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Beyond budgeting is a more modernistic approach to budgeting which focuses more on rolling budgets. There is less emphasis on the financial aspect when compared to traditional budgets, instead prioritising innovation, with the aim of enhancing innovation and employee engagement

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To conclude, we may see benefits to our manufacturing budgeting if we did implement BB, but it could be a costly endeavor to get set up initially. These costs could come in the form of monetary costs, and also resistance to change, of our more senior leadership team who are used to the control of setting budgets for others to follow. And it could be argued that as we are a traditional manufacturer, with limited technological presence, that it might not be worth that cost. However, we must consider that we are currently looking to enter a more competitive, and new market for bread, with Artisanal becoming more popular, and the opportunity for us to sell direct to customers as a new avenue, with this in mind, I would recommend that we make the change, but are certain of how it will impact us in the short term, whilst we move away from our more stagnant incremental approach. We must also give managers more involvement in the new budgeting process, as it has been stated that currently they have little say, and BB will not work for is if that stays the same. With the help of the directors, who are seemingly in favour of modernising the business, I think we should move ahead, as we should not have the resistance to change.

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BB is a newly popularised type of budgeting in which the traditional methodology of reviewing and approving a budget annually (or across a different time period) is abandoned, and an idea of continually updating a budget as needed, to flow more naturally with the changing business landscape. Another big factor of BB is that it considers more areas than just the financial aspect of a budget, but also considers things such as performance evaluation through benchmarks of other companies, as opposed to the budget we set out at the start of the year. It also allows for more involvement in the budget setting of the teams that have direct results from the budget they are being set.

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Beyond budgeting is a method of budgeting which moves away from the traditional approach to budgeting, for example, incremental. Beyond budgeting typically involves rolling budgets and market-related forecasts. It places high emphasis on factors such as innovation and sustainability, and involves managers at a local level to set budgets. We currently do not utilise aspects of beyond budgeting in our approach as we only adjust the previous year's budget for factors such as inflation. Further, "Beyond budgets" are typically not imposed, whereas Halfpenny's current approach is to set the budget and filter them down to local managers.

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Beyond budgeting is a style of budgeting that looks at moving "beyond" traditional budgets due to their inherent flaws. Instead, beyond budgeting looks to use different forecasting techniques and market related targets to budget effectively. Typically, this method of budgeting would be used in an organisation where innovation/continuous improvement is crucial to a company's success. Due to changing consumer trends and a shrinking market, beyond budgeting would be a great method to consider when looking at ways in which we can innovate within the organisation and measure performance against that.

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Beyond budgeting is the concept by which we think beyond financial targets and instaed set targets or budgets which include qualitative as well as quantitave goals. Rather than looking at historical performances, we stress more on the furure and forecasting future market performance, market innovation, market competition and how we should be well equipped to deal with it. Half Penny has unconsciously been considering this concept which is reflected in our mission of being more sustainable, reducing carbon emission and stress upon innovation. While we are using incremental budgeting right now, we are considering beyon budgeting as well.

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Can benchmark to market to ensure they aim to be above the competition in metrics like wastage/emissions. Having a target to aim for will motivate workers and provide targets for management. Plus can use metrics as a means to improve marketing and further stand out in a more environmentally conscious bread/food market.

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Beyond budgeting is not a traditional form of budgeting. It goes beyond the standard forms and is a more decentralized/motivational and innovative way of budgeting. We currently use an incremental form of budgeting which does not use beyond budgeting principles.

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Beyond Budgeting is a budgeting technique that focuses heavily on non-financial performance. For instance, we may look at %wasted within our production process. While this may look at kilograms rather than K$, there is a direct relation to cost. By striving to innovate and improve our processes, we can reduce wastage thus reducing non-conformance costs.

Beyond Budgeting deviates from the traditional annual incremental budgeting method that Halfpenny uses and implements a rolling budgeting style that it updated regularly, meaning it can be adapted, enabling more flexibility

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Beyond budgeting is a budgeting technique that tries to resolve weaknesses and limitations of traditional budgeting approaches (like incremental). It uses a range of techniques including rolling budgets, where budgets are produced on a monthly or quarterly basis. It can also include setting market related targets and performance measures such as customer satisfaction and innovation. In terms of Halfpenny doing beyond budgeting, I would say in the current situation our approach is very limited in the beyond budgeting. You could argue that in 2018 when we introduced our rustic artisanal bread, this was a form on innovation which was introduced to meet changing consumer demand. Consumers are beginning to switch to healthier options, however to keep up with the trends Halfpenny will need to continue to innovate to keep being successful. Halfpenny's current approach is a traditional approach, where incremental budgeting takes place annually, so this were not doing another aspect on beyond budgeting.

