The importance of project budgets – and disclosing them!

The importance of project budgets – and disclosing them!

You have a project in mind and you would like to know how much it’s going to cost as this will be one of the deciding factors into which agency you choose to go with.

The question is – do you have a budget in mind?

No – Ideally, it’s best to have a budget in mind so you’re ready to move your project onto the next step.

Yes – Great! A lot of clients don’t disclose their budgets when contacting agencies, however, we would suggest being transparent about your budget and here’s why:

Avoid wasting precious time

Many clients tend to look around and shortlist 3-5 agencies they may want to work with. However, asking these agencies ‘how much would a responsive website cost?’ isn’t going to be as straightforward as you think. Why? Because the majority of agencies, including ourselves, don’t have a set pricing structure for projects as each clients requirements vary which will inevitably mean that timescales and costs will vary too.

Most agencies will put together a detailed proposal for the project based on the information you provide. However, having no clear indication of budget will only increase the risk of wasting your precious time (not to mention the time the agency have invested), if you receive the proposal and it’s completely out of your budget.

This is why it makes sense to share your budget on the first initial conversation – even if it is a budget range – this will give the agency an indication as to how realistic your budget is for what you’re looking to achieve. After all, they’ve had years of experience!

Worried about being taken for a ride?

Some clients are reluctant to disclose their budget to agencies because they worry that they’ll be taken for a ride. Be rest assured that any agency with a great portfolio, website and client testimonials is not looking to rip you off.

These agencies, like our good selves, pride themselves on building strong relationships with their clients. Their proposals should outline in detail their ideas and approach, what is included within the scope of the project, a breakdown of the associated costs and the timeframes in which the project will be completed.

If you’re in talks with an agency that provide an extensive range of services (i.e. branding, SEO, advertising etc.) they may also suggest other services that would compliment and enhance your project, should you wish to spend any extra budget leftover.

Best practice when contacting agencies

When you take the next step and begin contacting agencies, you want to ensure that you provide them with as much information as possible so the agency can get a better understanding of both your business and your requirements. Here are a few questions you may want to ask yourself prior to making that initial contact with agencies:

• What is your budget?
• Who are your main competitors?
• What are your key USPs (Unique Selling Points)?
• Do you have any examples of what you’re looking to achieve?
• Realistically, when would you like the project completed by?

By documenting and providing all of the information above, we can get our creative juices flowing and provide you with a detailed proposal. We are here to help you make your mark within your industry by putting in the planning and hard work to ensure you achieve your goals for your business.

Sound good to you? We have over 18 years’ in the industry and are famed for our dynamic thinking, professionalism and approachability – so why not get in touch with us today or pop in for a coffee to discuss your project and how we can work together!