I’ve seen other IT managers spend hours upon hours developing what they think is a concise budget. Then they are so proud when they deliver it to their manager because they think it is “accurate” and “what their manager wants”.
They would be wrong on all fronts. In many cases, these managers who spend hours to develop their budget are asking for more money four or five months into the year because their actual expenses are blowing out of their budget.
Budgeting does not have to be an ordeal. It can actually be simple and a rather quick process when you are prepared, know what to do, and you have tools to help.
Being accurate is not necessarily a good thing when budgeting. Certainly, you want to have insight into the budget categories, , , but you need to be appropriately conservative and build buffer into the numbers. The reason is simple:
Surprises happen and they almost always have higher cost implications.
I developed a set of templates to help me budget.
CLICK HERE to download the free IT budgeting templates shown above.
I’ve developed dozens of budgets with these simple spreadsheets and I don’t recall ever missing my plan. The reason is behind the scenes in knowing how to budget and where to include buffer so you can weather the storms called “budget surprises”.
A short article won’t do justice to develop your budgeting skills so I’m giving readers of this article a special offer – 70% discount off my book, IT Budgeting: operational and capital budgeting made easy plus links to a few of my ITLever BLOG articles that will help simplify your budgeting efforts.
This 2nd edition e-book is practical and to the point, , , it is a quick read and an excellent tutorial for managers budgeting for the first time as well as those who have developed many budgets in their career.
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Additional ITLever BLOG posts that will simplify your budgeting efforts: