When budgeting for a community development project, being organized is crucial. Getting started with a community development project can be very challenging especially when the person handling the project is not as knowledgeable or interested in the project which is a frequent occurrences with many community projects. A lot of people enjoy accepting the task, but don’t have the patience to be organized or sort it all out before getting into action. Imposing a budget on a later date or reassigning the project to another company is not the answer. The person assigned with the work needs to work out a budget in accordance with rules and discuss it with relevant authorities to make sure that the project won’t hinder other activities of the department.
Take for example, Kevin Seawright who is the Chief Financial officer and Executive Vice President of Newark Community Economic Development Corporation or NCEDC. Under his tenure, he has handled many community development projects, some more than $600 million worth, all with clear-cut plans and strategies in place. He has built a strong team of experts within his company who are able to do the work they are assigned with in an efficient manner. So, for any project like this, there is a need to think of the budget as an ongoing exercise in planning and communication. A well-run budget for a project can save the community before it needs rescuing. This truth applies to any type of project – big or small. A project itself needs to be scrutinized and the priorities set well-ahead of the practical part. Which of the elements in a project that the community absolutely need, which are those that they are willing to give up? If spending a million dollar on something means the community is not able to recoup the investment at any date and other things are more important than the thing in question, the decision to cut back on it is the easy one to make. The key to any community development project on a strict budget is to make mutual decisions that are practical or realistic. The team that is assigned with the task should be able to move in the right direction with a reliable leader like Kevin Seawright, somebody that has the proven pedigree to hold his position.
It can also create an environment where the teams can honestly express their opinions as well. And frankly, anything that assists in doing the task successfully is probably a good thing. Read more in WorldClassMagazines.