Planning, Budgeting, and Forecasting should help businesses understand how the ongoing activities of their business contribute to delivering their long-term strategy. Financial planning and forecasting are used to determine the allocated resources for availing strategic objectives and action plans to achieve desired goals. In the face of a changing business environment, this study shows that current PBF processes are flawed. Many enterprises continue to invest significant resources in sub-optimal management processes that don’t meet their business’s operational and strategic needs. The study highlights three key areas for improvement in the current PBF process.