Accountability

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As a rookie manager, embarking on the journey to create your first budget can be a daunting and nerve-wracking experience. The key to success lies in knowing where to begin, understanding the starting point, and making breakthrough habits.

But fear not! In this article, we will guide you through budget creation with a focus on avoiding rookie mistakes, navigating the approval process, and effectively locking and monitoring your budget.

Rookie Mistakes: Setting The Right Foundation

Rookie mistakes in budgeting often stem from the absence of a clear vision. To avoid this trap, communicate openly with your superiors to understand the department's future directions. Sometimes, you might be directed to keep the new budget flat at last year's spending.

When starting your budget, referencing the previous year's budget is a safe and valuable starting point. It provides insights into past expenditures and helps lay a foundation for the new budget. Remember that a budget is a living and breathing document that requires periodic revisiting and adjustment.

Don't hesitate to seek input from colleagues; their insights can be invaluable. Communicating with stakeholders will lend a sense of ownership of the budgeting process.

One common oversight is the failure to include new initiatives in your budget plan. As your supervisors introduce new programs or investments, it's essential to incorporate these changes into your budget. Equally important is removing outdated or one-time initiatives from the previous budget.

Understanding salary and contractual changes is crucial. In certain industries, such as sports, specific costs are predetermined due to collective bargaining agreements, making up a significant portion of the budget. Recognizing these fixed costs helps you accurately plan the remaining flexible expenses.

To create an adequate budget, it's essential to understand your business thoroughly. Dive into past financial records, departmental spending, and the profit and loss statements from previous years. Understanding the spending patterns and where the money goes is vital for effective budgeting.

Interacting with various stakeholders within your department is crucial. Gather information about their plans, changes, and needs. Creating an inclusive budget process may not incorporate all suggestions, but it fosters valuable input and enhances the decision-making process.

The Approval Process: Navigating The Path To Success

Coworkers talk about the budget during a work meeting

Once you've crafted your budget, it's time to navigate the approval process. Before you head out to show your new budget to your boss, take a step back and ensure you donât miss anything. Make sure that your formulas are cross-checking your numbers.

Proper coding of expenses is crucial for accurate financial tracking. Assign codes to invoices and categorize them within the budget to ensure the appropriate allocation of costs to specific departments or categories. Make it a habit to utilize the budget daily to determine expense placement and maintain financial clarity.

Lock And Monitor The Budget

After the finance team approves your budget, it becomes a finalized document, entering the 'lock and monitor' phase. In dynamic environments, such as the sports industry, urgent changes may arise; they might be a one-time expense or a large purchase requiring immediate budget adjustments. In such cases, you can change your financial position by updating the quarterly forecast. The budget cannot be adjusted because it is locked.

Calendarizing your budget assists in managing cash flow. Now that you have a final budget, you can distribute the expenditures when they occur during a 12-month period. This approach ensures better tracking and aligns costs with the correct quarters, providing a more transparent financial overview.

Contesting miscoded expenses to your budget line item is expected. Whenever this occurs, a simple phone call to the recording department typically settles the issue. This is why a budget to actual expense analysis is necessary periodically.

Categories like travel and entertainment expenses tend to fluctuate and be less controllable in budgeting due to unforeseen pricing and travel demands. These challenges can test the accuracy of budget projections, but adaptability and vigilance are your allies.

Building Trust, Credibility, And Accountability

Happy woman on laptop works on the budget

The critical lesson in creating a budget is establishing trust, credibility, and accountability. When stakeholders know and trust the validity of your numbers, they tend to relax and believe in your executive presence.

Creating your first budget is a transformative journey that empowers you to take control of your department's financial destiny. By avoiding rookie mistakes, mastering the approval process, and effectively locking and monitoring your budget, you pave the way for success.

Budgeting is not merely a financial task; it's a strategic tool that propels your organization to take hold of its current position and predict the future with confidence. Embrace the process, learn from your experiences, and let your budget become a beacon of financial prosperity and strategic mastering. Be that lighthouse on the hill that others look to as an example of excellence. You can do this!

