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Important Reminders When Creating a Business Project Budget For large businesses, companies, and corporations, the way to business project budgeting is smooth and straightforward, thanks to the luxury of having a lot of resources at their disposal, including the best project managers and accountants, who in return are given the privilege to use software and programs that make the job a lot easier to fulfill. In a way, putting together a budget, for them, is something they do on a mundane basis. Unfortunately, the same cannot be said for small businesses and start-ups like the one you own. Even if you’re not as big as other companies and not as rich resources wise, it doesn’t mean you no longer are capable of carrying out a successful business project budgeting. If you’ve been asked by your sponsor or financier to come up with a budget proposal for a specific project, you can do that quite easily if you know where to begin. Now this article is all about that. 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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Use a Task List
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First of all, you have to come up with a task list. Even if you don’t have a work breakdown structure, a task list will do if it is comprehensive enough to cover all the things needed to be done on the project. The task list is basically a document that contains all the things you need to do that in one way or another contributes in finishing the business project. You don’t really need this to be perfectly organized since its very purpose is to ensure every aspect is covered. Estimating Components Once that list is ready, you now have to go through each component and work out an estimate of the price of each item you need to avail or obtain for the consummation of the project. 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. Adding the Estimates Obviously, after itemizing everything and assigning their cost estimate, it’s time for you to add them altogether. You can save a lot of time and confusion for this one if you use spreadsheet to organize things. Don’t Forget 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. The idea of contingency is that even if it isn’t part of any task in the completion of the project, you still need it to cover any mistake or errors along the way.