Create a Project Budget Template Step by Step - Growth Freaks

Create a Project Budget Template Step by Step

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Creating a budget for each project you handle is mandatory, even if unforeseeable expenses occur later on. The measure of a project’s success doesn’t lie in how closely it has fit into the initial budget. Instead, the budget you detail as initial strategy will help orient your future efforts for the end goal(s). To save time and ensure uniformity of vision, it’s a great idea to come up with a project budget template for all your future endeavors and plans.

Step 1: Choose the Project Budget Template Closest to Your Style

The internet is full of pre-made project budget template examples to download and use at your convenience. Usually, they’re all available for free, as well, so no need to worry on that account either. This means there’s no need for you to work pointlessly from scratch, but your job isn’t done by far. The key is to adapt these templates to the actual working style of your projects and organization, in a highly functional and authentic way. Simply copying and pasting most of the columns and fields from a pre-made template won’t cut it.

To start with, you need to choose a version (or 2, depending on your work) that is actually similar to the final project budget template you’ll actually use. This way, your adaptation efforts will be minimal, not to mention that you have the chance of understanding your own niche better. There are plenty of places to download free project budget templates from. You can start with this, or look for your own. Don’t forget that reviewing multiple options is the key to finding the ideal fit.

Step 2: Answer These Questions for Your Budgeting Efforts

  • What are the secondary goals of my project, beyond the main objective? Is it the training of new team members, or creating a showy portfolio, for example?
  • What is a maximum budget I could afford for achieving all these desired goals?
  • What are the minimal costs required for main goal achievement?
  • Are those secondary goals worth the difference?
  • If so, who would I put in charge of those secondary goals and how much will this cost extra?
  • Who could do parts of the project cheaper (you can also look into outsourcing) and is it worth the risk?

If you need a guide on how to start thinking in project budgeting terms, this is a good place to start from. Still, you should keep in mind that your end goal shouldn’t be an accurate estimation insomuch as a good planning of resource allocation. If you have to give a report and cost estimation to clients and your goal is to keep costs minimal throughout the project, the overall outcome and planning will obviously lack in quality.

Step 3: Converge It All in the Final Project Management Template

Finally, sit down with one or two advisors or members of your team. Discuss the issues you considered with them and the stage of your project budget template as it is. Together, you should find the idea way to incorporate all concerns into the final version of your project budget planning sheet.

Image source: here.

Author: Amanda Knowles