Wednesday, June 1, 2016

The 5 Step Process for Getting Your Facility Budgets Approved

The number one challenge reported by facilities departments is securing funding for maintenance, repairs and capital projects. Short-term, band-aid solutions are often implemented instead of strategic long-term maintenance programs because facilities departments can't justify the expenditure. 

Facilities departments struggle to obtain adequate funding for a number of reasons...

1. CFO's typically do not want to invest money in managing the facility since they see the facility as an expense. They would rather invest in a new technology or initiative that is going to make the organization more profitable. They do not fully understand the value facilities departments add to their organization by correcting problems and improving how a facility operates.

2. Facilities departments often have trouble validating their funding requests. They aren't armed with the best tools and therefore can't present a solid case for funding.

3. Facilities departments don't clearly demonstrates why funding their projects will benefit the entire organization. Requests are often presented in facilities department terms rather than in context the CFO can relate to.

Our buildings do not generate revenue, but can most certainly affect the “bottom line.” Overcoming these challenges as well as others that present themselves when pitching your case to the C-suite is imperative for successful facility management. 

We have collaborated with numerous facility managers to find out the best ways to build credibility with key financial decisions makers, create a defensible capital budget, and, ultimately, get your budgets approved. 

Continue to our website to read The 5 Step Process for Getting Your Capital Budgets Approved.


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