What internal and external data sources might be utilised when developing new budgets?

When developing new budgets, internal data sources include historical financial records, departmental expense reports, and performance metrics, which provide insights into past spending patterns and revenue trends. External data sources may encompass market research, economic forecasts, industry benchmarks, and competitor analysis, helping to inform assumptions and projections. Combining these sources enables organizations to create more accurate and informed budgets that align with strategic goals and market conditions.