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How To Create Your First Budget: Making …

Executive Spotlight: How To Effectively Resolve Conflict At Work

Conflict is an inevitable part of any workplace. Whether it stems from differences in personalities, varying work styles, or competing interests, the ability to effectively resolve conflicts is a critical skill for maintaining a harmonious and productive work environment. What can managers and team members do to effectively resolve workplace conflicts and foster a culture of open communication and cooperation?

We recently asked our leading executives for their best tips on how to resolve conflict at work.

Here are their responses...

Melodie Turk, Learning Experience Executive

Here are a few of my tips for successful resolution:

Donât wait to deal with conflict. Waiting creates the opportunity for passive-aggressive behavior (on both sides). It also creates the opportunity for the conflict to increase in its negative impact.
Reflect. Getting clarity with yourself on what you understand the conflict to be, the questions you may have for the other party, and the solutions that may help resolve the conflict will help ground the emotional side and prepare you for a resolution conversation.
Deal directly. Talk with the person or persons you are having conflict with. Talking with a colleague or supervisor may seem easier but can produce faulty interpretation and miscommunication. It also is an easy path to gossipy behavior.
Be accountable. Once you hopefully resolve the conflict with another party, give yourself reminders, acknowledge new behavior publicly, record yourselfâdo whatever it is that you need to do to show the other party that you are taking the resolution seriously.

Melodie Turk is a learning experience executive with a unique background in the learning and development arena as well as change management. She is passionate about bringing change to the workplaceâchange that is meaningful and change that will last.

John Schembari, Senior Education Academic And Operations Executive

Woman tries to resolve a conflict at work

In line with what Melodie is saying, communication is key in resolving conflict. Communication can come in many forms.

Did we first align our individual goals with an organization's through the development of a strategic vision? Do we need to reground ourselves around/remind ourselves of our common goals?

Do we have established norms of communication? Have we as a team considered how we will address conflict before it even happens?

Having formal organizational processes for discussing conflict can also be helpful in ensuring that we focus our disagreements on policy implementation rather than on people themselves.

John Schembari is a current K-12 teacher/school leader academic improvement coach and former school building and district administrator. He loves to draw, travel, swing dance, and read nonfiction.

Ana Smith, Leadership Development & Learning Strategist

Woman talks to a coworker to resolve a conflict

Resolving conflicts at work is crucial for maintaining a healthy and productive work environment. Here's a systematic approach to managing and resolving conflicts:

1. Acknowledge the Conflict:

Recognizing there's an issue is the first step. Ignoring or avoiding conflicts can exacerbate the situation.

2. Open Communication:

Initiate dialogue: Set up a meeting with the parties involved to discuss the issue.
Active listening: Ensure that each party feels heard. Listen without interrupting and ask open-ended questions to understand the core of the issue.

3. Identify the Root Cause:

Often the visible conflict is a symptom of a deeper issue. It could be related to:

Unmet needs
Differences in values or perceptions
Miscommunication or misunderstandings
External work pressures or stress

4. Stay Neutral and Objective:

If you're mediating the conflict, it's essential to remain neutral. Do not take sides, and avoid making judgments based on personalities or past incidents.

5. Focus on Interests, Not Positions:

Positions are what a person says they want.
Interests are the underlying needs, desires, and fears.
Focusing on interests can lead to more collaborative and creative solutions.

6. Generate Solutions:

Encourage the involved parties to suggest ways to solve the conflict. Brainstorming can often lead to a mutually acceptable solution.

7. Negotiate a Compromise:

It's rare that one side will get everything they want. Aim for a solution that addresses the most crucial concerns of all parties.

8. Document Agreements:

Once a resolution is reached, document the agreement. This serves as a reference and ensures accountability.

9. Follow Up:

Set a date to review how things are going after the resolution. It ensures the agreed-upon changes are being implemented and provides an opportunity to address new concerns.

10. Seek External Help:

If internal efforts fail, consider mediation or conflict resolution specialists. Sometimes, an external perspective can provide new insights or methods of resolution.

11. Establish Clear Boundaries and Expectations:

Ensure that job roles, responsibilities, and expectations are clear to prevent future conflicts.

12. Provide Training:

Offer conflict resolution training for employees and managers. This equips them with tools and techniques to manage and prevent conflicts proactively.

