As a project manager responsible for big ticket, higher risk projects, my biggest problem was securing funding for the life of the project.
These high risk projects weren’t always risky in the financial sense, but were either considered political “hot potatoes” or the key decision-maker was averse to taking risks.
Over time I learned how to get creative in getting my team’s projects funded. The trick was building a financial safety net before pursuing funding for a project.
Scoping the Right Budget Owners
Begin by identifying the budget owners inside your organization. Note those managers who secure their funding primarily through projects and those whose budgets sustain operations. A senior manager could certainly oversee both in large corporations.
These are your primary budget targets and the first on your list to approach. But don’t forget about any direct reports who can influence their managers’ decision on your behalf.
Note: Your manager may, or may not, be on your primary list depending on whether h/she is more likely to fund a project that’s “politically blessed” by others first.
Your next step is to scope out potential funding outside your organization using the same criteria as above. You’ll use these cross-functional, secondary budget targets as your contingency plan should you need them.
Creating Multiple Wins
It’s important to understand how the budget managers’ needs align with your project. The more upstream and downstream wins you can identify for the budget manager, the better your chances of getting your funds.
Get started with your fieldwork by asking yourself five questions below:
- How will your project address the top three to five pain points of the budget manager?
- What psychic, or informal, needs will your project address, e.g., political or career wins?
- Will funding your project build relationship bridges between cross-functional groups?
- Can you distribute risk among three or four managers and provide a win for each?
- Could your project breathe new life, or extend the reach, of an existing project?
Once you have the answers to these, and any additional questions you identify, pull together a sales presentation that incorporates each one.
Be certain that your presentation is adaptable to the four primary communication styles, as you’ll want your message to be heard by those processing information differently. You not only want to influence the budget owners to think different, but you’ll want to persuade them to say yes to funding your project!
© 2006 DA McCrorey
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