Effective Budgeting: Tips and Importance for Success
Learn the significance of budgeting in projects and organizations, how to create meaningful budgets, the role budgets play in project management, and sample budget examples. Budgets are not meant to restrict but to guide and ensure successful outcomes.
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Presentation Transcript
incentive Budgets are a great tool in your hand not a rod for your back Don t be scared!
Importance of budgeting Budgets are created to: Assist the understanding of a project or situation Identify areas of need or particular focus Create shape and definition for a project or plan Ensure effective delivery and underpin sustainability
Importance of budgeting Budgets play a role in: Helping to avoid - but not necessarily always prevent - disaster Bringing together and reassuring colleagues, collaborators, partners and stakeholders Project or organisational management by providing an agreed reference point
warning The budget must be meaningful for the people working on the project A budget constructed without understanding and consent will have no traction or ability to influence events
Creating a budget 1. Start with people, safe space, time and ideas 2. Provide a context for the work and budget 3. Consider the format, who is it for - be detailed but not too detailed 4. Set out expenditure first (what you think you need) rather than income (what you are limited by) 5. Group expenditure into cost centres that reflect organisational or project structure 6. Benchmark wherever possible 7. Consult and ensure buy in 8. Take care with up-dates, revisions and archiving
Sample budgets 1. Organisational budget 2. Project budget 3. Project budget detail
Sample Annual Budget Income Apl-Jun 2021 Jul-Sept 2021 Oct-Dec 2021 Jan-Mar 2022 TOTALNotes Arts Council England NPO 0 0 0 0 0 Arts Council England - Managed Funds 0 0 0 0 0 Arts Council England - Cultural Recovery Fund 0 0 0 0 0 Heritage Lottery Fund 0 0 0 0 0 Trusts & Foundations 0 0 0 0 0 Ministry of Housing & Communities Windrush Fund 0 0 0 0 0 Local Authority Income 0 0 0 0 0 Other Public Subsidy - e.g. Govt Furlough 0 0 0 0 0 Earned Income - e.g generated income 0 0 0 0 0 Contributed income - e.g sponsorship, donations 0 0 0 0 0 Investment Income 0 0 0 0 0 Other Income 0 0 0 0 0 Total income 0 0 0 0 0 Expenditure Apl-Jun 2021 Jul-Sept 2021 Oct-Dec 2021 Jan-Mar 2022 TOTAL Salaries/NI & pensions 0 0 0 0 0 New recruitment Salary/NI & pensions 0 0 0 0 0 Creative Programme - commissions 0 0 0 0 0 Creative Programme - activity 1 0 0 0 0 0 Creative Programme - activity 2 0 0 0 0 0 Creative Programme - activity 3 0 0 0 0 0 Creative Programme - e.g. year round activity 0 0 0 0 0 Creative programme - e.g. sector leadership 0 0 0 0 0 Marketing - events and general 0 0 0 0 0 Rates 0 0 0 0 0 Heat/Light/Water 0 0 0 0 0 Insurance 0 0 0 0 0 Telephone, internet, print etc 0 0 0 0 0 Consultants Fees & Subscriptions 0 0 0 0 0 Audit & Accountancy 0 0 0 0 0 Bank Charges 0 0 0 0 0 Total expenditure 0 0 0 0 0 Surplus/(deficit) 0 0 0 0 0
Small - mid scale theatre/dance/outdoor arts production Artistic costs Director/Choreographer Writer Composer Lyricist Producer Designer Lighting Designer Sound Designer Digital Designer Associate Director Production Manager R&D (10 days) Performers (X) @ XXX per week for XX weeks Musician Technical Stage Manager Deputy Stage Manager Assistant Stage Manager/wardrobe assistant Notes - - - - - - - - - - - - - - - - - - sub total Production costs Costumes, set and props Special effects Medical & Physiotherapy Freight Rehearsal space Technical costs Storage - - - - - - - - sub total Marketing Marketing & PR fees Marketing assets Programme Production shots and trailer - - - - - sub total Admin and Overheads Tech relocation costs for production week and performance week Company relocation costs for production week and performance week Creative team relocation costs Company & Creative Team travel Administrative support Insurance and accountancy Rights - - - - - - - - - - - sub total TOTAL CONTINGENCY (X%) TOTAL PROJECT COSTS
Managing the budget 1. Consult and ensure buy in 2. Take care with up-dates, revisions and archiving 3. Expect change and be prepared to flex 4. Agree budget holders, explain and agree financial control systems 5. Ensure your central financial record is always up to date 6. Keep talking - set regular check-ins (formal and informal) where up-dates and changes can be shared 7. Be creative not with the figures but with the solutions 8. Remember the big picture
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