Developing budgets for your project or for even your organization is one of the most time-consuming tasks.
Often we think that a budget is a simple format attached to a project proposal and you need to fill it according to the activities and strategies proposed in the project. However, when you start opening up a proposal backwards, you will realize that the budget is a critical component of the project.
We have decided to develop a project proposal because we have understood and realized that there is a budget to support it. We also feel that the project needs can be fulfilled only if a budget is available for them. In fact, the budget determines the boundaries of the project. A budget is also one of the final determining factors for a project to receive its funding. If the budget is too high, the donor agency may either ask you to reduce it or in some cases, also reject the entire proposal if it is a highly competitive application process.
So understanding and developing a proposal is an important exercise of your proposal development process. In other words, “it is a program explained in monetary terms.”
The reasons why we need a budget is not just to plan your project expenses but also convince your donors that you will deliver value to whatever money they give to the project.
Do you want to access our complete tutorial on how to develop budgets? Watch our video, download our resource guide and access the full PowerPoint presentation. Explained in the most practical manner, this 90-minute video gives a comprehensive understanding to how to present your budget in your proposal. Available for FundsforNGOs Premium Members only. If you are a Premium Member, you can access the video and the downloads by logging in here. Not a Premium Member? Sign up here!