackets” “Fixed”performancecontract Strategy •  Period •  Targets [Fixed] [Fixed] Strategic learningcycle •  Compensation •  Plan •  Resources •  Coordination •  Control •  Agreedthrough [Fixed] Annualplan Fixed Performance Contract [Fixed] [Fixed] Budget [Fixed] [Fixed] Management controlcycle [Negotiation] •  Signedby: [Manager/Director] Control Tayloristicmanagementworkslikethis:Ascentralistic-burocratichierarchies, heldtogetherthrougharegimeoffixedperformancecontracts! Seminar–BeyondBudgeting Source: BBRT ©BBTN–Allrightsreserved 20 20

  21. Currentpracticesaremisalignedwiththe CriticalSuccessFactors Six“CSFs” Sixmisalignmentexamples •  Fastresponse   Annualplanningprocessretardsit   Centralizedbureaucracystiflesit •  Innovation   ‘Spend it or lose it’mentalityfightsit •  Operationalexcellence   Shorttermtargetspreventit •  Customerintimacy   Extrinsic‘motivators’undermineit •  Bestteam   Dysfunctional,evenunethicalbehavior conflictswithit •  Ethicalbehaviour • Valuecreation • Inferiorfinancialresults Whenpressureis applied,misalignment getsworse! Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 21

  22. Organizationsneedadifferent,trust-basedformof “future-directedthinking”,NOTexcessiveplanning! “Thesecretofsuccessisnottoforeseethefuture. Buttobuildanorganizationthatisabletoprosperinanyofthe unforeseeablefutures." Michael Hammer Theproblemswithtraditional planningandcontrolaremerely symptomsofamuchdeeper problem. Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 22

  23. Fromfixedtoadaptivemanagementprocesses. Traditionalmodel (fixedperformancecontracts, negotiatedinadvance) Newmodel (relativeperformancecontracts, assessedwithhindsight) Relative performance contracts strategy Changing processes Fixed performance contracts Dynamic coordination control •  Fixed,annualprocesses •  Fixedtargetsandincentives •  Centralizedand bureaucraticcontrol •  Dynamic,continuousprocesses •  Relativetargets/compensation •  Self-control,transparencyand peerpressure Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 23

  24. TheproposalofBeyondBudgeting:Realchangerequiresa coherentalternativetothecommandandcontrolmodel “‘Beyondbudgeting’isapositiveidea thatusestheabandonmentofbudgeting asatriggerforimprovingtheentire managementmodel.” Charles T. Horngren, Littlefield Professor of Accounting, Emeritus, Stanford University Thisiswhat “BeyondBudgeting” reallyisabout Source:QuotedfromtheprefacetoFraser/Hope:„BeyondBudgeting” Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 24

  25. Oursystemsandmodernmanagementtoolsconflictwiththe oldmodelandarenotabletosolvetheunderlyingproblems. ERPsystemsand datawarehouses Rolling forecasts Provides informationto thehierarchy Focusesonyear endanddistorts information Economic valueadded Benchmarking Supports shortterm stretch targets Deemphasizes external comparisons Central Local control control Creates multiple contracts Supports ‘Make&Sell’ strategy Supports centraldecision making Customer relationship management Balanced Scorecard Activity-based management Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 25

  26. Whatisa‘managementmodel’? Managedstability InformationAge IndustrialAge Complexanddynamic Leadership culture + Management processes + Information systems Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 26

  27. Wemust work not onthemodel, inthemodel. Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 27 27

  28. Fromtheoldcoherencetoanewcoherence. Traditionalmodel(supports efficiency) Newmodel(supports complexity) Centralized hierarchy, “ “command andcontrol“ “ Decentralized network, “ “sense andrespond“ “ Theoldmodelisnot alignedwithtoday’s CSFanditdoesnot support‘TheoryY’. >Weneedanew modeltocopewith complexity >Wemustchange thewholemodel! Relative performance contracts strategy Fixed performance contracts Dynamic coordination Fixedprocesses Dynamic processes control Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 28

  29. Thecaseofaradicallydecentralizedorganization: Handelsbanken–anextraordinaryleadershipphilosophy Themostimportantobjective withinHandelsbankenGroup: “HigherReturn on Equitythanthe averageofcomparablebanksin theNordicregionandEurope.” Maderealthrough: • Radicaldecentralization, whichinturnleadsto… • Bestcustomerservice • Lowestcost AlexanderVDokukin   Consistently–overaperiodof30years–oneofthemostsuccessfulbanksin Europe,measuredbyalmostallkeyperformanceindicators (e.g.ROE,TSR,EPS,Cost/Income,customersatisfaction,…) ROE=ReturnonEquity,TSR=TotalShareholderReturn,EPS=Earningspershare Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 29

  30. Formorethanadecade,thisbankhasbeencustomer satisfactionleaderamongitspeers,constantly Handelsbanken Avrg.insector 75 70 65 Datafrom2005: Sweden:Corporateand Private–Bestamongbig andnationalcompetitors. Denmark:Privatemarket–best.? Norway:Corporatemarket-best. Privatemarket–2ndplaceafter substantialimprovement. Finland:Corporatemarket-best, Privatemarket–best. 60 55 50 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 PrivateCustomers,Source:SvenskaKvalitetsindex Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 30

