Ineffective budget planning in a startup company

Abstract

Since 2018, fintech and insur-tech (insurance technology) have been developing fast in Vietnam and are valued at about 21 billion USD in 2022 (1). Those are many startups, and big corporates have become the players in this market. Kaleidoscope was established in 2020, and they are the new player in this potential market. During the COVID-19 pandemic, they were affected by internal and external factors, and their business activities slowed down. Furthermore, like the other startup company, they had issues with budget planning, which is one of the essential factors for startups. The planning activities in this company are affected by the weak internal process, no planning tools, and personal bias in management. This research will take information from internal stakeholders and combine it with the research from literature to give the big picture about this company's issues and the solutions for them.