In the final part of the Agency Rocket Show Project Management Series, hosts Liz and Chelsea explore the intricacies of budget management in the creative agency world. Drawing from our own experiences at DayCloud, we share the hurdles we've faced and the strategies we've employed to manage our finances effectively; things have come a long way since the beginning! From hourly billing and master spreadsheets lump sum pricing and time tracking with Harvest, our process has evolved significantly over time. We also delve into new employee budget management, client transparency, scope creep, and the impact of client importance (and kindness) on budget leniency. If you're searching for effective tips on managing your own project budgets, this is the episode for you!
Introduction to Budget Management in Agencies (00:00)
The Evolution of Budgeting at Daycloud (03:03)
Transitioning from Spreadsheets to Harvest (06:11)
Understanding Profit Margins and Upcharges (09:08)
The Importance of Transparency with Clients (11:56)
Managing Client Expectations and Communication (15:09)
Setting Up Projects for Success (17:51)
Handling Budget Overruns (20:55)
Learning Curves and Team Management (24:06)
Conclusion and Continuous Improvement (27:09)
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