It's common practice to allocate a budget to each department to help them execute their strategy to achieve their objective.
Winning the budget battle
Don’t let internal communications be the ‘poor loser’
I believe that by following some of the tips below, Heads of IC may be able to secure better funding for their departments moving forwards:
- Sit down with the finance department to understand the company budgets.
How can you make decisions for your department if you don’t understand the overall company position and where you fit within this?
- Believe in yourself and your department.
Keep reminding senior leadership that IC and engaged employees make an impact on the bottom line, end of.
- Make friends with the enemy.
Having other departments fully onboard could mean that they will battle on the IC budget alongside you.
- Be ambitious.
Ask for the right amount of money; If you need £100k to do a great job, then be clear on this. State the ROI and longer-term benefits.
- Be realistic.
If the business is suffering from reduced profits or even a loss, asking for a 100% increase on budget might not be appropriate.
- Spend what you are given or have a very good reason why not.
Know your budgets inside out and if you have funds left at the end of the year, have suppliers issue pro-formas to carry funds over.
- Learn how to negotiate.
Attending a high class negotiations skills session will help you in budget negotiations and your wider business and personal lives.
- Be able to negotiate at any time of the year.
If you have a very strong business case to request more budget mid-way through the year, don’t be afraid to go down this path.
- Make sure that you have the ability to deliver against your plans.
Ensure you have the right internal and external resources in place. If you need a first-rate intranet manager, negotiate early to get them.
All too often, the IC department becomes the wounded soldier in budget negotiations. This is not only sad, but often unnecessary. If you need help then ask for it and plan, be brave and focus on ROI. ￼￼
Credit: The full and original article was published on Gatehouse
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