Insights & Resources

You didn’t win your budget bid – what now?

Actions to take if your budget was not approved

If your budget is not approved it’s important to take constructive steps to understand why it was rejected and what actions can be taken next. Here are some next steps you could consider:

  • Seek Feedback: Arrange a meeting with the relevant decision-makers to understand why the budget bid was not approved. Seek specific feedback on areas that need improvement or clarification.
  • Revise the Budget: Based on the feedback received, revise the budget to address any concerns or objections raised by the decision-makers. This might involve making adjustments, providing additional justification for certain costs, or exploring alternative approaches.
  • Present a Revised Proposal for the next decision-making round: Get on the agenda or schedule to present the revised budget proposal. Clearly communicate how you’ve addressed the feedback and why you believe the revised budget bid is appropriate and necessary.
  • Consider Compromises: If the decision-makers have specific concerns or constraints that cannot be fully addressed in the revised budget, be open to negotiation and compromise. Look for creative solutions that satisfy everyone’s needs to the extent possible.
  • Involve Stakeholders: If appropriate, involve relevant stakeholders including finance professionals in the budget revision process. Their input and support can strengthen the revised proposal and increase its chances of approval.
  • Explore Alternatives: If it becomes clear that your original budget proposal is unlikely to be approved in its current form, explore alternative approaches or funding sources that might achieve similar objectives within the constraints provided by decision-makers.
  • Learn from the Experience: Use the feedback and insights gained from the budget bid process as a learning opportunity. Identify areas for improvement in your budgeting process and communication skills to increase the likelihood of success in future budget proposals.

By taking these steps, you can demonstrate flexibility, responsiveness, and a proactive approach to addressing feedback, increasing the chances of ultimately securing approval for your budget proposal.

If you would like to get tips for your particular circumstances, chat to budget expert Charitee Davies  email: chariteedavies@grosvenor.com.au  or book a chat or message via LinkedIn