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Zero-based budgeting (ZBB) is a method of budgeting where all expenses must be justified for each new period. Instead of simply adjusting previous budgets, ZBB starts from "zero base" and every function within an organization is analyzed for its needs and costs.
ZBB allows organizations to rigorously review all their expenses and can lead to cost savings by identifying inefficiencies. The process involves justifying why every expense is necessary, which can often lead to better strategic alignment of resources. However, ZBB can be time-consuming and requires buy-in from the entire organization. It's most effective in larger companies or in startups looking to reset their cost structures or undergo a strategic shift.
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