Money

How to Run Projects on a Small Budget

Running projects is one of the best ways of helping your business to grow and to meet the diverse challenges in front of it. Yet, the fear of this being an expensive way of working might cause you to think twice about giving it a try.

It is clear that some projects are massive, big-budget affairs. These pieces of work can run for years and involve huge levels of resource. However, this doesn’t mean that every project needs to cost you a lot of money.

In fact, there are some sensible ways of cutting down the cost of your projects that are well worth looking into.

Choose Your Projects Wisely

The very first point to consider is around what projects you can afford to take on. You might long to overhaul your process and bring in fantastic new technology but is this a realistic aim?

Some projects are going to be quicker and easier to carry out than others. Yet, even these quick fixes can lead to big savings or the chance to grow.

Therefore, it is important to get started by considering the cost of each project together with its potential benefits. You need to be realistic about what you can handle and how much you can afford to invest in your projects. 

Get Multi-Skilled Team Members

In many teams, the biggest expense comes with the staff costs. If you build up a big team with experienced project managers and business analysts then this can represent a lot of money.

A good solution in this case is to look for multi-skilled team members. If you have a small but strong team that can handle anything then you will feel confident about taking on new projects.

It makes sense to start new team members off by arranging for some PRINCE2 Courses . You might also save money by sending business area workers on secondment to the project team, although you need to be careful not to leave their original team short-staffed when doing this.

Look Into Digital Teamworking

Another way of lowering your project budget is by looking into building up a digital team. Project working is ideal for this approach, as it tends to be flexible and allows people to work away from the main office at times.

By doing this, you will save on the costs that are normally associated with having a team based in your premises. This can allow you to add more staff or just to keep costs to a minimum. Of course, this also means that you can look for cheaper resources around the world.

When choosing the digital project approach you need to put a lot of thought into areas such as communication. It is a way of keeping to a lower budget but it can make life difficult when it comes to running team meetings and keeping everyone on the same page at all times.

Keep the Budget Under Control     

Above all, you need to be clear about how much you want to spend on running your projects. If you have a low budget then it is vital that you keep track of it at all times.

This means choosing a project methodology such as PRINCE2 that allows you to plan extensively and track easily. You will want to ensure that no unexpected costs are needed and that the timescale doesn’t slip.

By taking these areas into account it is possible to stick to a low project budget. The key is in carrying out each step well in order to avoid the risk of this approach compromising the quality of your end results.

https://unsplash.com/photos/QiESeyAOOyA

Share:

Leave a reply

Your email address will not be published. Required fields are marked *