3. Keeping track of your budget
If you want to give your explorers the freedom they need to succeed, you have to let them manage their own budgets as they see fit. If you start by imposing the traditional monthly financial reporting (as is the practice in the operating world), you're not giving them the right signal! It's better to do things differently. For example, you could follow this logic.
3.1 The acceptable loss you have been assigned for exploration must be clearly explained to the exploration team.
This is the maximum amount of money she has to explore. When this credit is exhausted, the adventure (and the expenses) stop. Clearly, this sum won't be enough to turn the exploration into a business success! It's a start-up budget. Beyond that, they'll need to find internal or external...
Exclusive to subscribers. 97% yet to be discovered!
Already subscribed? Log in!
Keeping track of your budget
Manage the reserve and release of additional funds
Bibliography
Also in our database
Exclusive to subscribers. 97% yet to be discovered!
Already subscribed? Log in!
Article included in this offer
"Management and innovation engineering"
(
436 articles
)
Updated and enriched with articles validated by our scientific committees
A set of exclusive tools to complement the resources
