Quick Guide to Creating a Business Project Budget

When it comes to business project budgeting, large businesses and corporations have no problem creating it since they most likely have highly competent and experienced project managers and accountants who apply and use software and programs that are already very sophisticated. In other words, the job of putting together a budget for a major or minor project is something they consider as another day at the office. Unfortunately, the same cannot be said for small businesses and start-ups like the one you own.

Supposed you’re a small and start-up business or company that doesn’t come with as much resources as you’d hope for, it does not automatically mean you no longer can manage a successful business project budgeting. So, if you are being asked by a project sponsor or maybe your business financier to come up with the finances for a project, then you can easily do that if you have the information and knowledge on how to make one without the luxury of resources. So go on and read this article which serves as your guide to finally creating that business project budget.

Here’s a look at the things you must be doing for you to successfully create a basic project budget without the need of sophisticated tools or programs.
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Have a Task List
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First of all, you have to come up with a task list. Although it would be a lot better to have a work breakdown structure, a project task list will suffice if you come up with something that’s complete enough to cover everything you need to do for a project. The task list is something you don’t really have to sweat out in making since it basically contains the things, and we mean all things you must do, complete, or build before a business project will be finished. You don’t really need this to be perfectly organized since its very purpose is to ensure every aspect is covered.

Estimate Every Component

The moment that list is created, the next step is for you to go over it and come up with a price estimate of each item you think is essential for the project to be carried out. You need to understand that literally everything about the completion of the business project comes at a certain price or cost, including but not limited to stuff like buying resources, renting meeting rooms, and even hiring people such as experts and professionals in their respective fields.

Add All Estimates

Once you’ve itemized everything and have successfully estimated how much they will cost, the next step is to add them up. Using a spreadsheet will help you save a lot of effort and time in this step.

Incorporating Contingency

But even if you feel like you’ve given every little detail some attention, there still is no denying that a perfectly accurate business project budget is impossible to achieve, which is why there should be a contingency. A good business project budget always should include contingency because it is your go-to-guy whenever something goes wrong in the project or you made a crucial mistake that needs to be offset with additional funds.