Demystifying Project Management: How It Can Help Your Business Succeed
Project management can sometimes appear daunting and overwhelming for small businesses. The thoughts of project plans, deadlines, and rigid processes associated with hiring a certified Project Manager might deter you. However, there is a happy medium to achieve success, and understanding Project management's significance is key.
So, what exactly is Project Management, why is it important to companies and how can it contribute to your success? According to the Project Management Institute (PMI), it is “the use of specific knowledge, skills, tools and techniques to deliver something of value to people.” So, what is it really? Let’s delve deeper.
Project management traditionally consists of five phases, each of them instrumental in driving success. By understanding these phases and their benefits, you can fully grasp why implementing even basic Project management just makes good business sense.
Phase 1: Project Initiation
This phase is where you define objectives, scope of the project and what to deliver as the result. It’s also where you identify the feasibility and viability of the project. Can your company handle this project, given its current finances and resource structure? No one wants to waste time on something that isn’t going to bring in revenue, so this phase ensures that the purpose of the project aligns with your business roadmap.
Phase 2: Project Planning
Here you’ll find the meat and potatoes of Project management. You’ll define project goals, milestones and tasks. In addition, you’ll identify your budget for the project. By creating a project plan with realistic and achievable timelines you will have a plan that clearly defines the steps to completion. While you may think that all of this effort up front is not worth it, the truth is, a little bit of planning will increase overall productivity by leaving nothing for interpretation. In turn, this will also keep you on budget and reduce the risk of unwelcome surprises.
Phase 3: Project Execution
With your project plan in place, the team needs to be assembled and tasks and responsibilities can be assigned. In this phase, the project is being worked on, and you are conducting regular meetings and ensuring the tasks are completed according to the budget and schedule as defined in phase two. Having a plan that is available to all involved allows everyone to understand where the project is at any given time. It also allows resources to see their work effort for this project clearly defined which allows them to maximize their time management across all deliverables, not just for this project.
Phase 4: Project Monitoring and Control
Now that your project is up and running, you need to monitor the status of the project. There’s a term that we call scope creep, and this is where all the little new ideas and changes can take a project and completely derail it – from both a time and budget perspective. By proactively managing potential scope creep and identifying and resolving issues promptly, you’ll keep the project on track and within budget. Effective communication among stakeholders is also essential during this phase to ensure everyone is on the same page with resolving and issues and risks that arise.
Phase 5: Project Closure
You’ve done it! You’ve finished the project. This is where a lot of businesses make the critical mistake of not executing a proper post-mortem. The final deliverable should be measured against the defined project objectives and the actuals for the budget should be consolidated. Lessons learned and best practices should be documented for future reference. And closing out all documentation related to the project is important so that everything is in one place for easy retrieval.
For some, especially small businesses, this may still seem like a lot. However, adopting these practices will bring structure to the team and enhance the overall success of your business. The key thing to remember is that a project is a living, breathing thing and how you choose to implement Project management at your company depends on your specific needs.
Now that you grasp the benefits of implementing basic project management, you might wonder how to execute it effectively. This is where a Virtual Assistant (VA) can play a valuable role in maximizing resources and project focus. While the VA will leave final decisions to you, they can help in a variety of ways to ensure smooth execution of your project in each phase of the project:
Phase 1: Project Initiation
A VA is an excellent resource to help with research and information gathering when determining the viability and feasibility of the project. They will do all the leg work and provide summary findings to the team. This will save you time and effort and lets you focus on the decision making.
Phase 2: Project Planning
A VA’s unique skillset is well suited for this phase. Your VA can create your project schedule, set deadlines and create task reminders for all resources. They will also set up the meetings required for the duration of the project. They will establish proper communication channels so everyone can remain updated. By having the VA complete these tasks it saves you and your resources valuable time so you can focus on getting the business ready for the project.
Phase 3: Project Execution and Phase 4: Project Monitoring and Control
These two phases blend seamlessly together for a VA. During the execution of the project, your VA will make sure that it’s running to time and budget. They’ll fully manage the schedule and track progress. They can also maintain the repository of all project documents by consolidating all project materials so they are available for easy access.
They will also set up and distribute status reports and analytics to a variety of stakeholders. By having a complete handle on the entire project, your VA can help identify issues and risks and give you the required information to make an informed decision. There will be no guessing and additional fact gathering required which can lead to costly delays and errors.
Phase 5: Project Closure
In this phase, like mentioned above, many companies falter. The VA will facilitate the post-mortem meetings, compile feedback and document lessons learned. You will have everything at your fingertips when analyzing project performance and future business decisions.
By combining effective project management principles with the support of a VA, you streamline projects, improve operational efficiencies, and enhance communication among stakeholders. These practices minimize risks, maximize profits, and help you achieve professional success.
At ROSAPEL, we specialize in project management methodologies that simplify your life and enhance your business, all while maintaining the level of professionalism you require. We have been making business owners look and operate as the true professional CEO’s they are. Whether you need a consultation or are ready to hire, give us a call! Need it done? We’re the one!
