Tips on Building a Training Budget
It’s that dreaded time of year again to put together the training budget for next year. It can be hard to project the needs for the following year. Here are five tips around building a training budget:
- Understand the budget process to include approval process, submission dates and when budgets are finalized. Reconcile outstanding invoices with vendors, outstanding projects or incomplete projects and what will be billed for the current year. Meet all finance cut-off dates for the current year.
- Determine operational expenses; travel, new hire training, technology, supplies e.g.
- Be a part of the development of the marketing brand planning. This will allow you a seat at the table and to get some insights into how training can support the brand. One organization that I worked with was good at bring the entire matrix team together during the brand planning process. Everyone had input and was given the opportunity to present portions of their plan for the following year. Because sales and marketing are involved in this process you will usually get to everyone you need to work with.
- Begin to develop the training plan for the next year:
- Meet with your key stake holders discuss needs for the upcoming year to include Marketing, Sales Leadership, Medical, HEOR and other Matrix partners.
- Some of the plan will be a continuation from the previous plan.
- Internal training department initiatives.
- Once you have your list of potential items, build your plan and talk to your vendors and get approximate cost for different projects. This can be important because if there are big ticket items you need to know how to find the budget money. Often for launches the money will come from the brand or in some cases the training team will own the budget.
Remember us at The Brooks Group while you put together those 2020 Budgets.