6. Face Mistakes Head On
One of the more common reasons that projects don't meet budget goals is because it is a bit difficult to discuss. Sometimes, project teams simply make mistakes, and fixing those mistakes can cost money. Unfortunately, this can really make a mess out of an otherwise spot-on budget.
How does this happen? The reasons can vary. You might have miscalculated a time estimate. Someone on your team may have dropped the ball on quality assurance. You may have failed to allocate enough time or money for an important part of the project.
Whatever the cause, you're really left with one choice. You have to identify the issue, acknowledge it, and make a plan for fixing it. You'll also need to communicate everything to your client very clearly. Your honesty may not eliminate the problem, but it can help to keep things calm while you strategize a solution that has the least negative impact on your budget. The painful part of this is that making things right could mean taking a financial hit your self in order to save your client money. Still, your ability to deal with a crisis can reflect well on your management abilities. This is even true when the mistake was caused by a mistake on your part.