NEW BUDGET CALCULATIONS
Companies are continuing to prepare their budgets for 2017. Our research shows that the 2017 budgets, including for large corporations, will probably be completed by the end of November or December. Although the dollar and Euro exchange rates have retaine
e began to prepare our 2017 budget in October. We are trying to complete it by the end of November.” These are the words of Migros General Manager Özgür Tort. Tort adds that the extraordinary events that have occurred this year have pushed the preparation of the 2017 budget back until the end of November.
It is not just Migros. This year, many other large companies are also running late in terms of preparing their budgets. Like last year, it looks as though it will most likely be November or even the end of December before the budgets are completed and presented to the boards of directors for approval.
Many CEOs and owners believe that it will be best to wait until December so that they can make accurate forecasts for their 2017 budgets. CEOs report that preparing their budgets for 2017 will be much more difficult than usual. As they prepare their 2017 budgets, CEOs are paying even more attention than in previous years to indicators such as liquidity, expenditure, foreign exchange rates, growth forecasts, inflation, interest rates and consumer spending. They are planning to revise their budgets on a three monthly, monthly or weekly basis.
THE MOST DIFFICULT BUDGET
For CEOs and other businesspeople who are preparing budgets for 2017, the issue that is causing them the greatest difficulty is uncertainty. “This year, nobody could have forecast the 15 July coup attempt,” says Kibar Holding Board Chair Ali Kibar,