The annual budgeting process becomes obsolete when the market confronts unpredictable situations. In other words, some uncontrollable factors like Political instabilities, Natural disasters, and Pandemics affect the market to a great extent. They can cause irrecoverable damage to businesses.
The recent outbreak of COVID-19 is one such uncertainty that is unsettled the entire business world. Its impact on businesses is slowly but steadily felt.
Before going further, let’s first understand,
What is the Annual Budgeting?
An annual budget is a 12-month plan for a company’s projected expenditures over a ye...