Breaking the Budgeting Taboo
I am new to the theatre and the performing arts sector. I did not come from a finance background when I started with Unfolding Theatre in July 2024, where I work as Company Producer.
One of the key parts of my job is managing the day-to-day finances of the company. I often feel like there’s something I must be missing: although I have robust processes that I follow on a regular basis to keep on top of the financial management of the company (e.g. through reconciling transactions, conducting a monthly cashflow, revising our projected surplus or deficit based on this data, and reporting all of this to the board), it all still feels somewhat mysterious to me. This year, the company made a surplus that was higher than expected – I wanted to find out from other professionals in the sector whether they had any pearls of wisdom that could help me to demystify the whole thing. I sometimes feel like there’s a taboo around all things money and budgeting, so I wanted to facilitate a space where we could talk about the topic openly and without fear of judgment.
We discussed the importance of monitoring income and expenditure closely, and that saving money where you can is perhaps the mark of a good producer. However, I expressed my feeling that I have been holding on to the purse strings too tightly, due to a mindset of scarcity (and inexperience). A member of the group asked me whether this surplus could have been reinvested in a particular project, and I reflected that our youth theatres could have perhaps utilized this money to fund more ambitious performances.
Another member of the group talked about the difference between Chronos time vs. Kairos time. My understanding is that this refers to the distinction between the cycles that are built into the systems we operate within, vs. the time that we navigate based on feeling. In other words: perhaps the financial year cycle is arbitrary, and it might make more sense for us as a company to look at different rhythms or cycles that fit better with the work we’re making. This was a lightbulb moment for me, as it describes the feeling I've had of being so focused on what's directly in front of me that I can't quite access the bigger picture. This is definitely something I will be taking away with me as I start planning for the years ahead.
A member of the group reminded me that it’s quite normal to manage things conservatively when you first start out, and to then adjust your approach as time goes on and as your confidence grows. As time passes, you also have more data and evidence to build into a longer-term strategy, so you can make decisions about how things might need to change, and communicate better about this with the relevant people (e.g. the board).
I talked about my uncertainty about what information to include in my reports to the board or to my director at times. Someone suggested that I could reframe this to think about the questions I want to ask; this also includes the questions I might want to ask the artists and creative associates we work with: how can I build their ambitions and plans for the work into our budgeting?
Finally, someone suggested that mentorship might be something to explore, so that I can sense-check my approach with someone and seek some guidance. I will definitely be following up on this.
I am so grateful to everyone who came along to the session and helped me to think this through. The following group members provided their contact information so that we can continue to share ideas and resources with each other:
My email address, should anyone want to get in touch, is midge@unfoldingtheatre.co.uk