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If you have defined BB well here, you also need posts to now apply it to HalfPenny. If you read back on your post and you have not discussed HP that means I am waiting for you to expand upon the answer and go beyond a definition of what it is

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Currently Halfpenny apply an incremental budgeting style which is taking historic performance and making minor percentage adjustments to take into account performance and things such as inflation. This is because we have a relatively stable pre-existing environment. Beyond budgeting is an adaptive style of budgeting that instead of using the traditional rigid fixed annual budget, a company uses a rolling forecast that is routinely updated to reflect current performance and external conditions such as benchmarking with competition and changes in consumer dynamics. Therefore, we currently do not have any involvement with beyond budgeting at the moment.

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Beyond Budgeting is an approach on budgeting different to the the generic. It uses rolling budgets and focuses on both financial and non financial information. At Halfpenny currently the use of incremental budgets and variance analysis are major parts of the budgeting process but in there lies a lack of non financial information which could be harnessed to implement a more strategic budget

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When looking at the benefits of BB, it is clear that it allows for a much more fluid and dynamic budget. This can be extremely important in organisations where the market is rapidly evolving. It could be argued, that traditional manufacturing of bread for us, is not an extremely fast paced market, and therefore some of the benefits or relevance may not be seen. But BB does have many other benefits that we could see if implemented, such as allowing our individual departments to have more of a say surrounding there budgets, allowing us to more accurately judge each manager and team.

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The main key factors of beyond budgeting are Flexibility with the use of rolling budgets, Decentralisation approach encouraging decision making from all areas and Agility for innovation and empowerment.

Currently within Halfpenny our budget is incremental and set on an annual basis which gives no scope for the current change in the consumer market and inefficiency can be carried forward there is no benchmarks currently used to compare to other consumers and this makes targets less achievable, Halfpenny also use a top down budgeting approach which can demoralise staff and also does not include all the key people required when setting the budget. There is a need for innovation and using KPIS and benchmarks would also help to ensure we are moving forward and identifying the key areas which need improved on.

Currently there is limited used of beyond budgeting within halfpenny, we use a much more traditional way of budgeting which can be quicker and cheaper to implement however it is not given clear indicators of performance and business need

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One of the main benefits of beyond budgeting is increased agility and flexibility afforded to businesses which utilise it. As traditional budgets have to ensure their activities align with the financial targets, there is less scope to, for example, make use of an opportunity which has arisen compared to beyond budgeting. By adopting a beyond budgeting approach, decision makers are afforded the leeway to make decisions not quite 'freely', but certainly with a higher degree of autonomy than with traditional budgets. There is also less chance for budget makers to budget pad, which could help save the organisation money in the long run.

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Beyond budgeting is the idea that we look past the standard budgeting techniques as these can often be limited in the benefits they offer and look at continuously reviewing and changing budgets along with using wider ranges of performance measures. At Halfpenny we use an incremental budgeting method, this is fairly basic method where we take the prior year budget and add a percentage to allow for things like inflation. As such we do not currently inherit a beyond budgeting approach, however with discussions around the company trying to innovate due to change in customer demands, beyond budgeting could bring additional benefits. Beyond budgeting allows us to keep up with the ongoing changes in the market and the environments we operate in, this will be useful to Halfpenny as our market is changing and declining due to the rise in health concerns around bread.

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Beyond budgeting is a newer outlook on the budgeting process, with a focus on rolling budgets and the use of both financial and non-financial information to help improve performance.

In relation to Halfpenny, we are currently using an incremental budget process. This method of budgeting doesn't allow for the current changing market attitudes towards a more health conscious society and the want for healthier options. Beyond budgeting would cater for these changes of attitudes and help Halfpenny to accommodate for the needs.

