How do you create a realistic and flexible budget and timeline for your project?
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The first step to create a budget and timeline is to define your scope and goals. What is the purpose of your project? Who is your target audience? What are the main features and deliverables? How do you measure the quality and impact of your project? Answering these questions will help you to identify the scope and goals of your project, which will determine the resources and time you need to allocate.
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A key element to both budget and timeline is clearly defining the ‘approval process’ of the various stakeholders upfront. Regardless of who the stakeholders are, it’s very important (to both budget and timeline) to fully understand their required approval process - including how much time they need to provide comments and how many rounds of revisions they require at each presentation stage. It’s important to remember that some clients have several internal management-layers - and each management layer may require multiple rounds of comments at every single presentation stage. Ultimately, defining your project’s approval process requires upfront and honest conversations with all the stakeholders ahead of preparing any budgets or timelines.
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Be realistic when choosing your goals, deliverables and desired outcomes of projects. Setting up your team for success is a no brainer and will lead to less headaches and more ROI in the long run.
The next step is to break down your project into tasks and milestones. Tasks are the specific activities and actions that you need to perform to complete your project. Milestones are the key points or deliverables that mark the progress and completion of your project. Breaking down your project into tasks and milestones will help you to estimate the cost and time of each one, as well as to assign roles and responsibilities to your team members.
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Most people like to look at the big picture, you should look at the little things that make up that picture - like the brush strokes. Each one is a cost of an item or a position that needs to be filled. Break it all down. Each goal leads to the next. Just like in front of the camera, behind it as well - there are no small roles! Every single line item is important. Break it all down.
The third step is to estimate your costs and risks. Costs are the expenses that you incur to produce your project, such as equipment, materials, labor, travel, marketing, etc. Risks are the potential problems or uncertainties that can affect your project, such as delays, errors, changes, accidents, etc. Estimating your costs and risks will help you to set a realistic budget and to plan for contingencies and mitigation strategies.
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One of the best pieces of advice that I’ve gotten about creating estimates is to actually have conversations with who you’re planning to hire. When the director is envisioning a specific DP for the project, go ahead and start the conversation with that DP. Ask them for their rate, how big of a G&E team they will need, and what camera package they would like to go with. If you do that, with every element of your production (locations, wardrobe, etc.), by the time you’re actually awarded the job, the hard work will already have been done. It should be all downhill from there. P.S. Always add contingency. No one will be upset if you're under budget.
The fourth step is to choose your tools and methods. Tools are the software, hardware, or platforms that you use to manage your project, such as spreadsheets, calendars, apps, etc. Methods are the processes, techniques, or frameworks that you use to organize your project, such as agile, waterfall, scrum, etc. Choosing your tools and methods will help you to create a clear and consistent budget and timeline that suits your project's needs and preferences.
The fifth step is to communicate and update your budget and timeline. Communication is the key to ensure that everyone involved in your project is on the same page and aware of the expectations and responsibilities. Updating is the key to ensure that your budget and timeline reflect the current status and changes of your project. Communicating and updating your budget and timeline will help you to avoid misunderstandings, conflicts, and surprises.
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Most problems happen because of a miscommunication or lack thereof. Take initiative to overcommunicate with your team and the client as to where you are in the process. I try to make sure to have at least one, if not two, touch points each week. A Slack, text, Loom, or email update gives everyone a peace of mind and shows that you are on top of the project.
The sixth step is to review and evaluate your budget and timeline. Reviewing is the process of checking and verifying that your budget and timeline are accurate, complete, and realistic. Evaluating is the process of measuring and analyzing the performance and results of your project against your goals and objectives. Reviewing and evaluating your budget and timeline will help you to identify the strengths and weaknesses of your project, as well as to learn from your experience and improve your skills.
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