{"id":5891,"date":"2014-01-17T09:30:03","date_gmt":"2014-01-17T14:30:03","guid":{"rendered":"https:\/\/www.smartsign.com\/blog\/?p=5891"},"modified":"2018-03-29T03:18:15","modified_gmt":"2018-03-29T07:18:15","slug":"budgeting-burden-innovation-brainstorm-new-ideas","status":"publish","type":"post","link":"https:\/\/www.smartsign.com/blog\/budgeting-burden-innovation-brainstorm-new-ideas\/","title":{"rendered":"Budgeting: not a burden to innovation, but a way to brainstorm new ideas"},"content":{"rendered":"

This post is part of a series celebrating SmartSign’s 15th Anniversary. In 15 posts, we reflect on lessons learned, good experiences, and company-wide changes that brought us to this milestone of success. You can view the entire series here<\/a>.<\/em><\/p>\n

\"budgeting\"

From Tax Credits<\/a>.<\/p><\/div>\n

Budgeting is not a burden to innovation, but a way to brainstorm new ideas<\/b><\/p>\n

Some creative types balk at the idea of sitting down and figuring out the nitty gritty budgeting parameters of the next new project or business, but Bryan Bowers, SmartSign\u2019s CFO, says that budgeting can be “an essential source of new ideas rather than a hindrance to creativity.”<\/p>\n

Entrepreneurs have big ideas. Many set out to disrupt an entire market, particularly those entrepreneurs operating in technology sectors. Even these tech innovators can benefit from creative budgeting processes. Say for example your company has a great idea with high hopes for its future. \u00a0A product explanation is necessary, but a financial road-map to that fortune is just as necessary. The product might work, but how will the company be successful?<\/p>\n

Great products can sell with awesome marketing campaigns and flawless designs, but companies stay afloat with budgets and earnings. Bowers explains, “My role has been to allow our team to bring new products and ideas to fruition by ensuring that the company can sustain these projects.”<\/p>\n

Think of budget opportunities<\/i>, not restrictions<\/b><\/p>\n

The budget is both an enabler and a limiter. It helps force the company or project leader to define goals, making them easier to achieve.\u00a0 Some see budgets as having a negative impact on creativity because they may limit the scope of new ideas. However, the limit enhances focus on key elements. It lets innovators zoom in on critical aspects that will eventually determine the success of a project. Budgets let you see flaws you\u2019d never think of.<\/p>\n

Action Items<\/b><\/p>\n

Without diving too deep into the budgetary process, here are three important action items:<\/p>\n