Whether it’s a few cents or a few million dollars, estimates claim that nearly 85% of all projects go over budget.
This can result from mismanagement of labor, materials, or any combination of factors. But these unnecessary wastes in budget require project management cost estimation that can predict bumps in the road.
Your budget isn’t the most glamorous part of running a business, but it is the most vital.
Even the most successful small business will tank if it can’t budget effectively. Simply put, you won’t get anywhere if you’re bleeding cash. The only way to know if you are is by budgeting.
A study reported in MarketWatch showed that 88% of spreadsheets contain errors.
This could be something as “small” as 1 error in data entry or it could be a miskeyed formula that throws the entire sheet off.
Do you feel like internal initiatives and client projects tend to never get finished? Have you wondered why your good ideas never seem to pan out when you get a team to work on them?
The problem may not be your employees or your idea. The issue could be that you aren’t properly tracking projects.
If you’re a business owner or manager who handles financials, then you understand the importance of tracking finances.
Having a handle of the financial side of things is perhaps the most essential part of running a business, as it ensures that you are in the green. Keeping track of a company’s finances, however, can be a daunting task.