Just like every person has a unique set of values and beliefs influencing how they choose to spend, manage, and invest their own money, each business also has a distinct Spend Culture that impacts its operations, whether it is administrative, democratic, agile or unrestricted.
Spend culture is a segment of a business's broader organizational culture that encompasses the values and behaviors of the people working within it. An organization's Spend Culture reflects the shared beliefs and practices that informs how, why and when money should be spent.
Culture is fluid. It evolves over time, with each additional new hire-bringing their own experiences and ideas into the mix. Whether planned or randing, all companies have a spend culture. Understanding your company's spend culture will allow you to make conscious efforts to influence and guide it, gaining greater control over how the company vision is executed on the ground floor.
"I would describe the current Spend Culture at Voices.com to be fairly administrative. Voices.com recently introduced a new bonus plan based on financial performance which includes the bottom line.
This program ensures that employers and the employees carefully consider the amount what they're spending and the importance of things. I think this is policy and our Spend Culture attitudes tie into our employees also agreeing that we have a faily administrative policy."
" APQC is characterized as an Unrestricted organization, which means our directors have greater autonomy in their areas and greater accountability for their budgets.
With the exception of unique and high dollar expenditures, our leaders and their respective managers are given great freedom to incur costs for their respective areas. Now of course, with those freedoms comes some responsibilities."
Spend Culture Stories is the world's first female-produced podcast that explores the intersectionality between company culture and finance.
Learn how to pick the right tools, implement the most efficient processes, and how to develop the right people to transform the Spend Culture of your organization for the better.LISTEN TO THE PODCAST