A STUDY ON THE ROLE OF BUDGETING AND FORECASTING IN FINANCIAL PLANNING AT HALDIRAM FOODS INTERNATIONAL, NAGPUR

Abstract

Budgeting and forecasting are integral aspects of financial planning, offering businesses a structured framework for setting goals, managing resources, and achieving long-term financial stability. At Haldiram Foods International in Nagpur, these processes are pivotal in maintaining operational efficiency, enhancing decision-making, and driving sustainable growth. This study explores the role of budgeting and forecasting within the company’s financial planning, highlighting the strategies adopted to align business objectives with available resources. Through a detailed analysis of the company’s budgeting processes, financial forecasts, and their alignment with actual performance, the research underscores the significance of accurate financial predictions in fostering organizational resilience. The study also examines how effective budgeting practices contribute to mitigating financial risks, improving cash flow management, and ensuring optimal resource allocation. The research methodology employed a combination of qualitative and quantitative approaches, including data analysis of financial records, interviews with key financial officers, and surveys with employees involved in financial decision-making. The findings reveal that robust budgeting and forecasting mechanisms are essential for Haldiram Foods International, not only to secure its financial future but also to adapt to the dynamic market conditions in the food industry. The paper concludes with recommendations for refining budgeting processes, enhancing forecast accuracy, and integrating modern financial tools to support informed decision-making and further financial success.