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On a very basic level, a budget dictates how much you have to invest in a project. The quality of the creative vision should always dictate the numbers – that’s what you’ve sold the client after all. However, a solid budget ensures you don’t overreach, overspend and end up running out of money. For that reason, the very best budgeting gets the greatest value at a creative level, while maximising profit margins at a business level.
Source: Creative Blog