Step 3 – Complete the budget
In Phase 1 you established an overall budget. In this phase you need to start breaking down how and when you will incur expenses and ensure you have the project funds to meet these.
- The first step is to estimate costs, obtain quotes and in some cases, agree on prices. When building your budget think about staff, materials, software, specialist advice, equipment, marketing and training as a starting point.
- Next you want to add in a contingency. Budgeting is about estimating and it is nearly impossible to get it right all the time so adding in 10-15% for example will assist.
- Finally your budget should be a live document that is monitored closely.
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