You won your budget bid. Now it’s time to start planning.

Budget Planning

That’s great that you won your budget bid! Here are some recommended next steps:

• Implementation Planning: Develop a detailed plan for how you will utilise the budget for the purposes it is intended for. This might involve breaking down the budget into specific projects or activities, assigning responsibilities, and setting timelines.
• Communication: Communicate the approved budget to relevant stakeholders and anyone else who needs to be aware of it. Ensure everyone understands their roles and responsibilities in delivering work in accordance with the budget.
• Monitoring and Control: Establish systems for monitoring the budget and ensuring work outcomes are achieved within budget. This should involve regular reviews of work progress in conjunction with financial reports, tracking spending against budgeted amounts, milestones and timeframes, and implementing controls to prevent overspending or schedule over-runs.
• Contingency Planning: Identify potential risks or unforeseen events that could impact the budget, timeframes or delivery, and develop contingency plans for how to handle them if they arise.
• Regular Reporting: Set up a schedule for reporting on the progress and performance to relevant stakeholders. This might include regular meetings or reports detailing actual milestone delivery and spending compared to the forecast schedule and budget, any variances, and explanations for those variances.
• Adjustments: Be prepared to make adjustments to the schedule and budget as needed. If circumstances change or new information becomes available, you may need to revise the schedule and budget to reflect these changes.
• Evaluation: Periodically evaluate the effectiveness of the planned approach in achieving its intended goals, including the adequacy of the budget. This might involve assessing the impact of budget allocations on performance metrics or other key indicators.

By following these steps, you can ensure that your approved budget is effectively utilised and managed to achieve your program or project outcomes.

If you would like help with your planning we are happy to discuss how to optimise your budget. Chat with budget expert Charitee Davies  email: chariteedavies@grosvenor.com.au  or book a chat or message via LinkedIn