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Traditional budgeting can be perceived as a blocker to innovation and making fast decisions. Indeed, managers may not invest in resources if the cost exceeds the budget, even if the benefit may exceed the cost and allow the company to innovate. However, beyond budgeting can allow for faster decision-making, and a more collaborative approach to setting the budgets, which would allow departments to get the resources they need to achieve their strategic goals. Further, a wider range of performance measures are assessed, such as customer satisfaction and sustainability measures. This would be relevant to Halfpenny as we are currently operating in a volatile environment where consumer demand for bread is changing, and our customers are becoming more health and environmentally conscious. In fact, we have observed a declining market for the once-staple white sliced bread, in favour for more expensive artisanal or nutrition-packed breads. We therefore must focus on innovating to conform to our customers' changing demands, and our current incremental budget may be a blocker to our innovation. In fact, our incremental budget is a reflection of our past, but the present and future is ever-changing. However, beyond budgeting can be very expensive and time-consuming to implement, due to its complexities. Further, there can be a resistance to change from staff, and implementing such a radically different process will require our managers to be adaptable. This risk is enhanced as we have been setting budgets incrementally for a long time, and a move away from traditional budgeting will take more time and planning.

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Beyond Budgeting is a current trend in accounting that breaks away from the traditional costing to a more holistic perspective.

Key differences:

Beyond Budgeting uses rolling budgets which are flexible and iterative; continually adding another timespan when another has been completed (quarters, months etc). This allows for the budgets to be more reflective overall of the current consumer landscape, with more relevant costing. We currently use annual budgets so beyond budgeting is not reflected in this area of our budgeting process.

Alongside this, beyond budgeting also includes both qualitative and quantitative measures for the budgeting. This again, is something we don't necessarily do, but it may be an interesting exercise to begin to engage with more, identifying some of our key KPIs with the intention of streamlining our production, and making it more cost efficient while also bringing our metrics more in line with keeping our products competitive in this changing market.

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There are several benefits to beyond budgeting that would be relevant to Halfpenny. Due to the change in consumer dynamics derived from the increasing health concerns around bread and a shift to artisanal breads which we currently do not produce, we would be able to account for the change and remain adaptive to our market landscape and evaluate our performance more accurately. Beyond budgeting also relies heavily on management being involved in the process in order to effectively reflect the landscape, this would incentive managers to provide targets to their functions and encourage innovation and change driven by emphasising activities which create value for the business - something which we have been lacking due to our consistently stable pre-existing profit statements. Another benefit of beyond budgeting is that it creates trust between management and workers by having to rely on local expertise and sharing relevant information around the business creating a togetherness and unity between functions which will enhance our ability to compete with changing market dynamics.

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Beyond budgeting is a philosophical approach towards budgeting. Managers are given the flexibility and freedom to be responsible for their own teams. There is a greater transparency and engagement within the organisation, rather than the more rigid centralised structures in traditional budgeting. A greater focus is placed on value creation as opposed to just cost reduction, meaning they see past the financial targets and consider all aspects that contribute to a positive performance. 

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Beyond budgeting is a philosophical approach towards budgeting. Managers are given the flexibility and freedom to be responsible for their own teams. There is a greater transparency and engagement within the organisation, rather than the more rigid centralised structures in traditional budgeting. A greater focus is placed on value creation as opposed to just cost reduction, meaning they see past the financial targets and consider all aspects that contribute to a positive performance. 

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The extent to which Halfpenny carries out beyond budgeting is very small. Halfpenny currently adopts an incremental, top-down budgeting approach. This means they take the previous month’s figures and simply adjust them to allow for inflation and other incremental factors without input from the managers. In comparison to beyond budgeting, this can be seen to be quite rigid and old-fashioned. However, there has been recent acknowledgement that Halfpenny do need to innovate and be reactive to the changing consumer demand towards healthier, artisan bread, and that beyond budgeting may facilitate these improvements.

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The claimed benefits to halfpenny are that with beyond budgeting it would help the company to innovate and improve by the use of planning continuously and being proactive on their approach by focussing on the change in the consumer needs and wants and the key changes we need to make to adapt to this.

By having everyone participating in the budget and being more decentralised this will help with the decision making process as we will have more relevant and useful information from each business area and this will allow us to act more quickly rather than waiting till quarter or year ends to compare data.

