Finance

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Budgets

There are a range of scenarios for creating a budget, for now we will focus on two to begin with.

  1. Design teams that need an operational cost budget
  2. Design teams that needs to calculate a project budget

Operational Design Costs

These are everything you need to run a design team. The assumption is that a separate business budget will allocate salary, office rent and infrastructure costs.

Whatever the context of a team or project, you need to have a few numbers to hand that help you determine the feasibility of your plans. Creating, collection and referencing budgets helps it become a quicker and more certain process.

Broadly, we need to do a few things:

  1. Write down a list of everything we will spend money on
  2. Calculate a total cost per year to run the team
  3. Increase our accuracy by making versions that adjust for changes

Add in the items attributes: category of cost, description cost, frequency of spend, currency, is it critical or nice to have

Contractors

  • Type of contracting
  • Forecasting costs
  • Specialists based on work requirements: artworking, typography

Equipment

Recording: camera, tripod, microphone, hard drives,

Computers: Specialist machines for computing power

Devices: phones, tablets, VR headsets, watches, voice assistants

Team Events

  • Celebrations: birthdays, work anniversaries, business anniversaries, Christmas
  • Team building: away days, company strategy days, meet-ups with across offices
  • Guest speakers: fun, inspirational, educational

Education

  • Team training plans: management, practice expertise, emerging
  • Personal training: video courses, books, conferences, courses