![]() ![]() For instance, you might be taking over the management of an engineering CAD (computer-aided design) group, but your job has always been to work with outside clients and develop applications, and you know nothing about budgeting for hardware and software. Most new managers get promoted into a department where they had been a staff member, but they may not be knowledgeable about every area of the department. ![]() Talk with members of your department about budget projections You may or may not agree with that budget, but it should function as a baseline and a starting point for the new budget that you develop. Review this budget carefully, and get all of your questions answered. ![]() Unless you are starting a new department or function, there likely already is an existing budget for the department you are taking over. SEE: 2019 IT Budget Research Report: IT spending increases due to business conditions, security, and revenue opportunities (Tech Pro Research) The good news is that there are best practices that new managers can learn from. Managing a departmental budget is similar to managing a household budget, although corporate budgeting can involve many more stakeholders and is considerably more complex. Consequently, the need might arise to learn budgeting on the fly. This doesn’t necessarily mean they know how to develop or operate a departmental budget. Most individuals get promoted into their first managerial positions because they are exceptional performers, knowledgeable in their areas of expertise, and they have demonstrated an ability to lead. Top Tech Conferences & Events to Add to Your Calendar in 2023ġ0 Best Applicant Tracking Systems for 2023 Handling a budget can be intimidating for newly-minted managers, but these best practices can help. How to manage a departmental budget: A guide for beginners ![]()
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