How to prepare for an income statement meeting with your boss in attendance
Don’t expect your boss to have answers that you don’t have, he/she would certainly have questions that you don’t have, such as; why is this expense higher than budget? You need to know the answer to this even if the answer isn’t what he or she like to hear, at least he/she will be pleased that you knew the answer.
So before the meeting go through all the numbers and pretend that you are him or her, what questions would you ask yourself? You will need to visit the financed department and ask them to explain the detail behind the figures, you should make comprehensive notes. You should also find out how the budget was made up? Did you do it, or was it the financed department, or your boss that completed the budget. If it was one of them that completed the budget, you have a simple answer; “I am not sure what’s in the budget, who completed it”?
Knowledge of your own department is an essential element to have an easy time in a meeting, your boss may not like the answer that you gave, but at least your answer is accurate and it’s always easy to work with employees that give you accurate and honest answers.
Become known as one of the managers that always knows the answers in his/her department