Small Business Tax Center
Small Business Ideas, Grants &
Plans to Start & Run a Business:

Small Business Grants
CyberSchmooz
Network in Cyberschmooz Community Ask Questions Questions and Answers Share Tips Small Business Ideas List Your Business Business Advice from Idea Cafe Experts Coffee Talk with Experts Starting A Business Business Plan Biz Planning | Sample Plans Small Business Ideas Idea Name Your Biz Name Plan Your Biz Plan Financing $ Starting a Business Do It! Running your Business Marketing Tips Promotional Merchandise Marketing Tips Marketing | Sales | Customers Human Resources HR | Employees | Contractors Legal Forms & Tax Information Legal | Biz Forms Managing a Business Managing | Operations
Financing Resources Financing Your Business E Commerce & Webhosting eCommerce Take Out Info Trade Publications FREE Trade Publications Business Books Biz Books Your Own Business Small Business News Small Biz News Gen X Biz Gen X Biz Work at Home Work @ Home Business Information The Fridge - Biz Info on Ice Destress Send Awards Send Awards & Greetings Yoga At Your Desk Yoga @ Your Desk Fun Guide Guide to Find FUN Online About Idea Cafe Press Idea Cafe has received Idea Cafe in the News Idea Cafe's Kudos Kudos for Idea Cafe Advertise on Idea Cafe Advertise on Idea Cafe Privacy Policy Privacy Policy Contact Idea Cafe Contact Idea Cafe Link to Idea Cafe Link to/from Idea Cafe Join Idea Cafe
Search Idea Cafe Site Directory Site Map Online directory to business resources Biz Web Guide



Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

color business bar

How to Manage Your Project Budget: 5 Essential Tips

 

As a project manager, one of the main worries that you may face is budget overruns. When set a specified budget, it’s important that you do all that you can to adhere to what your stakeholder or client wants, so here are 5 essential tips when it comes to managing your project budget.

 

Understand Your Stakeholder

Whether you’re working with a new or long-term stakeholder, it’s important that you adhere to their wishes. If you go against the grain and try something different, you may not complete the project successfully, which can cause all sorts of problems between you and the stakeholder. Make sure that you spend as much time as possible understanding what your stakeholders expect from you. Identifying, documenting, and confirming project requirements before getting started is key.

 

Factor in Changes

When estimating costs, there can be all sorts of changes that may need to be made along the way, so it’s crucial that you create a contingency plan to account for this. Factoring in things that you have no control over, like external environmental considerations which may have an impact on supplies and resources, can help you stay on track with the project and make sure that stakeholders are getting accurate and up to date information.

 

Develop Relevant KPIs

When it comes to managing a project budget, you won’t get very far without pinpointing KPIs (key performance indicators), which help you establish how much you have spent on the project, and whether the budget you have been set with matches the overall cost at the end. There are various project KPIs which you can use throughout a project such as actual cost, cost variance, and return on investment.

 

Have Clear Communication

If you aren’t communicating effectively with your team, stakeholders, and clients, the chances are the project you’ve been assigned won’t be completed sufficiently. Regardless of how big the project is, you need to put in your all to ensure you get repeat custom, so being honest and open with your team, staying in touch with stakeholders, and being on hand to address any flaws can make a big difference.

 

Use the Latest Tools

If you’re the type of project manager who has become accustomed to a certain software, it may be time to try something different. Giving stakeholders and clients the best service possible should be your number one aim, so investing in the latest project management tools can help you get a better understanding on the project, thereby helping you to provide an excellent service. Using the best software and tools on the market can also make sure you stay on track with the project, know how to manage the budget, as well as understand charts and project dashboards. For a list of the top project management tools for the year 2020, The Digital Project Manager has put together a list reviewing the best of the best.

Understanding your stakeholder and what they require from you, factoring in room for any changes that may happen along the way, developing relevant KPIs, as well as using the latest project management tools to help minimize risks are just a few essential tips that you should take on board to keep your budget in check.

Google      

Small Business Tax CenterIdea Cafe HomeSign UpBiz Grant CenterCyberSchmoozCoffee Talk with ExpertsPeople in Biz ProfilesStarting Your BizBiz PlanningRunning Your BizFREE Trade PublicationsMarketingFinancing Your BizHuman ResourcesLegal & Biz FormsManaging Your BizeCommerceYou and Your BizGen XWork@HomeThe FridgeDe-StressSend an AwardSend an eGreetingYoga @ Your DeskWeb GuideIdea Cafe in the NewsAbout Idea CafeAdvertise on Idea CafeContact UsPrivacy PolicySite MapSmall Biz News

Copyright 1995-2019, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.

DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.

TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.