For senior living organizations, balancing the demands of providing high-quality resident care with ensuring positive financial performance has never been more difficult or more critical. Unfortunately, managers trying to save time in the short-term by hurrying over the details of the budget can miss opportunities, resulting in wasted time and resources.
In this article, we'll make the case for how effective budgeting is an important management tool for senior living department managers. We'll also:
Define some common financial management principles.
Outline the steps of a thorough budgeting process.
Provide some practical budget review guidelines.
Provide some nuts and bolts management tools that help nonprofit managers become more effective at managing their budgets.
Length: 7 pages (PDF 3091 kB)