5 Project Management Principles for Business Owners To Practise

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Business owners can take a more active interest in their business improvement projects by focusing on five key areas.

 

You may have already managed a project at your business, organised a social function or birthday party, undertaken renovations at home or planned a holiday. 

Or perhaps all at once?

Whether you have formal qualifications or not, you may have some experience with the disciplines and behaviours necessary to successfully complete a project.

There are 5 project management principles that are particularly critical to successfully implement change in your business.

1. Stakeholders successful projects clearly define stakeholders and manage their needs accordingly. Make sure people who depend upon what you do are as interested today as they were yesterday about your work and outcomes. Priorities change and if no-one cares anymore about what you do, or doesn’t care about it as much as you do, then it’s time for a new challenge. This particularly applies to your customers and your staff.

2. Scope – successful projects define what’s in and out of the project scope before committing effort and resource. As a business owner – if you really care about your customers and staff you’ll ensure that any change that impacts them is clearly defined and the scope agreed before commencing work.

3. Risks – successful projects objectively assess risks and manage their likelihood and consequence. If you depend heavily on the performance of others for the success of your project, setting goals and following up performance will go a long way to mitigating risks that may threaten your ability to realise the benefits of business change.

4. Schedule – successful projects set a realistic schedule and plan and manage time carefully. If there is one thing business owners wish they had more of, it is time. Instead of working all hours, become more aware of how you spend your time and use it wisely.

5. Benefits – successful projects agree benefits early and deliver those benefits. Nothing resonates with your staff or customers than an improved experience. If you can’t identify any benefits then go back to the first principle and ask yourself, “does anyone really care about this project?”

By applying these five principles diligently to your business improvement projects, you will see an improvement in how you implement business change and the results.

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