talking budget-2

How to budget for your web design project Pt.2

We’re taking your further down the path to creating your budget. In this video we are going to look at risk and complexity which will help you to determine whether the investment you make is larger or smaller. Complexity determines how technically difficult the project is whereas risk is how much impact the project could have on your business. Your project falls into one of four quadrants:

  • Low risk, low complexity – (Tick box) It might be a regulatory requirement or a requirement for your business to display key information on. You’ll want to invest as little as possible, as it won’t affect your business or be technically difficult to build.
  • Low risk, high complexity – (Moderniser), it’s typically improving existing projects and processes. It won’t be a big game changer for your business so make sure you look for online systems and solutions that have already been built.
  • High risk, low complexity – (Punt) It might be that a business wants to target a new part of the market or sell a new product and want to test out their messaging to see if it works. If it works it could result in a new part of your business but if it doesn’t you will lose your initial investment, so invest sensibly.
  • High risk, high complexity – (Moonshot) Involves launching new products into an unknown space. You should be making significant investment in this area. You need to control the risk, test everything and should invest more for custom functionality. Don’t cut corners here; you will be creating stuff that’s not been created before.

Hopefully this helps you to figure out what quadrants you are in and how much you should invest in your project. To find out more detail about each quadrant, watch the video below.

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