13. Promote a Positive Culture:

Foster a work environment based on respect, open communication, and collaboration. Regular team-building exercises can enhance team cohesion and reduce conflicts.

14. Personal Reflection:

If you're directly involved in the conflict, reflect on your own actions and behaviors. Self-awareness can help in recognizing and addressing personal triggers or biases.

15. Know When to Escalate:

Some conflicts may require intervention from higher-ups or HR. Recognize when an issue is beyond your capacity to resolve and escalate appropriately.

Remember, conflicts are a natural part of any workplace. The key lies in addressing them constructively and ensuring they lead to growth and understanding, rather than persistent issues or negative environments.

Ana Smith helps people & organizations achieve their full talent potential by developing and co-creating people strategies and customized solutions, and turning them into impactful outcomes and collaborative relationships, using coaching as the "red thread."

Michael Willis, Sports Business Operations Executive

Woman yells at a coworker without trying to resolve the conflict

In the dynamic workplace environment, conflicts can arise from time to time. However, leaders must approach this topic with an optimistic and open mindset. Thereâs no one-size-fits-all here. Each conflict resolution must be met on a case-by-case basis. The first step in any solution is to identify the conflict.

1. Listen Actively:

Encourage open communication within your organization.
Create an environment where employees feel comfortable raising concerns.
Pay attention to what employees say and actively listen to their perspectives.

2. Review Complaints and Feedback:

Regularly review feedback channels such as suggestion boxes, surveys, or anonymous reporting systems.
Look for recurring themes or patterns in the complaints and feedback.

3. Meet with Key Stakeholders:

Schedule one-on-one meetings or group discussions with employees involved in or affected by the conflict.
Ask open-ended questions to understand their viewpoints, concerns, and emotions related to the conflict.

4. Communication Conflicts:

Conflicts can arise when team members misinterpret messages or fail to communicate effectively. Optimistically, these conflicts can encourage improved communication skills, better understanding among colleagues, and the development of more robust relationships.

5. Task Conflicts:

Disagreements about how tasks should be completed or allocating responsibilities can occur. Such conflicts can lead to creative problem-solving, innovative task approaches, and a stronger sense of teamwork as individuals work together to find solutions.

6. Personality Conflicts:

Differences in personalities, working styles, or values can lead to tensions. When handled constructively, these conflicts can foster diversity of thought and perspective, resulting in more well-rounded decision-making and innovative problem-solving.

7. Resource Conflicts:

Disputes over resource allocation, such as budget or equipment, can arise. These conflicts can prompt organizations to reassess their resource management strategies, potentially leading to more efficient and equitable allocation of resources.

8. Leadership Conflicts:

Conflicts related to leadership decisions or management styles can allow leaders to engage in open dialogue with their teams. This can lead to improved leadership practices and a more engaged and motivated workforce.

By following these steps, you'll understand the conflict's nature, causes, and context comprehensively. This information will be a solid foundation for developing strategies to resolve conflict effectively and create a more harmonious workplace environment. Remember that open and empathetic communication is critical to resolving disputes successfully.

Michael Willis has 18+ years of experience working with accounting & sports organizations and has managed P&Ls of $10M - $125M+ with budgets of $3M-$50M+. He worked for the NFL for 22 1/2 years, mainly with the game officials working on the financial/accounting side of the business.

Lynn Holland, GTM & Rev Gen Consultant

Man listens to his coworker during a meeting and tries to resolve a conflict

Conflict in the workplace is the worst! Despite wearing a team playerâs jersey, we can find ourselves experiencing sleepless nights, dreading Monday mornings, and feeling exhausted by stress, anxiety, and emotional turmoil due to an office disagreement that we didnât go looking for.

Rather than letting it linger, drawing in co-workers to take sides, or blowing it up with management, Iâve found four steps to be helpful to proactively pursue and achieve a resolution:

Acknowledge that you are in a disagreement or conflict in your workplace.
Pursue a conversation with the person who disagrees, stepping back from your position and asking for them to share their viewpoint on the process or project in question while genuinely listening with an open mind to where they are coming from.
Recognize that you want whatâs best for the organization and assume they do as well.
Ask yourself how you can put their ideas and your ideas together and present them for execution to get an even better result.

