A lot of CEOs tend to underrate the enormous impact project management can have on their businesses. However, the truth is once project management is practiced in a firm, mistakes can be reduced to its barest minimum.
It includes several aspects like planning, distribution of value, execution of projects, etc. Employing a project manager in a firm would ultimately propel such a business forward during its premier stages.
97 out of 100 business persons quizzed about the effectiveness of project management to startup output affirmed that it enhances the chances of a business prospering in its industry. You need to understand that as an entrepreneur, project management should be in place once your business kicks off operations.
In addition, you need to get the right method for project management for your firm based on your business model. Using the right method is sometimes the most difficult part of project management for CEOs.
You also need to understand that although your business and your competitors may be in the same industry, what works for them might not work for you. Hence, the need for the perfect method that fits your business arises.
Finding the Perfect Method for your Business Project Management
In essence, there isn’t a ‘wrong’ method for project management. However, you need to pick the right method that produces the most results. The first step to knowing the best method for your project management is by outlining what your business needs.
To do this, you’ll have to reevaluate the structure of your business. The size of your business also has to be determined, your goals for your business need to be understood, your final aim for the business has to be projected, and the reaction of your clients toward the method you intend on using has to be taken into view.
Know more: 5 Android Apps To Manage Your Business
Once the method for your business has been chosen, you can move onto project management tips that can help your company succeed. Businesses don’t get lucky. The performance of a business reflects the minds behind it.
Top Project Management Tops for CEOs
1. Create Achievable Goals
It has been stated several times without number that a big part of success is the creation of goals. However, goals are dreams that are meant to be achieved.
They’re not dreams that are meant to remain to remain dreams. When you set achievable goals for your business, each time you hit your target, you feel happy and accomplished. Little by little, the completion of each goal would help the company take a stride forward, pushing it closer to its final destination.
When setting your goals, you have to consider some facts. They include putting yourself in the shoes of your clients and understanding what they want.
Every business no matter how big needs clients to thrive. If your clients and customers are happy with your business’ services, they would have no reason to start patronizing your competition.
You also need to have a strong plan for your project. You have to be very active and your schedules flexible, depending on the severity of impromptu situations. You need to ask yourself the simple purpose for your long-term goal for the business.
The aforementioned factors help when your business takes a major financial hit or disappointment. The outline for the methods you’d need to achieve your long-term goals has to be laid out and strategies to advance on those methods need to be set.
2. Learn to Morph Obstacles into Success
A CEO’s business life is what he/she makes it. When many listen to the success stories of millionaires and billionaires all over the world, they ignore the struggles and compromises made to achieve those goals.
Most individuals only focus on the end result and fail to understand the emotional impacts the setbacks would have had on these CEOs.
During the course of project management, you are sure to experience numerous obstacles. Stakeholders in your business might ignore your effort and your employees could be uncooperative, arguments could arise within your team members, deadlines would be missed for milestones in your roadmap, and even financial issues could seriously hamper the amount of work you’d get done.
However, as the saying goes, ‘an arrow needs to be drawn backwards before it can be shot into the distance,’ you could view these obstacles as potential opportunities for your business.
3. Understand Yourself
From the moment you become an entrepreneur, you’ll need to pause and take a look back at your current position and the journey you’re taking. You’ll ask yourself questions like the reason you began the business.
Was it to fulfill your passion? Because you were tired of working for close-minded people and believed you could do better given the opportunity? Was it to get increased flow of income? Once you answer one of these questions, you find others flooding your mind.
You could start questioning yourself about the skills you possess, the extent of your responsibility as a person, your passion, the amount of hours you can work before giving up, the amount of money you can spend comfortably, the clarity of your direction, and even whether your mind is mature enough to handle the life of a CEO.
4. Improve Communications With Your Team
You need to be able to understand communication to communicate effectively with your team. In project management, communication is key. When every member of your team is in constant communication with each other, hourly or daily updates on the project would be given, leading to consistent brainwork concerning your business.
It is a widely known fact that the more you spend time on something, the more effective you become at it. A research done by a group of people showed that several project managers feel the amount of communication would be one of the determining factors of the success of a project.
In their words, communication goes beyond the usual talking and listening to understanding and help shared between team members.
5. Having the Right Team
Having the right team goes beyond talent. You need a team that can tolerate each other and have work ethics. You, as the CEO, cannot do the bulk of your work alone. Several good heads in a team working together to achieve a goal would get to their destination faster than a single capable head.
Studies have shown that more than 1 out of every 5 businesses that failed did so because of the wrong team. In order to avoid this, you can start by evaluating the experience of a potential team member, ensuring that the team understands and shares your vision, and by outlining the team culture for each member.
Project Management Tools You Should Have
There are several project management tools that your team members can use to make certain of the organization and arrangement of ideas. Project management tools aid in managing tasks, saving important files and documents relevant to the project, sharing of files within team members, and finance budgeting. In essence, these tools help in preventing chaos among team members.
Below, some of the best project management tools have been outlined. You can choose the best fit for your business:
ProofHub is a project management tool that simplifies the process of arrangement, organization and collaboration of project members. Cloud services like Dropbox and Google Drive can be used in conjunction with ProofHub. The software also has a feature that allows you to check on projects in real-time and determine the amount of time a team member takes to complete a task.
An added advantage of using ProofHub is that it facilitates the ease of collaboration between team members and remote workers. ProofHub has a free version for businesses that are looking to test the software out, and a paid version with several of its features unlocked. It supports several languages.
nTask is a project management software that facilitates tracking of projects, Gantt charts, suggestions on tasks, scheduled meetings etc. Third party services like Google Calendar can be integrated with the nTask software. There are mobile apps available on both iOS and Android devices so you can track project advancement even when you’re not with your work laptop.
Droptask is a project management tool that catches the eye with its peculiar design. Its interface is very different from other tools, and it makes provision for an unlimited number of files that can be shared. Big names like Harvard University and Coca-Cola use Droptask.
Don’t forget Cybersecurity
Apart from ensuring the productivity and quality of your business, it is also important that project managers pay attention to risk management. Cybersecurity is often overlooked but is immensely crucial to every project.
Project managers should be aware of potential security risks and implement suitable measures such as using a VPN to encrypt your traffic, installing anti-virus software, etc. This is to protect company assets from data and privacy breaches.
Project management is the key to the success of a business. It helps lessen the errors made by team members, meeting deadlines for tasks, and ultimately, improves the productivity of a firm. To get your project management right, you need a method which would serve in satisfying your business’ needs.
After the perfect method is picked, a number of steps should be taken, such as reviewing the team that would help in achieving your vision and the setting of goals. Different project management tools are out there which include ProofHub, Droptask and nTask.