During a #budget meeting a few years ago, when a company financial analyst inquired why funds were transferred between project codes so often, someone asked “What if I can’t stay within my budget?”. His response was “Why can’t you stay within your budget? I have to.”
The statement resonated as it mirrored my stance. If budgets are consistency swapped, insufficient planning has gone into the process, resulting in mismanaged funds.
Project success isn't based solely on allocated funds, yet overspending can lead to unsuccessful #campaigns, damaging your team's current and future success, as well as company goals.
If you can't accurately estimate a budget, you haven’t done the leg work breaking down labor costs and expenses involved. If your budget is affected by strategic partners, it’s your responsibility to help them understand the job's parameters. If your budget is exceeded due to poor planning or lack of execution, this responsibility may be shared with colleagues, yet it also sits with you.
These are critical parts of #projectmanagement. It's a puzzle to be assembled, yet not while the job is in play. Much of the process must be completed upfront. Determine costs in detail and your budgets will thank you...as will leadership, and accounting, and colleagues, and your team.
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