Following these steps can help resolve the disagreement without drama, make the co-worker feel heard, and achieve a better outcome that is in the best interest of the company.

Lynn Holland is a business development, enterprise sales, and marketing executive with 18+ years of experience, the last five years in technology, developing, taking to market, and selling directly and through partnerships, B2B technology solutions, technical products, and services for companies up to $5 billion.

Lisa Perry, Global Marketing Executive

Woman listens to a horrible coworker without trying to resolve the conflict

I recently worked at a start-up where an individual was so upset with a colleague and felt justified to let them know by screaming at them in the hallway, where everyone could hear until they stormed out of the building. This incident taught me several valuable lessons about conflict resolution in the workplace.

Stay Calm: In the midst of conflict, maintaining composure is vital. By staying calm and removing emotion, you can take an objective step back to evaluate the situation effectively and find constructive solutions. Most importantly, it will make the people around you feel safe, secure, and confident in your leadership.

Be a Great Listener: Why is this so important? Eighty-six percent of employees and executives cite workplace failures for ineffective collaboration and communication. Listening is critical for conflict resolution because people want to be heard. Let them talk and allow them to express their frustrations. Understanding their perspective is essential. Here are several questions to help you seek to understand the driving motivations behind the issues, whether you are directly involved in the conflict or not:

Can you tell me more about your perspective?
What would you like to see happen, and what does success look like for you?
What steps are necessary to move forward, and how can we achieve them?
Consider your involvement in the conflict and how you can improve the relationships and communications through changes in your actions.

Foster Collaboration: Promote a collaborative problem-solving approach to demonstrate that you have their best interest at heart. Once the underlying issues have been identified, bring everyone together to brainstorm the best path forward. This approach encourages collective ownership, enhancing the likelihood of successful solutions.

By staying calm, actively listening, and fostering collaboration, organizations can transform conflicts into opportunities for growth, creating a harmonious and productive work environment for all. If you found this helpful, I invite you to explore my book How to Develop a Brand Strategy and insightful brand marketing articles.

Lisa Perry helps companies drive revenue by using consumer trends, insights, and data analytics to innovate their approach to marketing.

How do you effectively resolve conflict at work? Join the conversation inside Work It Daily's Executive Program.

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Executive Spotlight: How To Effectively Resolve Conflict …

An essential part of being a leader is knowing how and when to delegate tasks to co-workers, direct reports, and other team members. The best leaders use delegation to be more efficient, increase team productivity and confidence, and give team members professional development opportunities. While delegating work is a sign of a good leader, how can you remain accountable when assigning responsibility to someone else?

We recently asked our leading executives for their expert advice on how to delegate while remaining accountable.

Here are their responses...

Michael Willis, Sports Business Operations Executive

As an executive, I always take the position that I am responsible for anything that happens, good or bad, in my operations. I am responsible for the outcome.

Unlike authority and responsibility, accountability cannot be delegated. I own accountability.

The Team

Itâs my responsibility to build a team that can achieve the deliverables. My job as a leader is to ensure that the right people are in the right place.

I am responsible for each team member being equipped with the technical knowledge to perform to their full potential. But more importantly, leadership must let the team know why the task matters and how they fit into the big picture. The team needs to know whatâs at stake.

As the companyâs mission, goals, and competitors change, leadership is tasked to make the necessary adjustments to ensure the team can pivot to meet upcoming challenges.

Lastly, the teamâs leader inspires the commitment of the team. People get excited about whatâs possible but commit only when they understand their role in meeting challenges.

Ana Smith, Talent Architect & Global Learning Strategist

Delegation is the act of entrusting tasks or responsibilities to others while still retaining ultimate accountability for the outcome. An effective delegation is a powerful tool for leaders as it helps to increase productivity, build trust among team members, and allows leaders to focus on higher-level tasks.

One critical aspect of delegation is ensuring that the delegated task is clearly defined. This means being specific about what needs to be done, the deadline for completion, and the desired outcome. When the person taking on the task fully understands what is expected of them, they are more likely to succeed, and there is less risk of misunderstandings or delays.

