Axonify: Budgeting for Rapid Growth

Case Solution

Howard Armitage, Dave Pooley, Alan Webb
Ivey Publishing ()

In late 2016, Axonify, a Canadian technology company that ran an enterprise online learning platform, was struggling to meet aggressive revenue growth targets while controlling the cost of attracting new customers. Axonify’s CFO had not imposed a top-down approach to developing budgets, nor had he attempted to closely monitor and control actual results compared to budgeted costs. Members of the senior management team had exercised considerable autonomy in developing their own functional budget and were asked to explain only significant deviations. The budgeting system served Axonify well in the start-up phase. Would this “flexible” budgeting system work as the company grew, or should the CFO have considered a different budgeting process?

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