How can I effectively budget for new initiatives?

How can I effectively budget for new initiatives?

To effectively budget for new initiatives, start by defining your goals and objectives. What are you trying to achieve?

I want to launch a new marketing campaign.

Great! Estimate the costs involved, including advertising, materials, and personnel. Have you considered all potential expenses?

Not really, what else should I include?

Don't forget to factor in contingencies, technology costs, and any training needed for your team. It's important to have a buffer.

How do I prioritize which initiatives to fund?

Prioritize based on potential ROI, alignment with strategic goals, and available resources. Consider using a scoring system.