If your country is in an economic slump, obtaining funding for IT projects will be more difficult than ever. How can you get budget conscious managers to loosen the purse strings and give you the money that you need to complete your pet project?

TechRepublic Premium presents five tips that can help.

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2: Spend money to make money

Another way to win funding for a project is to show the project will help increase revenues for the company. We have all heard the old saying that you have to spend money to make money. Sometimes, this statement is absolutely true.

For example, I once took on a project that required me to spend more money than I care to think about on new server hardware. However, the project I was working on brought in twice the money I spent, so the financial loss was only temporary.

If you can prove that your project will produce more money than it costs to implement, there is a good chance your project will be funded.

Boost your chances of funding with our five-page PDF. This is available to download for FREE. Get access to more content with a Premium annual subscription. Use the code 25off-trp to get a 25% discount.

TIME SAVED: Crafting this content required 10 hours of dedicated writing, editing, research, and design.