An investment will be needed as beyond budgeting is much more in depth and it will also need to ensure all mindsets are changed to the new way of working, however the new use of information and kpis can then reduce workloads and find bottlenecks

The company will also look more favourable by removing the top down approach this should also help with staff retention allowing us to retain our experienced staff

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One of the benefits of using beyond budgeting would be to use benchmarking targets in a more industry/competitor form instead of internal individual department targets which we currently use. This is relevant to us as we are wanting to break out into healthier styles of bread so using this as an industry/competitor comparison would be relevant.

Another benefit of beyond budgeting is being more interactive and motivational with employees, using a scoreboard for KPI's internally for employees to see would be a form of motivation and would benefit HP as it would keep employees involved and kept up to date with how the business is doing and if we are on target. To meet our innovative performance goals this would be relevant as we would not be able to do this without our employees.

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Beyond budgeting is a new approach to budgeting which looks at factors beyond the normal budgeting process. Beyond budgeting would look at innovative ways to reduce the risks associated with budgets in a changing environment possibly with the use of rolling budgets. Rolling budgets are much more flexible. Currently Halfpenny budget annually.

Another beyond budgeting approach would be to use Benchmarking. Benchmarking is using external data and statistics to come up with targets within your company for comparison. Halfpenny do not currently do this they only compare with their own data for example budget vs actual performance.

Beyond budgeting is really about predicting the future with data you have and looking forward rather than backwards. So what could we do rather than what have we done.

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Improve Processes

The use of a beyond budgeting approach would help with this as it a fundamental to this budgeting style would be that it allows for greater innovation. With Halfpenny wanting to expand on their already outstanding reputation to move into other areas such as artisanal bread this will aid with that.

Managers Engagement

With the beyond budgeting approach being set locally, this is highly motivational to all managers and should be to the senior management team at Halfpenny. Local managers will be setting the budget and will be instrumental in this process. As local managers are close to the ground and are working on the process line through knowledge and expertise can be utilised at a high degree. For example Roger Smith, Production Senior manager, will have knowledge on each process Halfpenny do as they oversee this every day in their role

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Advantages

One advantage is that planning is continuous, Halfpenny will become more proactive rather than reactive to changes in the market and to it's environment. As we know the market we are currently operating in is rapidly changing, consumers are turning away from the usual breads like white, wholemeal etc to more healthier breads like our fresh artisanal breads. Will we need to keep up with this change in demand to continue to innovate, and look at different ways to keep with these changes. Like developing more healthier options, customised bread and even potentially utilising technology. The beyond budgeting approach will enable Halfpenny to do this, where targets become customer and market focused.

It will also be advantageous to Halfpenny in the sense that Managers will become more involved in the decision making process, which provides better information for decisions as well being a motivator for managers. Managers have proven to be successful in knowing what they are doing, production development introducing our rustic bread, which is meeting the changing in consumer demands.

Disadvantages

The beyond budgeting approach is most effective in industries, that face constant change or where continuous improvement is critical to the organisation success. Bread is a staple product of the economy, so there will always be a demand for bread and Halfpenny being the market leader in Keeland, could it really be argued that the need to continuously improve and innovate is the detrimental to our success.

Adopting a beyond budgeting approach will also require buy in and motivation from operational management. Operations may be used to our traditional incremental approach, which could be deeply ingrained in Halfpenny's culture. Setting new targets which could be vague in their eyes may face resistance. Planning, coordination and performance evaluation becomes more complex, time consuming and effort for managers to implement, so there may be more resistance from managers in that aspect.

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Beyond budgeting has the following benefits:

1. More up to date: Traditional budgeting while budgets normally one year before the actual activity is going to take place, by that time it may not stay relevant. Beyomnd budgetting ensures that we keep on updating our budget through rolling budgets on periodical basis, that makes our planning up to date and relevant to the market. It definitely is required for half penny as it is losing its market share, we need to keep a track of our sales to budget accordingly.

2. Future focus: The budget being created will focus on the upcoming trends and how we should produce accordingly. This is very relevant to half penny whereby its white bread is losing its sales as compared to healthier multi grain and rustic bread. We need to plan sales and production accpordingly.

3. More flexibility: The Best benefit of beyond budgeting is that it provides more flexibility to the organisation to make changes in their processes. They do not need to wait till the end of the year to get budget approved for upgrades or updates. This makes them easier to cater to customer's changing tastes rapidly and effeciently.