  31. Comparisonbetweenthemajorpubliclylisteduniversalbanksin EuropeuniversalesinEurope.Jan-Dec2005,aftercreditlosses. *Referstoloanstothepublicordepositsifdeposits>lending 1,0 Handelsbanken Cost/Totalloans*,% DanskeBank FöreningsSparbanken DnBNor Nordea 2,0 BankofIreland SEB AlliedIrishBanks HypoVereinsbank KBC BancoSantander 3,0 CreditAgricole RoyalBankofScotland BankAustria BBVA Commerzbank Unicredit LloydsTSB StandardChartered SanPaolo-IMI Erste 4,0 BancaIntesa Capitalia MontedeiPaschidiSiena ABNAmro Barclays HSBC 5,0 DeutscheBank HBOS BNPParibas SociétéGénérale Cost/Incomeratio,% UBS CSGroup 6,0 908070605040 Source:DeutscheBank:EuropeanBanks-RunningtheNumbers,Springedition. Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 31

  32. How“radicaldecentralization“isbeingreflectedinthecompany ´sorganizationalstructureanddecision-making Principles Customers Customerintimacy Alargenetworkofself-managed teamswithfullresponsibilityfor customerresults 600branchmanagers (ProfitCenters) Freedomand capabilitytoact “Winning“culture,combinedwiththe freedomandabilitytoact 12regional managers (InvestCenters) Fast,open information systems Governanceand transparency Frameworkfordecisionmakingwith clearvalues,limitsandrelative targets,plustransparency CEO, productfirms, treasury,ITetc. Leadstomaximumcustomersatisfaction! Source: BBRT Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 32

  33. Relativetargetdefinitionthrough“leaguetables“ (rankings) – insteadofplanned,fixedtargetsandinternalnegotiation Strategic „cascade” Banktobank Return on Equity (RoE) 1.  BankD 2.  BankJ 3.  BankI 4.  BankB 5.  BankE 6.  BankF 7.  BankC 8.  BankH 9.  BankG 10.  BankA Regiontoregion Return on Assets(RoA)etc. Principles 31% 24% 20% 18% 15% 13% 12% 10% 8% (2%) Branchtobranch Cost/income ratio etc. 1.  2.  3.  4.  5.  6.  7.  8.  9.  10.  RegionA RegionC RegionH RegionB RegionF RegionE RegionJ RegionI RegionG RegionD 38% 27% 20% 17% 15% 12% 10% 7% 6% (5%) Relativetargetsand relativecompensation 1.  2.  3.  4.  5.  6.  7.  8.  9.  10.  BranchJ28% BranchD32% BranchE37% BranchA39% BranchI41% BranchF45% BranchC54% BranchG65% BranchH72% BranchB87% Continuousplanning/ control “Ondemand“flowof resources/ dynamiccoordination Result & value contribution Leadstolowestoperationalcost! Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 33

  34. Flexiblecoordinationandresources“ondemand“- insteadofallocationsandbudgets Headquarters/ Region Branchesacquireresources throughinternalmarkets Resources (IT,HRetc.) Customer demand Branch Branchesaloneare responsibleforefficient useofresources Branches decideover necessary resourcelevels Branches observe customer demand Leadstoeradicatingandavoidingwaste! Source: BBRT Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 34

  35. Howpreparingforactionandforecasting (continuouspreviews) areusedinthismodel–insteadofcentrallycoordinatedplanning Regionalmanagers andHQ challengemonitor check Teamsclose aim act tothecustomer (branches) plan Forecasts Leadingtofastestpossiblereactiontochange! Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 35

  36. Creatinga“virtuouscircle”– acommonfactoramong“BeyondBudgeting”pioneers Bettertodobusinesswith 4.Customerintimacy–Highest (independent) customersatisfaction scoresinsectoryear-after-year; lowestcustomercomplaints; monitorscustomeracquisitions/ defections. 3.Operationalexcellence– LowestcostsofanybankinEurope; lowestbaddebts;costreduction culture;flatorganization (halfa headofficepersonperbranch versusfiveforrivals);internal marketexertsconstantpressureon centralservices. 2.Innovation–SHBvotedjoint bestInternetbankinEuropein 2000;anycompetitiveproductsand solutionsarefedbackfrom branchestoproductdevelopment. Betterforsociety 5.Ethical&socialstandards– Supportthelongterminterestsof thebankandsociety. Bettertoinvestin 6.Sustainablevalue– Beatspeergroupeveryyear onROEandcost-to-income ratio;highesttotal shareholderreturninsector; devolvedadaptive organizationiskeydriverof success. Bettertoworkfor 1.Bestpeople–SHBisfirst choicefinancialservices companyinSwedenfor graduates;employee turnoverislowestinsector; challenge,personal responsibilityandfreedomto runtheirpartofthe business;group-wideprofit sharingscheme. Virtuouscircle TextrelatestoSvenskaHandelsbanken Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 36

