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The Forte Newsletter: Tips for Growing Your Business

 

Developing Project Management Skills

As a business owner/manager it's likely you organize projects from time to time -processes that require the coordination of a number of resources and people over a period of time.  How good are you at getting all these things to come together so that you end up with the result you wanted and within budget?

Although there are numerous definitions of what's involved in doing a 'project', it can be viewed simply as a planned undertaking with a course of action leading to the fulfillment of defined objectives.  But the front end planning necessary to carry through a project effectively is a real skill in itself involving considering options, choosing a course of action, and controlling the work until the objectives are achieved. But, even though every project might be different, there are some underlying essentials to setting up a project that will improve your chances of success.

Projects require a leader

Every project has a leader - the project manager, sometimes called a 'sponsor' or 'champion'.  This person is the one who is responsible for achieving the objective of the project and must be equipped, through their training or experience, to understand what needs to be done.  They also need the sort of personality that can 'drive' others to get their contributions done as well.

Projects need a clear objective

The objective of the project must be clearly stated right from the beginning, so that everyone involved in it knows what's expected in the way of results.  Define the objective carefully so there are no ambiguities or possible misunderstandings about just what the end result is supposed to be.  Changing a project's objectives part way through is a sure fire way of losing control, increasing costs and probably not ending up with what you wanted at the end.

Projects must be supported by management

The business manager needs to provide sufficient support to the project manager to achieve the project's objective.  This includes giving the project leader not just the responsibility for delivering but also the necessary authority and resources they'll need to make it happen.

Projects have stakeholders

The stakeholders are any group who will benefit from the successful completion of the project.  The stakeholders and the ways in which they will benefit should be identified in the planning phase of the project, together with an outline of how the benefits will be delivered to them.  This information can be used to get the team onside - or to tell customers how you are improving your services or product if that's what the project is about.

Projects need a plan

Fundamental to every project is the plan that outlines the steps and actions needed to achieve its objective.  This is the responsibility of the project manager, who also has to communicate the plan to others in the team before the project begins.

Projects need a timeline

Every project runs to a schedule, a calendar of events that states the actions that are to be taken during the term of the project and when they are to be taken.  The timeline is monitored by the project leader who ensures that all tasks are completed on time.

Projects have milestones

So that the leader can know if work on the project is on schedule, the project should have a series of milestones stated in the plan.  These are mini-goals that build towards completion of the overall project goal.  Milestones that aren't reached according to the timeline should trigger an alert to the leader so that appropriate action can be taken to get things back on track.

Projects must work to a budget

The project plan must incorporate a budget that details the expenditure and resources that will be needed during the project's lifetime and from where they will be sourced. An open-ended project budget is an invitation to overspending and is an indication of poor planning.

Projects require good communications

Good communications between the leader and the stakeholders, and between the leader and the project team, are essential.  All parties need to be kept up-to-date on progress and other relevant information to prevent misunderstandings or duplication of effort.

There are a number of project management applications on the market that can assist you in managing your projects.  Microsoft Project 2003 is a good example and you can test it out by downloading a trial version from the microsoft.com website.

 

InConcert Financial Group (a Biesheuvel Scarpa company) offers a holistic approach to your financial situation. Our expertise features a comprehensive range of economic management strategies, including Financial Planning, Wealth Management, Business Consulting, Accounting, and Tax Services. Our FORTE Newsletter offers direct, concrete advice to maximize your investments and business potential.