Chat Support Software

For management training, sales training and customer care training 01509889632 or request call back

Filter Courses

How to manage budgets

Managing a departmental budget is often a skill that goes untaught. If you’ve recently been promoted into a managerial position then you may have the people skills and industry knowledge to excel in the role – but perhaps not the budget know how. A corporate budget is similar to a personal budget except that there are different stakeholders involved. There are some simple ways to approach the process to ensure that you get it right.

Review the existing budget

For most managers there will already be a budget to work from and refer back to. This is a good starting point, as it will reveal how spend has been allocated in the past and what elements you may have to include in your own calculations. Even if you choose to take a slightly different approach further down the line, using an existing budget as a benchmark is a smart place to start.

Get a good understanding of how resources are used

Managing a budget will often take you outside your own area of expertise and experience and into allocating finances for teams that you may have little or no experience of. It’s essential to communicate with key people whose work is covered by your budget to ensure you understand how resources are allocated. For example, there may be software or hardware that you’re not aware of that needs to be part of the calculations, equipment maintenance costs to include and the potential to make changes to the way existing spend is managed to make savings.

Make sure you understand corporate expectations

While individual departments are responsible for their budgets it’s usually at the corporate level where increases and decreases are determined. That’s why it’s crucial to understand corporate expectations as far in advance as possible. For example, it may be that the message is that budgets this year need to be within 7% of what they were last year. The earlier you have this information, the easier it will be to accommodate it.

Identify operational and discretionary items

If there comes a point where the budget needs to be reduced the simplest way to do this will be via operational items (paid monthly with no long-term contract) or discretionary items (expense allocations for a certain activity or project).  This will give you some flexibility if budgets need to be adjusted because corporate targets have not been met.

Be resourceful – but ask for help if required

There are lots of different ways to ensure that your budget works, from finding interns to cover certain roles to switching to a better value supplier. It’s key to ensure that you know who to turn to if you need help with the budget or if there is a particular budget related expense that you need to evaluate This is often the finance team – and, if not, they are usually well positioned to help you find someone else who can provide support.

Managing budgets may be a new experience but it’s a skill that can be quickly acquired with the right direction.

Find out more by booking your place on our Managing Budgets course

In-House Training with PTP

PTP stands for Practical Training for Professionals and our aim is to make our training as practical as possible so delegates can return to the workplace with skills they can implement immediately. PTP now delivers training to over 40% of the FTSE 100.

What you get for your money

What is 1-to-1 training?

1-to-1 training can be based on any of the 100 plus courses that PTP provides, it includes an initial telephone conference of up to 1 hour, a 1/2 day (3.5 hours) on-site one to one training session at your premises with one of PTP's expert trainers and then a further telephone conference call of up to an hour within 2 weeks of the on-site visit.

You have the option of a line manager being involved in both telephone conferences, the second telephone conference which can be for feedback and action planning is generally scheduled during the on-site visit.

Who does 1-to-1 training suit?

Individuals taking on a new challenge or responsibilities. Professionals who want a trusted "sounding board" and thinking partner. Executives or managers who want to enhance their leadership effectiveness to achieve organizational and career success. Executives and professionals wanting to compete successfully but still retain balance in their life. Individuals who want to understand their blind spots so that they don't stand in their own way on their path to success. Executives and Professionals who want to improve their interpersonal skills so as to be more effective with bosses, peers, subordinates, or people in general. How much does 1-to-1 training cost?

A 1-to-1 training session costs from as little as £400 + VAT and will include an initial telephone conference of up to 1 hour, a 1/2 day (3.5 hours) on-site training at your premises and then a further telephone conference call of up to an hour within 2 weeks of the on-site visit.

What is U-Choose?

Choose from any of the 150 plus courses that PTP provides, and choose from 1 of our 50 plus UK wide training venues. You must book for 2 or more delegates and at least 4 weeks in advance, but that’s it, the course you want where you want it. The reason we ask for a minimum of 4 weeks notice is to enable us to market the course you have scheduled to other companies and organisations. However, if we fail to sell any additional places we guarantee to run the course just for you.

How much does U-Choose Training cost?

U-choose costs the same as our normal open courses i.e. the normal delegate rate. This includes lunch and refreshments throughout the day, framed certification and comprehensive training notes. A U-Choose booking can only be confirmed once we receive payment which can be made via credit/debit card, BACS or cheque. Payment is due at least 4 weeks before the date you request. Please note to be eligible for U-Choose you must book a minimum of 2 delegates on the same course & date.