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FP&A Today
Mikus Krams: Why We Scrapped Budgets At Chili Piper
May 2, 2023
Former senior director of strategy and finance at Chili Piper, Mikus Krams, argues against budgets, emphasizing the irrelevance for small agile companies. He discusses bottom-up planning, the flaws of budgets, managing incentives through a Rev Ops approach, and the importance of continuous forecasting. Krams also shares his biggest failure in FP&A, the power of banking in a career, and the value of lunch with business leaders.
43:52
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Quick takeaways
- Implementing an ROI mindset and continuous forecasting can replace traditional budgeting, leading to better outcomes in FP&A.
- Adopting a deliberate and strategic approach to decision-making, like the sniper manager, can yield more benefits than explosive, directionless changes.
Deep dives
Implementing an ROI Mindset in FP&A
The speaker discusses the benefits of implementing an ROI (Return on Investment) mindset in FP&A. They emphasize the importance of moving away from traditional budgeting and instead focusing on continuous forecasting and evaluation. By increasing the cadence of rebudgeting and involving individuals at all levels in the planning process, companies can achieve better outcomes.
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