How project management makes a real difference
Whether your business is focused on products or services, you will need to manage projects. It may be onboarding a new customer, developing a new product or service, upgrading existing systems, or even moving or expanding the workplace. If a project is mismanaged, it will have a negative impact on your business:
- Poor handling of new customers leaves them with a negative impression of all your operations
- Ineffective product development leaves you lagging the competition
- A mismanaged system upgrade makes employees exasperated, and your business floundering from inefficient processes
- A badly handled office move can leave your team with nowhere to work
Here are seven ways in which in-house project management capability could help your company to grow.
1. Priority projects selected more effectively
The ability to prioritise projects will help you optimise workflow. This will enable your business to grow faster and with greater certainty. You’ll use your resources more effectively and capture potential returns faster, while managing costs and expenses to maximise return on investment.
2. Project work will be planned consistently
Successful projects are those that are planned. Good project managers learn from each project they undertake, and they carry their learning to subsequent projects. When your managers follow a project management process such as PRINCE2, they will plan project activities better, assign roles and responsibilities more effectively, and determine deliverables with greater success.
Consistency in project planning helps to avoid failures and deliver project products on time and within budget.
3. Optimal use of resources
Understanding the resource needs of a project is essential to execution of feasible projects. Scheduling resources before the project commences ensures that the project progresses seamlessly. Where resources are short, alternatives can be considered and costed, or the effect of a delay properly assessed. Resources include materials, suppliers and people. Optimal allocation of resources includes selecting the right level of experience and skills.
4. Management of projects in real time
Effective project managers employ systems and processes that enable real-time management of project work. This enables projects to be closely monitored and evolve as they progress. Risks are managed and milestones reshaped to keep the project on track.
5. More effective cost control
Project management capability will include project budget development with budgets developed ahead of project start, monitored throughout, and differences between planned and actual costs to inform financial projections.
6. Improve delivery of project products
Consistent project management improves the ability of your business to deliver to the expectations of a project. Managers will have the knowledge and skills to lead their teams and employ effective strategies to engage employees in project work. Onboarding of employees is essential for project success.
7. Minimise the risk of project failure
Managers who are trained to manage risks, control costs, and utilise resources effectively reduce the risk of project failure. They can mitigate issues and limit their impact on the project at every stage of the project lifecycle. Consequently, projects are more likely to be delivered successfully.
To discover how project management training delivered by Your Project Manager can help to grow your business, contact us today:
