Here's how you can give effective feedback in a virtual setting for a career in Budgeting & Forecasting.

I think the virtual prep needs a little more depth for excellence. One is to check your environment, not just technology but your surroundings. Dress as if it is an in-person meeting. Make sure distractions are eliminated, such as loud noise from another room, and make sure you will not be interrupted by kids, dogs, spouses, etc. A distraction-free environment is critical for focus. Distractions mean you are not hearing the other person, and they are not focused on you. Numbers can bleed together, so having a distraction-free environment to discuss and make sure everyone is always on the same page is critical to communication..

Utilizar ferramentas visuais como gráficos para ilustrar pontos e manter a comunicação clara. Oferecer soluções e próximos passos, agende sessões de feedback regulares e reforce a confiança e motivação. Exemplo: "Seu detalhamento das premissas econômicas foi excelente, mas precisamos ajustar as projeções de receita considerando variações sazonais. Vamos revisar juntos." Isso promove entendimento e melhoria contínua.

One time at work, we needed to refine our quarterly budget model. To ensure the feedback session was productive, I began by setting clear objectives. I used Microsoft Teams to schedule the meeting and shared an agenda via OneNote, outlining the specific goals we aimed to achieve, such as improving forecast accuracy and aligning the budget with our strategic goals. By clearly stating these intentions upfront, everyone understood the meeting's purpose and came prepared to discuss relevant financial strategies. This focus helped guide the conversation and ensured that our feedback was constructive and directly tied to enhancing our budget model.

In my experience, maintaining a constructive tone is crucial when providing feedback on complex financial data. During a virtual feedback session on Zoom, I started by acknowledging the hard work my team had put into developing our forecasts. I highlighted specific successes, such as accurate revenue projections, before moving on to areas needing improvement. For instance, I mentioned the need to revisit certain cost assumptions that seemed overly optimistic. By balancing praise with constructive critique, I created a positive virtual environment where my team felt appreciated and motivated to improve their forecasting skills. This approach encouraged open dialogue and a collaborative spirit.

As a leader, I always guide my team on any forecasting or budgeting exercise to think through that specific line item and understand what are the various components that make up the revenue or an expense line item. Let's take a specific case of Maintenance expenses in a infra industry which is depended on outsourced model. In an outsourced model it depends on nos of sites which a vendor will visit in a month or a fixed fee model per site. So the more you go deep into any specific line item, you have to specifically call out what is the driver of that expenses ...eg. no. of sites ...and you know per site rates based on past work done by the vendor. This specific feedback helps team member to think thru and make correct forecasting model.

During a review of our annual budget, I noticed several discrepancies in the expense allocations. Instead of making general comments, I used screen-sharing on Google Meet to highlight exact figures and sections that required attention. For example, I pointed out that the marketing budget was disproportionately high compared to projected sales growth and suggested re-evaluating those figures. By being specific, I helped my team understand precisely where adjustments were needed and why. This clarity not only corrected the immediate issues but also served as a valuable learning opportunity, enhancing their financial planning skills for future projects.

I speak with my clients regularly about budgeting and forecasting - as some business owners can struggle to maintain the understanding of how the two differ. The understanding of the value of the cash forecast is something I often have to remind many clients about - as some get too focused on the profit & loss report. Many also think there are payments due in to add to my forecasting and don't realise - I have calculated these into my reporting, as I am actually ahead of them on this! So, I need to recap the detail of what I am seeing again and again. It is important to deflate their vanity sometimes when they are seeing big numbers in their bank accounts - as they forget about the liabilities due.

Acho que o Diálogo Contínuo associado à Escuta Ativa é fundamental nos momentos de feedback; celebração das conquistas e ao longo da jornada profissional. Em particular Budget & Forecast; o feedback virtual pede o preparo operacional (ferramentas) mas também recapitular as conversas anteriores: destacar os progressos alcançados e os pontos de atenção. Sempre muito bem suportado por dados e exemplos. Trata-se de sinalizar; mesmo a distância, o genuíno interesse pela pessoa que está recebendo o feedback.