How Project Management Can Help Your Business Grow
You may think that, as a small business, project management isn’t something you need to worry about. If there are only a few people within your team surely there’s little to be gained from a project management strategy?
Not true. Project management can help you plan effectively from the get go and fully realise the potential of your ideas. It also puts in place strategies and procedures that will serve you well when your growing company becomes bigger and more unwieldy.
But first, let’s establish what exactly project management is all about. Project management is the practice by which you plan, execute, control and deliver a project. A project is an undertaking with a definite start and end point, devised to achieve a specific goal or objective.
There are various ways to approach project management. However, all project management strategies conduct careful consideration of project objectives, timeline, budget and the capabilities of the team and resources. They estimate outcomes and evaluate results.
Project management is something you can learn so you have the skills available in-house. Alternatively, a dedicated project manager can be drafted in to oversee your project.
So now we have a rough idea of what it involves, here’s how project management can help your business grow:
It Can Save You Money
An intrinsic part of project management is budgeting. Having a clear idea of costs at the start of your project can help you to find areas where savings are possible. Estimating your budget also allows you to easily identify costs that are getting out of hand and act quickly to rein them in.
It Can Make You More Efficient
Rather than working things out as you go along, project management encourages you to establish a comprehensive plan of action before you start work on your project. This planning phase can help you avoid inefficient missteps and backtracking by considering all potential pitfalls in advance. Planning in this way also helps you to make the most of your resources – both your team members and your equipment. Deciding when and how you are going to use your resources prevents double booking and allows a project to flow smoothly without unnecessary time delays. Being more efficient means you’re not wasting any time meeting your targets and growing your company.
It Can Help You Prioritise
Some projects may never get past the planning stage. This is because the research undertaken, the budgets developed and the assessments made on resources reveal that it’s best to shelve a particular project until circumstances are more favourable. Comparing comprehensive plans for different projects will help you identify current strengths and weaknesses and effectively prioritise your ideas, meaning less time and money wasted on fruitless pursuits.
It Can Help You Learn From Mistakes
All project management strategies involve a thorough dissection of the project upon its completion. In a structured way, you will examine the things that went well and the things that could have been done better. You can then take this information with you into your next project and won’t be doomed to repeat the same mistakes over again.
Project management strategies are useful to businesses big and small. They help you manage your plans and avoid wasting time or money. They provide a standardised way to approaching new projects and help you make the most of your team and resources. With so many benefits, it’s clear to see why and how project management can have a hugely positive impact on business growth.
Sophia Beirne is passionate about providing helpful content and sharing her tips. She’s been featured in a number of online publications. With a background in business administration, she’s most interested in entrepreneurship & effective project management.