“Great ideas are a dime a dozen. People who implement them are priceless.” ~ Mary Kay Ash
So you’ve had a great idea and you’ve even pitched it to your leadership. The trumpets have sounded, applause is still ringing in your ears and people are still high fiving you around the office. Now what? The problem is in execution as Mary Kay Ash was quoted but where do you start? It begins with where you want to end up and where you end up is often determined by existing restraints. Enter, the Budget.
Long relegated to the accounting and finance folks perhaps you’ve never been responsible for a budget, and why should you be? You’re the idea guy or gal! You need to fly high as an eagle and not be constrained by budgetary chains. Like Icarus however if you fly too high and thus to close to the Sun you may find your idea alone is not enough to keep you aloft. It’s time to put some wing beneath your wings and determine your budget. When doing so, follow these three guidelines and you’ll be well on your way to success!
1. Adopt the More is Less approach which is the reason I.T. is important in the first place. Parkinson’s Law says that “work expands so as to fill the time available for its completion.” so set a time restriction before you set a financial budget by asking the question “When do I need this completed by?
2. Quantify the financial cost of not doing what is being proposed. If you can’t quantify the financial cost you can’t calculate ROI nor can you take that expected return and compare it against your companies IRR. This question also answers for you the key question of “What’s this really worth to me?”
3. Want to know #03? Reach out to a Cadan Sales Rep to find out!