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

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Managing a budget is a crucial skill for any program coordinator, whether you work in the nonprofit, public, or private sector. A budget is more than just a spreadsheet of numbers; it's a reflection of your goals, priorities, and resources. But how do you keep track of your spending, avoid overspending, and adjust to changing circumstances? Here are some tips to help you stay on top of your budget and deliver your program successfully.

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Manuel Pirino

Transparency International: Team Leader, Middle East and Central Africa, Americas, Europe and Central Asia. Management…
Muhammad Danish Gazdar - FCCA

Corporate Governance & Finance Leader | FCCA | Driving Excellence in Public & Private Sectors
Mayowa Elewude, CMRP, FMP, LEED GA, CFM

Facilities and Properties Specialist | ESG Advocate | IFMA Member | Top FM Voice

1 Plan ahead

Before you start spending, you need to have a clear and realistic plan for your budget. This means identifying your income sources, estimating your expenses, and setting your targets and milestones. You also need to account for any risks, contingencies, and assumptions that may affect your budget. A good budget plan should align with your program objectives, scope, and timeline, and be approved by your stakeholders.

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Manuel Pirino

Transparency International: Team Leader, Middle East and Central Africa, Americas, Europe and Central Asia. Management of complex programmes portfolio, a passion for social justice, and transparency.
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I found it useful to determine the connection between the figures in the budget and the scope of the project, to avoid the feared "scope creep". This is especially important when different teams stand to use the same budget, even if they are not its administrators. Pulling rank, or claiming to be "it" might help to protect the budget, but won't do team cohesion and team spirit any favours. A shared understanding of where the budget is and where the project is headed does, at leats, create a solid foundation for the difficult conversations when they almost always come. What needs to be sacrificed, and why, and when, to stay within cost forecasts, timelines, and project scope

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2 Track and monitor

Once you have a budget plan, you need to track and monitor your actual spending against your projections. This means keeping accurate and updated records of your income and expenses, and using tools like software, dashboards, or reports to visualize and analyze your data. You also need to review your budget performance regularly, at least monthly or quarterly, and compare it with your targets and milestones. Tracking and monitoring your budget will help you identify any gaps, errors, or issues that need attention.

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Muhammad Danish Gazdar - FCCA

Corporate Governance & Finance Leader | FCCA | Driving Excellence in Public & Private Sectors
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One way to control your budget is performing variance analysis on a monthly basis whereby any abnormal variations should be supported by reasoning

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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.

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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.

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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.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Mayowa Elewude, CMRP, FMP, LEED GA, CFM

Facilities and Properties Specialist | ESG Advocate | IFMA Member | Top FM Voice
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Well, first off, it's about knowing the ins and outs of every aspect of the facility. Know where every cent is going, maintenance, spares, consumables etc. Then, prioritize based on urgency and impact. Keep a close eye on spending, adjust as needed to stay within budget. It's also about building relationships with vendors and negotiating smart contracts to get the best value. And finally, staying flexible. Unexpected expenses happen, so having a contingency plan ready is crucial to prevent any spiraling out of control.

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

1

2

3

4

5

6

1 Plan ahead

2 Track and monitor

3 Communicate and report

4 Adapt and adjust

5 Evaluate and learn

6 Here’s what else to consider

Program Coordination

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

1

2

3

4

5

6

1 Plan ahead

2 Track and monitor

3 Communicate and report

4 Adapt and adjust

5 Evaluate and learn

6 Here’s what else to consider

Program Coordination

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感谢您的反馈

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