By Rebecca Langdon
The larger organisations typically have a well implemented project management capability, often with a PMO team, a host of PM’s, the works. Their size often makes it economic and efficient to have this separate team. However what about smaller businesses that are growing, doing an increasing number of projects, but are still feeling the way in terms of project management processes and what they can do for them? These are the 4 key ways that Project Management best practice can help a growing business.
- Improve Project Estimation
What something is going to cost is almost always critical to whether or not that project is feasible or not from a business perspective. One of the key mistakes made when project management process is not employed is absent or inaccurate project estimation. Upfront estimation and a process for periodically updating that estimate is vital for project success. It also assists businesses to not carry out projects that are not economically viable, and to avoid unexpected cost slip during a project.
- Resource Capability Planning
If you are a small business you may not have a huge amount of resources, whether that be internal or an external pool you tap into. However, that does not negate the need to plan resources and assess what the output capability is of the resources that you do have. In fact, it is this project process of estimating resource output that is excellent best practice to be used more widely in the organisation.
- Encourage Team Collaboration
A Project Team when set up correctly will be able to efficiently and effectively communicate and collaborate, within the team itself, and to other stakeholders. This is often instigated via a set of project processes, but the result is typically increased collaboration which was spring-boarded from the initial processes.
- Improved Reporting and Transparency
The thing about formal projects is that they usually have reporting and data collection requirements built into their processes. Data collection and reporting when done correctly are valuable business tools that are useful throughout the business. Therefore if this can be learnt through the project process, it can be implemented more widely.
Smaller businesses may not feel that they can afford project management from both a financial perspective and the burden of additional time. It is true that when implemented poorly, project management can cause unhelpful delays and unwanted costs. Yet in reality, when used appropriately, and mindfully of the size of the project and business in question, it can be hugely beneficial for the project itself and for the wider organisation to learn from. For further information on project management techniques, feel free to explore the PMP course.