The Financial Performance Management cycle provides ongoing monitoring, analysis and revision of financial forecasts and budgets to ensure organisations stay on track with their strategic plans.

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Here's a high level view of the Financial Performance Management cycle:

• Strategic Planning - typically carried out by an organisation's executives on a periodic basis (usually annually) to define the strategic focus required to deliver agreed objectives. A high level strategic plan is often produced.
• Performance Budget - involves creating a baseline operational budget and overlaying it with realistic costs for proposed initiatives to help deliver desired outcomes. This process may involve several iterations to create an agreed budget forecast, and typically requires input from several participants.
• Monitor Performance - the real value is monitoring performance to ensure successful execution of strategy and further validate the effectiveness of strategic initiatives.
• Analyse and Identify - this stage is important to assist in focusing on success. Wherever an anomoly in performance is identified, we need to look deeper in order to identify underlying causes and then develop potential solutions.
• Revise Forecast - having identified potential causes for variance, the forecast may need to be revised, corrected or tuned accordingly. This could involve adjusting income and expense assumptions, discarding strategic initiatives that are not working, and/or introducing new initiatives. Accurate re-forecasting often involves collaboration with business and operational staff.