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Get the most out of your facility management budget with these three tips

Budgeting is one of those tasks that can be daunting for any facility manager. It takes time to get your budget right, and trying to account for every single cost can seem like an impossible task. Even so, we’ve collated a handful of tips that might help you come budget time. 

Plan a budget but know where to keep it flexible

You should know where every cent in your budget is going, but you also know where to keep it flexible. Allowing yourself a bit extra for key areas – such as your building’s assets – means that you’re covered in case the unexpected happens, or even better, you end up with a surplus at the end of the period. But adding small areas of buffer will help in the long run. 

Analyse trends

Sometimes the best advice and insight comes from outside our own scope of knowledge. Before you finalise anything, look through the latest trends in facility management. This will give you a better idea of what is changing in the industry and what you will need to be aware of for the period. You can also plan ahead and take into account any trends that might take place in the near future (think layout changes or implementing new software). 

Monitor and record

Record as you go during the period as this data will become critical for next period’s budget. If you’re not already making use of software reports and charts, now is the time to factor this into the budget and start taking advantage of facility management technology. 

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