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July 12, 2021

Analyze the Cost of Success and See Where Your Budget Can Be Improved

Success can be expensive. The first time around, the cost of your personal or business success might have cost more than you bargained for. If it was a business project and you had to increase the budget to finish with a quality product or service, you can analyze the cost and see where your budget may be improved.

If yours was personal success such as dieting or exercise, you may have broken the budget purchasing expensive food and joining a gym to reach your goals. You may be able to improve the budget by learning how to cook healthy meals and find a form of exercise that will produce the same results, but doesn’t cost anything.

Perhaps you need to take periodic evaluations of what is being spent and on what. Although it may be difficult to change direction in the middle of a project, you can look around for new methods and incorporate them after the final evaluation.

Sometimes time isn’t being used wisely and that can get expensive too. Take a serious look at your time management and employees, if applicable. There are tons of online help that can teach you how to meet your goals in a shorter amount of time.

Every dollar should be accounted for when you track your spending. By analyzing how you spent the money, you can discern if the outcome was worth what you paid. Maybe your beginning budget wasn’t detailed enough and unexpected costs occurred.

There may have been things you weren’t aware of when you made the budget. Now that you know where these hidden expenses are, you can budget for them in the future or find another way to get the same results.

Your optimism about the project might also have been a cause for going over the budget. You may have underestimated the time it would take to complete the project and the time you didn’t plan for was costly.

It may be a good idea to enlist those who have been through the same or similar project path to help you formulate a new budget that can cut costs or better estimate the costs needed for the project.

A contingency plan for adding funds to the project if something goes wrong may also be in order. Periodically check to see if you’re on budget just as you check on the progress of the project.

When you forget or don’t anticipate major costs, the outcome to your project can cost you more than money. It could mean the downfall of the project completely. A budget should be easier to put together after the first project.

If you’ve kept accurate and concise records, it should be easier to see where you can improve the budget and still produce a quality product or project.

Eric
Post Contributor

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