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In conclusion, I believe that we should employ a beyond budgeting approach as although we have remained a stable and reliable business for a long time, we currently have a changing market dynamic and this would allow us to be adaptive and responsive to our real-time performance fostering the innovation needed to compete. I also believe that by incentivising management to look at performance measures and prioritising activities which create value for the business we can stay ahead of our competition and respond effectively to changing consumer/customer demands. The togetherness that beyond budgeting brings will also make us an attractive place to work and allow us to employ the correct staff if we grow because of it.

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My conclusion would be that we should look to adapt a new beyond budgeting approach, this would demonstrate a more innovative way of working and be more decentralised it would provide more flexibility in the workplace and involve all areas of management to create a better working environment

Halfpenny need to grow due to the current dip in the market due to the growing health concerns which will just continue to grow overtime, we need to be deemed as being proactive to our response to this and show we are working as a sustainable company by demonstrating we are using the highest and sustainable ingredients and introducing new product lines. Using beyond budgeting will enable us to identify these

Benchmarks being set is a good starting point as per ,y original email showing the comparability to other similar companies and using a score board which will be easy to access and in an easy to read format to show the KPI’s clearly.

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Beyond budgeting is known to have many benefits, this includes having a more proactive approach to changes in the environment, targets can become more challenging and managers are often more involved in decision making processes which can give them stronger motivation. These benefits could have a very positive impact on Halfpenny with regards to the market conditions we are currently operating in. With the ongoing health concerns causing changes in consumer demands it is important that we keep up with the ongoing changes and take a proactive approach rather than reactive. If we used beyond budgeting we could benefit from managers being able to make quicker and more informed decisions which will benefit the company. However, you have mentioned we are trying save money, beyond budgeting could be a more costly approach than our current incremental budget approach as we would need to ensure we have up to date and accurate data on a regular basis.

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In my opinion, Halfpenny should consider some aspects of beyond budgeting in our approach to setting budgets. Beyond budgeting will typically be of use to knowledge-based companies as they focus on competitivity and innovation. However, Halfpenny can gradually implement aspects of beyond budgeting, particularly in areas such as setting sustainability and innovation as performance targets, and involving local managers in the budget-setting process, to ensure various departments' needs are considered. Whilst it will require cost and time investment to implement this process, it is important to adapt our approach to the changing market, and focus on a future-looking approach, rather than solely matching our actual performance against the budget we set in the past. It will be important to emphasise the benefits of beyond budgeting to Halfpenny's Board, as I know you mentioned in your email that they are keen to save money.

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Currently Half Penny is using incremental budgeting which is traditional way of budgeting. I believe its is time to move on to beyond budgeting considering the highly changing market demand, increasing volatility in market share and high reliance on technology & innovation. Beyond budgeting takes all of these factors into account and that will keep our budget as well as our planning up to date with the market.

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At Halfpenny overall, there isn't a great deal done in terms of overall beyond budgeting and is majorly using only financial measures in the approach. As times have changed and modern approaches have been adopted, Halfpenny will grow and become a more sufficient brand when all aspects are being considered.

The benefits to the approach are instrumental in how Halfpenny can ultimately grow and develop. With the managers involvement, improving processes and innovating being high priority in Halfpenny it seems like the next steps forward are using a beyond budgeting approach

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The benefits of beyond budgeting are important to a competitive business:

1. Innovative Ideas: by driving improvements in areas other than financial, we can encourage employees to come up with innovative improvements to their work that will drive overall benefits for Halfpenny.

2. Flexibility. Since Beyond Budgeting uses rolling budgets, it could make the business more flexible to changing markets and consumer demands. Rather than working off of budgets set at the start of the financial year, which may now be out of date and less relevant, Halfpenny can adapt to changes and make necessary spends to improve processes. This is vital to Halfpenny since we are competitive and have recognised a need for innovation.

3. Finally, beyond budgeting can be highly motivating for staff, particularly managers who are often burdened by strict financial budgets that can feel limiting and frustrating. By implementing beyond budgeting, we can work closer with our departmental managers to understand the immediate needs of the business, rather than making decisions using a budget that was set at the start of the year.

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Beyond Budgeting is a more modern philosophy replacing traditional fixed annual budgets with more flexible and adaptive approaches. This emphasises a new approach of empowering employee engagement to make decisions based on real-time information rather than top-down plans utilising the use of rolling forecasts.

