Project Budgets: An Inside Look

July 22nd, 2015 by

Great! You’ve signed the contract, dotted the i’s and crossed the t’s! You’ve gained a new client and your excitement level is through the roof! You’ve been allocated a budget, and should plan accordingly. Let’s take an inside look into how to use your budget wisely.

Develop a Plan

Once you’ve been in your business long enough, you’ve got filing cabinets filled with plans you never use! The best advice I could ever provide, is to stick to it! Develop a plan that is all encompassing, with “if-then” scenarios strategically documented, and with time allocated properly. Discussing your plan with each employee is also key. Assure that the goals within the contract are clear, define roles and responsibilities, confirm the resources needed are accounted for, and guarantee that the time allocated matches any changes made to their processes.

Read more information detailing project plans: How to Create a Clear Project Plan

Match your Plan to your Budget

Once you’ve developed a plan that aligns to your goals, assuring your budget falls in line is a major priority. There are a number of spreadsheets, platforms, and guides to help you align your budget. Smartsheet is one of those platforms that allows team members to collaborate, gain approvals, and report upon budget goals that are being met or exceeded. There are plenty of resources out there to assist in this process, but flushing out this process can only be done once your team is on the same page and your plan is clear. Knowing that in order to build a house, you must start from the ground up, may seem like an easy process to follow, but knowing that the price of insulation has recently skyrocketed might affect your budget and plan.

Project Budget Money Image

Stay Up to Date

The key to project plans is tracking progress. Become familiar with your employee’s processes to understand the issues at hand that may affect timelines. Know that the turnaround time for content to become approved by your client’s compliance team is two weeks, but that the company-wide work-retreat may affect this. Even though timelines may never stay on it’s written path, following the path is the objective. Variables outside of your company’s reach are not to be stressed about. Knowing that your team is working diligently to assure these goals are met provides peace of mind. Utilizing tools that allow for easy communication and collaboration can keep you informed and on budget.
Here you can find a blog on 3 Great Messaging Apps for Work!

Don’t be Afraid to Adjust

Adjusting your project’s timeline or budget isn’t the worst thing in the world. The worst outcome would be losing a client due to the inability of being flexible. The continuously gaining cost of ink is far less than the cost of no longer having a paying client. Always maintain a fluid relationship with your clients to notify them of any changes and updates. Keep up the good work and conquer!

For more information about project budgets and how we can help you grow, contact us or leave us a comment below!

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