Choosing the right person to delegate the task to is also essential. It's important to consider the skills and experience required to complete the task successfully. When delegating tasks, choose someone who has the necessary skills and experience, which will increase the chances of a positive outcome and minimize the risk of errors or delays.

Providing the necessary resources is another crucial aspect of delegation. Leaders must ensure that the person taking on the task has access to all the resources they need to complete the task successfully. This could include information, tools, equipment, or budget.

Regular check-ins are also essential to ensure that the task is on track and that any issues are addressed promptly. Even if leaders trust the person taking on the task, it's important to set up regular check-ins to monitor progress and offer support if needed.

Leaders must also hold themselves accountable for the success or failure of the delegated task. As the leader, they are ultimately responsible for the outcome, and they must be ready to take responsibility and provide support if things don't go as planned.

Finally, learning from mistakes is essential when things don't go as planned. Leaders should take the opportunity to analyze what went wrong and identify ways to improve the delegation process for next time. By doing this, they can improve the effectiveness of their delegation skills and, ultimately, lead to better results for the organization as a whole.

In summary, effective delegation requires clear communication, careful selection of the right person, provision of necessary resources, regular check-ins, accountability, and learning from mistakes. By following these guidelines, leaders can delegate tasks effectively while still remaining accountable for the outcomes.

Lisa Perry, Global Marketing Executive

Manager delegates tasks to his team members

Delegating tasks to others is an essential skill for leaders, but it's important to do so in a way that ensures accountability for the ultimate outcome. Here are some tips on how to delegate while remaining accountable:

Clearly define the task: Ensure that the person you are delegating to understands exactly what needs to be done, the desired outcome, and any relevant deadlines. This will help to avoid misunderstandings and ensure that everyone is on the same page.
Assign responsibility: Make sure the person you delegate the task to has the necessary resources, responsibility, and support to accomplish the task. This includes any training, equipment, or other resources that may be needed.
Set checkpoints: Establish regular checkpoints to review progress and make adjustments as necessary. This helps to ensure that the task stays on track and that any issues or concerns can be addressed in a timely manner.
Provide feedback: Provide regular feedback to the person you delegated the task to, both positive and constructive, to help them improve their performance and ensure that the task is completed successfully.
Monitor progress: Keep an eye on progress and be prepared to step in and provide additional support or guidance if needed. This will help to ensure that the task is completed successfully and that any issues or challenges are addressed in a timely manner.
Take ultimate responsibility: Ultimately, as the leader, you are responsible for the outcome of any tasks you delegate. It's important to take ownership of this responsibility and ensure that the task is completed successfully, even if you are not directly involved in the execution.

By following these tips, you can delegate tasks effectively while remaining accountable for the outcome. This not only helps to ensure successful outcomes but also helps to build trust and confidence in your leadership among your team members.

Lisa Perry helps companies build leadership brands, driving loyal customers & delivering profitability. She does this through a process that builds brands consumers love. Her goal is to help companies develop, monetize, and grow their brands.

How do you delegate while remaining accountable? Join the conversation inside Work It Daily's Executive Program.

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Executive Spotlight: How To Delegate While Remaining …

Executive Spotlight: The Skills Executives Need To Succeed In Today’s Hybrid Workplace

The workplace looks a lot different today than it did a couple of years ago. With the rise of remote work, many companies have permanently adopted a hybrid work model. This change has impacted employees and management alike. But in order for companies to stay competitive and build on their successes, their executives must develop the skills necessary to lead in today's hybrid workplace.

We recently asked our successful executives what skills they think leaders need to succeed in today's hybrid workplace.

Here are their responses...

Melodie Turk, Learning Experience Executive

Every executive in a hybrid workplace needs a good time management formula.

You need to be able to spend time on your actual deliverables, you need to spend time with your direct reportsânot only directing work, but in personal developmentâyou need to spend time with your department or organization, and you need to spend time in strategic planning. This list could continue but plotting out the hours for each time description adds up really quickly, such as 15 hours for deliverables, 5 hours for direct reports, 10 hours for organization, and 3 hours for strategic planning. Now, you only have 7 hours left for ad hoc meetings, innovation, your own development, putting out fires, etc.

