Pros and Cons of Different Approaches in Project Management

Growing hungry small businesses now in the UK and indeed across the world face the challenge of balancing two competing objectives. Firstly, businesses must maintain and standardize current business processes to present your business the chance to get great at what it does through experience curve effects. Greater business efficiency normally translates into greater customer experience and higher profits.  Second, businesses must change business operations to survive and compete in the future. How well we’re able to achieve the ideal balance for our business will ultimately decide if we survive and continue to flourish or go the way of so many tiny businesses into marketplace irrelevancy and bankruptcy.

You might well be thinking right now what’s that got to do with project management? To understand we first need to understand the basic differences between jobs and day to day business operations. Whilst lots of the skills required to manage your own”business as usual” activities are just like those needed to manage projects, there are some significant differences. Amongst the most critical differences are that project work will be at least cross-functional and frequently cross-organizational and every job will be unique in some way instead of after the predictable pattern of business as normal. These characteristics of jobs introduce opportunities and risks over and above those encountered in business as normal. Simply speaking, projects are riskier than a day to day business and so need a different management strategy. Visit Tradetraks Time Management Software to learn more.

Jobs are how we introduce change in organizations. All businesses which are making any attempt to adapt to confront future challenges have projects. Frequent examples of projects in small businesses might include establishing a company site, establishing the workplace in a brand new location, or implementing a new product but it may be any temporary activity or group of activities that have a particular output associated with it. Businesses increase their productive capacity one project at a time. Really, for ambitious Tiny businesses looking to grow and expand, the need to initiate the right projects and achieve the desired outcome is even more critical l than it is for huge multinational and national businesses

Regardless of the apparent need for a project management (PM) strategy, many small businesses don’t bother. This constitutes a massive missed opportunity as effective project management affects the bottom line. By way of instance, research from the CBP indicates that project management improvement initiatives enhance project performance by up to 50% for the initial job and may continue for every new project if the business provides ongoing project management tools and support. We could highlight this point further by citing that the Standish Group, who at their CHAOS Report conservatively estimates that 20 percent of the money spent on jobs is wasted since firms do not have a consistent approach to project management. Click here for more information.

Let us take a look at six reasons that I frequently hear from small business owners that choose not to bother with job management and after that seriously address the misconceptions behind those reasons.

1. Project management practices take more time.

Having a process to follow will add the time to the length of an activity. Doing something properly will nearly always take a little bit more time than embracing a slapdash approach. However, if you’re building a home, would you rather have a quality result that required a bit longer, or would you prefer to get it done fast but with a lot of problems? Given that badly executed projects can be entirely de-rail a small business if they go badly, doing it well is vital, and PM procedures help ensure things are done nicely.

2. Project management occupies into the cash that I want to grow my business.

A common misconception is that it is hugely expensive to implement the PM process. The reality is that there are many free or low-cost sources of advice, techniques, tools, templates, and project management solutions easily available and accessible through the Internet. If done correctly, any small business can execute PM processes, processes, and tools using hardly any cost. The odds are that small business owners are already utilizing applications and other tools that may be used for project administration. By Way of Example, certain email software, spreadsheets, and other common applications Provide great templates for project management, particularly if used in cooperation with some of the cheap job management solutions accessible for small businesses

3. Project management requires skills that I do not have and can’t afford to employ.

Though it does require specialized skills and experience to become an accomplished project manager, these are skills that may be learned over time. To move up the learning curve quicker, it is possible to bring a PM course in no more than four or five days. Most small business owners tend to have the knowledge needed for project management, and courses like the Prince 2 Practitioner course would build on these skills while presenting the particular theories, tools, and processes essential for job administration. Whilst business owners might not emerge out of a course for a project expert, they would surely learn valuable skills to use for their small business.

4. I do not need the hassle or paperwork of project administration.

Every entrepreneur who starts their own business will, sooner or later, need to do a risk assessment, a marketing campaign, or use for finance. Becoming knowledgeable in project management and applying related tools like stakeholder analysis, communication planning, and risk management will not just assist in many of these tasks but will provide your small business with a competitive advantage over competitors who do not approach.

5. Project management will slow me down and I want to keep agile.

Modern PM methodologies all acknowledge the importance of a tailored approach to project management. If your project demands pace, the ideal methodology will allow you to move quickly. Just as significant, however, it will provide you with techniques to comprehend whether some suggested projects are worth pursuing at all. Rushing into scenarios without thoroughly understanding your environment is hazardous to the health of any project and possibly to the health of the business as a whole

6. I’m an expert in my industry, I don’t need project management.

Most small businesses are initiated by an individual who already has some experience in their industry. That is an advantage nevertheless, job management should nevertheless be employed to convert programs into reality. The key reasons for project failure are inclined to be bad planning, lack of capital, and lack of management. Project management, while not a cast-iron guarantee of success, will aid the small business in simplifying some of the ordinary risks that so often cause project failure amongst small businesses.

Even a brief look at the motives often posited by small business owners for failing to approach projects systematically and distinctly that recognizes their underlying riskiness and addresses some of the more challenging aspects of project work shows them to be of dubious merit. Without question, the quality of project outputs would be significantly enhanced and the cost of and time required in delivering job benefits employing a project methodology suitable to the scale of this project.

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