Own Your Budget: Who are the budget owners in your organisation
I was about to start a workshop when one of the participants approached me.
“I don’t own a budget. Do I need to be at this session?”
You might be hearing something similar?
Let’s talk about who the budget owners in your organisation might be.
The most common level of budget ownership in an organisation is at a Cost Centre or Department level.
You may also have a budget owner who is responsible for a budget in one of the following areas:
market segment (e.g. state or territory)
cost line (e.g. training)
Vendor
Project / Program
Job / Task
Another way to identify budget owners is to ask a couple of simple questions:
Have they been asked to approve something recently?
If the answer is Yes, then they most likely have been allocated some funding to manage resources.
Is their manager a budget owner?
If the answer is Yes, they will be looking to their team for collective ownership of the budget.
Everyone is a budget owner at some level in an organisation. Understanding this is a great starting point.
Own your budget so it doesn’t own you.
PS: Are you ready to own your budget? Let’s have a chat.