By Martin H. Morrissette, Sirocco CMO – Book time with me
Welcome to the boardroom struggle. As business leaders, project leaders, and influencers, securing budget for your initiatives can be a constant challenge. The BANT framework (Budget, Authority, Need, Timing) is a cornerstone of sales conversations, but let’s face it: in the real world, securing budget can feel like the missing piece of the puzzle, even when you’ve done your homework and have a compelling case. Today’s discussion focuses on how to overcome this hurdle and convince decision-makers in your company to invest in your project.
While the BANT framework is a cornerstone of sales conversations, it’s important to understand that each element plays a crucial role in the overall strategy. The ‘ANT’ in BANT – Authority, Need, and Timing – are the pillars that support the ‘B’, the Budget. Authority refers to the decision-making power within the organisation (typically you or someone close to you) who has the final say in project prioritisation. Need is the driving force behind any project. It’s the problem that your project aims to solve or the opportunity it seeks to exploit. Timing, on the other hand, is about understanding when the need must be addressed and when the solution can be implemented. When these three elements are firmly in place, they provide a solid foundation for addressing the Budget. However, remember that securing funding is not just about ticking off these other elements. It’s about demonstrating the value your project brings to the organisation beyond just monetary returns.
Securing budget for your initiatives can be a tricky task for sure. However, with a well-planned approach, you can turn this challenge into an opportunity. Before approaching your superiors and asking them to grab their chequebooks, thorough preparation is critical. Deep dive into your organisation’s financial setup and strategic goals. Research industry benchmarks for similar projects and analyse competitor strategies, if possible. This will position you for a well-informed discussion and demonstrate your initiative. See also our previous post about what to include in your budgeting.
Building a compelling business case
Before approaching your superiors and asking them to open their wallets, thorough preparation is critical. Deep dive into your organisation’s financial setup and strategic goals. Research industry benchmarks for similar projects and analyse competitor strategies, if possible. For example, IT departments might reference IT spending as a percentage of revenue or IT budget per employee. This demonstrates initiative and positions you for a well-informed discussion. Most importantly, understand your superiors’ specific needs and priorities. Align your project with the company’s (and their) mission. How can your initiative contribute to these goals and directly benefit what your company offers?
Communicating the value proposition is another crucial step. Don’t just focus on ROI (Return on Investment). Show how your initiative contributes to a competitive advantage, fosters innovation, or expands market share. Highlight potential risks associated with inaction and how your project mitigates them.
Initiating the budget conversation requires finesse. Use open-ended questions to encourage decision-makers to consider your project within the context of their priorities. For example, ask, “Given our strategic goals of [insert specific goals], where do you see investment opportunities that will yield the greatest impact?”
Once you’ve addressed concerns, it’s time to secure budget commitment. Be prepared to negotiate and show flexibility, but don’t compromise on core elements that could undermine the project’s success. Regularly update decision-makers on progress and demonstrate the impact your project is making on the company’s goals.
Remember, securing budget is a journey, not a destination. It requires persistence, creativity, and the ability to demonstrate value at every turn. Consider offering alternative funding options, if applicable. Can you phase the project or secure partial funding to get started? Demonstrating a willingness to find creative solutions can strengthen your case.
Turning your vision into reality with Sirocco
As an IT business and development partner, Sirocco understands the challenges you face in securing a budget for your innovative projects. We’ve helped countless businesses navigate the BANT framework and bridge the gap from compelling vision to funded reality. Don’t let budget roadblocks stall your progress. By following the strategies outlined above, you’ll be well-equipped to convince decision-makers of your project’s value. And when you’re ready to take the next step, Sirocco is here to partner with you. Our team of experts can bring your project to life, from concept to implementation. Leverage our expertise to streamline development, optimise costs, and ensure your project delivers the ROI and strategic impact you envisioned.
