No one likes budgets and the tedious process of tracking each expense, fee and deadline. However, the reality is that a project’s success lies in our ability to meet the goals we assign and to which we hold ourselves accountable. Expectations for time, longevity and success help teams measure a project’s performance and establish benchmarks for future work.
Over the past few years, Bohlsen Group has made a concentrated effort to evolve our project management capabilities in order to better apply our clients’ budgets to the tactics needed to meet their goals.
Here are three reasons why building and sustaining this commitment to budgets can be crucial.
Schedule overruns have monetary implications, even for creative projects
It’s easy to see why schedule overruns can quickly inflate tangible projects, like construction on a new road or the production of a movie. More time requires more people and more hard resources like concrete or costumes. While we are creating more esoteric deliverables such as logos, press releases or strategic plans, the same theory applies to marketing projects. Schedule overruns result in costly inefficiencies such as rescheduling key meetings, but also the hard cost of additional materials, labor and resources in order to extend across the longer time period. Put simply, the project and the bottom line suffer when deadlines are missed.
Schedules set tangible, traceable goals
We understand the inherent difficulties in understanding every step to creating a unified marketing campaign. That’s why our project manager creates a comprehensive schedule for every project, giving our point of contact insight into the work happening every day in order to move a project forward. The deadlines in this schedule set expectations for our performance and allow our clients to track our performance accordingly – a win-win for both sides of our partnership.
Post-mortems show what areas to improve next time
A project with detailed expectations for time, fees, expenses and successes provides crucial historical information that can be used to enhance efficiency in the future. By setting and tracking towards budgets, we can understand what areas of the project were the least efficient or effective, what hurdles resulted in costly schedule overruns, and even what resources, whether it’s people or vendors, were the most efficient. This information allows us to improve and refine our pricing and scheduling, which results in cost and time savings for our clients.
The reality is that the entire world operates on budgets. Your personal financials likely run on a myriad of budgets. When you review your calendar each week, you budget time for work and family and hopefully a plan to achieve the necessary balance. You budget your marketing or communications needs every fiscal year.
While a complex undertaking at first, successful project management on our end leads to clear goals and expectations that keep projects on time and on budget, allowing our team to work and strategize without constraints.