Know what you have and know what you need

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So, you've reached out to your industry and your CEO (or whoever is responsible for tracking your business's goals).

Now it's time to reach out to your department and get down to the basics of budgeting: figure out what you have, then figure out what you need.


Gather all your resources together.

What equipment do you have? Will it last for the coming usefulness of self employed database year? What about software? When do your licenses expire? If you are hiring, do you have enough space to accommodate new employees?

And when it comes to your employees, don’t forget to consider salaries. Is anyone on your team getting a raise? Will you need a new engineer for an upcoming project?

Keep track of everything you own, perhaps with something like IT asset management (ITAM) software . If you're not quite ready to invest in an IT asset management system, you might want to try a solution on the lower end of the spectrum, like Smartsheet , which provides several free Excel templates to get you started.

Make sure you are using your resources to their full potential and identify where you have gaps. This way you will avoid duplication and hopefully make fewer unplanned purchases.

4. Don't limit budget tracking to the deadline.
But when it comes to tracking your resources, I hope you don't wait until your budget takes stock of everything you have.


This should not be your attitude when budgeting.

Something like ITAM software can help you track who's using what resources. But when you're thinking about what your team needs, don't wait until the end of the financial year to make a note.

Keep track of everything you use and everything you might need throughout the year. That way, you won't be scrambling to think of things at the last minute, and your team won't find themselves missing valuable resources in the coming year because it accidentally slipped your mind.

Keep a running wish list so you don't forget anything .

5. Get everyone involved
When it comes to your wish list, why not go straight to the source to find out what your team needs?

Make it a point to ask people in your department what tools or resources would make their lives easier.

You can have a meeting specifically on budget items and priorities. Or you can ask everyone to send you the top three things on their wish lists.


What should it look like when you ask, "Who wants to help with budgeting?"

Understanding your team's needs is essential to creating a budget that helps everyone.

We've already talked about how your IT department supports the larger business. Don't ask your team what they need. Make it a point to ask other departments and teams what they need from you.

Although you lead your team, you should never dictate needs and desires. Get this information straight from the source, from your own team and everyone else.