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The benefits of beyond budgeting include:

Improved planning:

By implementing beyond budgeting, we would be changing our budgeting window to an incremental budget, meaning as we complete a window, we would then add another window onto our budget (so at all times we would still have a year's budget). This is a benefit from our traditional annual budget as it allows us to make changes to our budget based on the changing customer landscape. It will allow us to become more reactive in our approach when considering changing customer tastes and preferences, we will be able to react quicker than currently. I would imagine this would be changing in the direction of how we budget our sales, as our sales mix changes to favour our multiseed and rustic loaves.

Flexibility:

Perhaps quite similar to the above, the incremental budget allows us to become more reactive to the market changes faster than we do already, with traditional budgeting. On top of this however, we are able to shift our budgets based on the market need. As we are aware, we are losing popularity in our market due to health concerns, and people opting for more classic, gut friendly breads with different production processes. We are able to make this change a lot faster than we would do with traditional budgeting, which in some cases we may need to make a year in order to make valuable changes to our budgeting system to reflect the consumer, which may just be too late.

Improved metrics:

By introducing qualitative and quantitative metrics of success, we will overall improve the efficiency of the company (for example we can set targets for production efficiency, which can help us ensure we are producing enough loaves to reflect consumer needs). Some other metrics could also involve, our consumer satisfaction, so then we can take directed steps on how to solve this, and employee engagement which would allow us to monitor our social impact as well (which is becoming widely more important to the customer) and again make changes based on this.

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Looking at beyond budgeting, the benefits and how this can be relevant to us I would suggest that beyond budgeting would be a form of budgeting we should look into as we are a business that is wanting to expand into new innovative areas of business and to do that our processes and budgeting need to reflect that. Our current incremental budgeting style was fitting for our steady stable business but to reach into new areas of healthier styles of bread and new technologies/apps we need to look into ways of evolving internally and beyond budgeting could be a good form of this.

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Beyond budgeting

Rolling budgets

The beyond budgeting approach involves the use of rolling budgets produced on a periodic basis, such as monthly or quarterly. We currently use annual incremental budgets. Rolling budgets are updated regularly, and for this reason, they respond quickly to changing situations and improve use of resources.

Benchmarking

In beyond budgeting approach, the targets are set based on the external factors for example, our competitors. This would mean that we would set measure base on what our competitors currently do.

Halfpenny currently does not seem to be doing benchmarking.

Future focus

The beyond budgeting pt greater emphasis on the future and tries to predict what may happen in the future rather than react based on past results, what Halfpenny does currently by analysing variances .

Innovation

In the beyond budgeting approach, innovation is encouraged and rewarded. Halfpenny is going to be focusing on the development of new products, which should help the company stay in touch with the times and changing consumers' tastes and health awareness. As part of this, Halfpenny can possibly utilise the new scheme bonus.

Participation

Everyone in the company is encouraged to participate therefore, budgets are often prepared on a bottom-up approach where lower level managers participate in the budget preparation. Currently, Halpenny prepares budgets based on top-down approach where budget is imposed by higher management.

To conclude currently, Halpenny uses a couple of the above practices

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Overall, I think Halfpenny should strongly consider incorporating a beyond budgeting approach. In this current changing market we need to ensure that we can understand consumer wants and needs as best as possible and use this as a focus to innovate and improve the business. This approach is not just another version of our current variance analysis, we would be continuously using the data and analysis to make proactive decisions that will benefit Halfpenny and help them compete in the market with the best chance. You have mentioned that Halfpenny are trying to save money, if you were to implement beyond budgeting it could be more costly in the short term, however I believe the long term benefits will outweigh this but it would be something to consider. We would also need all the staff to get onboard with this approach and see it as an opportunity to improve Halfpenny and that stretching targets will be motivational and not deflating.

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Instead of static targets, it uses rolling forecasts and relative performance benchmarks to drive improvement. This approach helps organisations respond faster to change due to the rolling budgets. A company can foster innovation, and increase employee engagement by removing the constraints of rigid top down budgeting processes.

This employee engagement in turn is a good opportunity to motivate employees. Further to this, due to the close work of the staff to the operations of the company, this in turn would support better decision making in line with the operations of the company.