Knowing that you need to be more intentional with your time is key. Intentional plotting out your time on your calendar (and sticking to it) is critical. Having others understand your time priorities is essential.

Lisa Perry, Global Marketing Executive

Executive/leader on laptop manages a hybrid workplace

Weâve seen more changes in the workplace over the last two years than in the previous two decades. In these two years, weâve learned quite a bit about working remotely including how to enhance leadership skills in this new work environment.

Here are five skills executives need to succeed in todayâs hybrid workplace:

1. Communication: Executives need to be great communicators from increased listening skills, more in-depth and personal conversations, focusing on written communication, to enabling informal interactions.

2. Trust: Trust is even more important in todayâs hybrid work environment. With less managerial oversight, organizations are empowering employees to do their work. Conversely, employees have had to be confident that work is being assigned fairly.

3. Accountability: Without being able to see people to generate an understanding of their productivity and performance, executives need to hold employees accountable for their outcomes and results.

4. Flexibility: The people who will thrive in a hybrid workplace will not only be flexible. Theyâll be agile to adapt to changing circumstances, be creative problem solvers, and have a degree of open-mindedness.

5. Virtual Innovation: A study of Microsoft employees shows how remote work puts productivity and innovation at risk. To drive innovation in a hybrid work environment, have open communication and encourage working sessions.

Dr. Hannah Hartwell, Learning & Development Executive

Executive/leader sets clear expectations with his employee

The most successful executives who are managing well in todayâs hybrid work environment provide clear and consistent expectations. Having clear expectations has always been important, but now even more so. Clear expectations also involve having crucial and vulnerable conversations about any other factors that could impact work. We have all gone through this pandemic together, but people experienced it differently based on their own situations. Itâs important to recognize and acknowledge the differences. Have those conversations with your team and ask how you, as the executive, can provide more direction or support.

One of my mentees recently asked me how she can better advocate for herself at work. I asked some probing questions, and her concerns were about expectations. She felt inspired to have a vulnerable conversation with her manager and enthusiastically shared that she knew exactly what was expected of her moving forward. As executives, itâs important for us to open our hybrid office door to facilitate those conversations.

Dr. Hannah Hartwell is a learning and development executive and change management practitioner with 15+ years of business transformation experience in the healthcare, pharmaceutical, higher education, and professional services industries.

Percy Leon, Digital Media Content Executive

Group of executives/leaders work together in a hybrid workplace

Here are some of the most important skills executives need to succeed in today's business world:

1. Communication: The ability to manage remote teams effectively. It's crucial for executives to know how to manage a virtual team.

2. Leadership: The ability to lead change. Executives need to be able to lead their teams through times of change, whether it's a change in the company's direction or a change in the market.

3. Set Boundaries: Make sure they separate work and personal time. Sometimes this can be a challenge if executives also play at the same space they work at.

4. Creativity: The ability to come up with new and innovative ideas. This includes thinking outside the box and coming up with creative solutions to problems and also building their brands.

Percy Leon is a digital media content producer specializing in educational technology and entertainment. He is interested in web3, metaverse, and the use of virtual reality for storytelling.

Andrea Markowski, Marketing Executive

Executive leads a team meeting with hybrid, in-office, and remote employees

In a hybrid environment, there is one thing that is often overlooked: equity.

Imagine: Your team is split, and half you see regularly in person while half are 100% remote. It could be quite easy for you to âforgetâ the remote folks because, as they say, out of sight, out of mind.

What this means is potentially giving the juicy projects and even more job advancements to team members that you interact with in person, while those who you never see get left out.

Or, those who are in the office more often might have access to more resources, equipment, and even social opportunities than those who work remotely, giving them an advantage.

Managers should make a deliberate effort to be equitable and fair with opportunities in hybrid environments. Greater visibility does not mean that someone is more productive or a higher performer. Be aware of any biased opinions you may hold due to informal, in-person networking.

Andrea Markowski is a marketing director with specializations in strategy development, digital tactics, design thinking, and creative direction. She has superpowers in presentations and public speaking.

What skills do you think executives need to succeed in today's hybrid workplace? Join the conversation inside Work It Daily's Executive Program.

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