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  38. Whymostconcepts,booksandtheoriesaboutleadership, aswellasmostadviceonmanagementareflawed “Onecannottalksensiblyaboutleadershiporpeoplemanagement, nordesigndecentmanagementprocesses,ifwedon´tclarify beforehandourbeliefswithregardstowhatinorganizationsarelike. Wehavetodevelopasharedunderstandingofhumannature anditsinfluenceonourorganizations.” Leading with Flexible Targets Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 38

  39. TheoryX vs. Seminar–BeyondBudgeting TheoryY DouglasMcGregor ©BBTN–Allrightsreserved 39 39

  40. Theindustrialagemanagementmodelnotonlyfailsbecause marketshavechanged.Itisalsomisalignedwithhumannature. TheoryX (0%) TheoryY (100%) Attitude– Peopledislikework,finditboring,andwill avoiditiftheycan. Attitude-Peopleneedtoworkandwantto takeaninterestinit.Undertheright conditions,theycanenjoyit. Direction– Peoplemustbeforcedorbribedtomakethe righteffort. Direction– Peoplewilldirectthemselvestowardsatarget thattheyaccept. Responsibility– Peoplewouldratherbedirectedthanaccept responsibility,whichtheyavoid. Responsibility– Peoplewillseekandacceptresponsibility, undertherightconditions. Motivation– Peoplearemotivatedmainlybymoneyand fearsabouttheirjobsecurity. Motivation-Undertherightconditions, peoplearemotivatedbythedesiretorealize theirownpotential. Creativity–Mostpeoplehavelittlecreativity -exceptwhenitcomestogettinground managementrules. Creativity– Creativityandingenuityarewidelydistributed andgrosslyunderused. BasedonDouglasMcGregor,‘TheHumanSideofEnterprise’,1960 Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 40

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  44. W.L.Gore.Thebest-led“innovationmachine“intheworld? • Consistentlysuccessful,formorethan40years • “MostinnovativecompanyintheU.S.“ (FastCompany) • Forthe8thyearinarowamongthe100bestemployersinthe U.S. (“Fortune“–bestmedium-sizedemployer). BestemployerinEnglandforthethirdconsecutiveyear. AmongthebestcompaniestoworkforintheEUandGermany. • Allemployeesparticipateinthefirm´ssuccessandbecome “virtual“shareholders. • Nojobtitles.Littlehierarchy. Nojobdescriptions-instead:“jobsculpting“. • Highlyempoweredteams.“Temporaryleadership“ • “Since1958,Gorehasavoidedtraditionalhierarchy.Instead,wehavepracticeda team-basedenvironmentthatstimulatespersonalinitiative,innovationand communcationbetweenallourAssociates.” • “Thefundamentalbeliefinthepeopleinourorganzation andintheirabilitycontinuestobethekeytooursuccess.“ Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 44

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  46. It´sadifferent mental discipline Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 46 46

  47. The12principlesoftheBeyondBudgetingmodelareinfact afullsetof“designprinciples“fortheneworganizationtype. Principles Dothis! Notthat! Customer/outsidefocus Focusontheboss Customersand responsibility Responsibleteams (“cells”) Centralization Leadership Performanceculture Inspiredbythepast Performanceand freedom 6devolved leadershipprinciples Autonomyandresponsibility Adherencetofixedplans Clearlydefinedobjectivesandvalues Imposeobjectives Governanceand transparency Openandsharedinformation Restrictinformation Goalsrelatedtocontinualimprovement Fiscalyearfixedgoals Goalsand rewards Rewardsrelatedtocompanyresults Rewardlocalfixedgoals Processes 6adaptivemanagement processprinciples Continuousandinclusiveplanning Topdownannualplanning Planningand controls Compareperformanceagainstactuals Variationsagainstfixedplans Resourcesondemand Annualbudgetallocations Resourcesand coordination Coordinatedynamicinteractions Departmentalization Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 47

  48. Now,itistimefortransformingyourorganization– byclosingthegaps Atypicalcompany–resultsfromtheBBRTonlinediagnostic Table1:Thecaseforchange Problems Vision Practice Close thegaps! Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 48

  49. Therearetwodifferentwaysofworkingonthemodel– evolutionandtransformation Lowdegreeof decentralization/ empowermentand fixedperformance contracts:inconflict withtoday'scritical successfactors! Stagnation withinthetayloristicmodel Differentiation phase Transformation throughradicaldevolution anddecentralization Bureaucratization growinghierarchyand functionaldifferentiation Highdegreeof decentralization/ empowerment withrelative performance contracts:aligned withtoday'scritical successfactors! Evolution withinthedecentralized model Sustainingand deepeningofthe decentralizedmodel, throughgenerations Pioneering phase Integration phase Organizationswith Severaldecadesold traditionalmodelsmust eventuallytransform themselves! Foundation Timescale:organization'sage Seminar–BeyondBudgeting ©BBTN–Allrightsreserved 49

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