What is project management definition & methodology
In our blog, we’ve always focused on the many different aspects that comprise a business and help in making it successful.
Each of these elements, such as building a business plan or following a solid marketing strategy are essential to your business’s thriving. However, if you put all of it to work entirely separate from each other the result is catastrophic.
For example, your business plan can never be effective enough if you keep shovelling budget money into a marketing activity that your cash-flow cannot sustain. In simple terms, you need your accounting department to cooperate with the marketing while both are constantly overseen by the management responsible for the business plan’s implementation.
Having said that, every project your company sets out to complete has to be organized and planned in a way that allows all of the company’s departments to do their part without disrupting one another.
Taking it one step further, Project Management is the scheduling and detailed description of EVERY single action a company has decided to take. The purpose and objectives of project management are to organize and plan every aspect of projects in order to ensure they’re completed on time while measuring up to excellent quality.
Moreover, Project Managers are responsible for deciding when a project is not worth the company’s time and resources or is too much of a risk.
Project Management for Freelancers
For Freelancers, Project Management is organising and planning in detail every project they take up on behalf of their customers.
Freelancers know this all too well; a customer can be demanding, impatient and sometimes may change their mind in the middle of an ongoing project. In our “Tips on managing your freelancing project's scope” article, we discussed how project management can help you avoid “scope creeping” from your customers.
Why use project management
This article’s topic is about all the benefits project management can bring to your small business in terms of organization and growth.
Most people tend to think that project management is just another overhead their business needs to get rid off. This notion is most prominent in the small business sector and among new entrepreneurs that aren’t practically familiar with the concept.
However, project management can bring much more to your firm than needless paperwork and rigid procedures. Let’s dive into this!
Benefits of project management
#1 Increased organization
You may view project management as your business’s compass. Projects are inherently messy and chaotic and managing them is a challenge. Good project management can work miracles with your company’s organization and planning.
By creating a standard set of procedures that anyone with the company can follow you get to sort out the chaos for good!
One of the most important advantages of project management is that it streamlines every aspect of a business and actually does away with unnecessary tasks.
#2 Enhanced employee productivity
So, having set the procedures begs the following question: “How to manage a project team effectively?”. Once you determine which projects are worth pursuing and how, for maximum profitability, your staff can also perform better towards their goals.
Relieved from the burden of needless overhead, your employees know exactly what to do in order to complete a project timely. Trusting the process is essential for increased focus and productivity!
Project management may be the point of reference when someone needs to readjust their workflow as what it does is, create efficient templates and procedures.
#3 Increased preparedness
When you have good project management in place, it is easier to avoid mistakes or confusion due to sudden changes in scope.
Through proper planning of processes, a project manager is able to work out all the possible scenarios and provide workarounds when necessary.
Also, when a process has been proved to be working, you can use it many times over for similar cases. This way, the project manager doesn’t have to constantly reinvent solutions and employees are less likely to get sidetracked by difficult situations.
#4 Better Pricing Policies
When you’re aware of how much time it takes to complete a task you can have a pretty accurate estimation of the whole project’s time-requirement, thus its cost. As we’ve previously mentioned in our “Top - 10 Effective Time Management Tips and Strategies for your Work” piece, “Time is money”!
Coming up with new processes, through good project management, that are more efficient will help you optimally tweak both your budget and pricing policy towards more profitable margins!
#5 Schedule time more effectively and keep deadlines
Inevitably, when a clear roadmap is laid for everyone to follow, sticking to deadlines is far easier than it was before.
Project management employs time-schedule and to-do lists that will enable every company member to make better use their time.
Always remember that good project management is ultimately what makes the difference between a happy or a dissatisfied client.
#6 Evaluation tool
Processes and standard procedures are not written in stone. The purpose of project management should be to always look for improvement space.
Use your project management tools to evaluate the efficiency of current methods and figure out ways to optimize them even more!
Projects apart from monetary rewards, bring knowledge as well (or at least they should); a know-how that, if evolved, can arm your company with one more competitive advantage.
#7 Easier to adapt to changes
If you want to know how to manage a project effectively, you must know that nothing is constant.
The only thing that remains the same is change and that’s what project management does ultimately; manage change!
Effective project management comes up with effective workarounds to problems that might occur or sets up proactive procedures to identify and predict risky situations before they even start.
The first step you could take to benefit from all the above, is accept that projects management is an essential element for a successful business.
All projects consist of various combinations of processes and templated procedures, so if you find yourself lost in a chaotic situation, it’s certain that you need project management to navigate you safely out of the mess.
How to manage projects effectively?
If you want to find out what are the steps for successful Project Management, stay tuned!
Our next article will give you everything you need to know about how to implement and utilize Project Management for your small business’s growth!