You’ve been handed a budget to manage. How do you make sure it doesn’t spiral out of control?

3 Communicate and report

Budget management is not a solo task; it involves communicating and reporting to various parties, such as your team, your sponsors, your partners, and your beneficiaries. You need to keep them informed of your budget status, progress, and challenges, and solicit their feedback and input. You also need to report on your budget outcomes, impact, and lessons learned, and use them to improve your future budgeting. Communicating and reporting your budget will help you build trust, transparency, and accountability.

4 Adapt and adjust

Budget management is not a static process; it requires adapting and adjusting to changing situations and needs. You may face unexpected events, such as delays, emergencies, or opportunities, that may affect your budget. You may also need to revise your budget plan based on new information, data, or feedback. You need to be flexible and responsive, and make informed and timely decisions to modify your budget as needed. Adapting and adjusting your budget will help you cope with uncertainty and complexity.

5 Evaluate and learn

Budget management is not a one-time activity; it involves evaluating and learning from your experience. You need to assess your budget performance, impact, and efficiency, and identify what worked well and what didn't. You also need to collect and document your budget data, insights, and best practices, and share them with your peers and stakeholders. You need to apply your learning to your current and future budgeting, and seek opportunities to improve your skills and knowledge. Evaluating and learning from your budget will help you enhance your quality and effectiveness.