What’s the one thing that everyone wants to know but is afraid to ask?
“How much will it cost?”
There are 2 schools of thoughts about when to have that conversation.
- Old School says – “The first one to mention money loses”.
- New School says – “Talk about money early and often”.
Here are 4 really BIG reasons why new schoolers have it right.
Really BIG Reason No. 1 - It Lays a Foundation of Openness
It’s always better to begin a relationship with transparency. Doing business shouldn’t be a game of poker. We should lay our cards on the table, be honest and up front. Knowing what you have to spend, and/or what a product or service costs, shouldn’t be a secret. Be open.
Really BIG Reason No. 2 - It Establishes Realistic Expectations
Sometimes clients wants “Gone with the Wind” on the budget of “The Blair Witch Project”. Both are acceptable solutions, but if we don’t have a clear knowledge of your budget assumptions, it’s difficult for us to give you what you want because their are unspoken expectations – realized or unrealized.
Really BIG Reason No. 3 – It Saves Time
Eventually, one way or another, we’ll agree to a budget. By being open and realistic we can save each other a lot of time. And you know what they say about time? “Time is money.” When we know your budget we propose solutions that fit your budget. Sure we can bring in a helicopter and shoot it in Maui, but if your budget won’t allow that, it’s not the best use of our time.
Really BIG Reason No. 4 – It Allows Everyone to Focus on the Project
Once budget expectations have been established, we can invest our time and resources in your project. And the sooner we can do that, the sooner we can deliver the solution that moves your audience.
Don’t start your project in arrears, be open, communicate your budget early on, articulating realistic expectations, saving time and allowing everyone to focus on the project. After all, “budget” is NOT a bad word.