Entrepreneurs are the busiest people on the planet. When a person decides they have a great idea or product for a business and decides to start their business, they don’t always realize the many different aspects of running the business. That’s why it’s vital for entrepreneurs to develop a system and plan to stay organized and productive. As your business grows and your workload increases, you may need to consider how project management can help your business.
What Is Project Management?
If you have a business, then you have projects. The type of projects you have depends on your business and what your business needs to run efficiently. Every project will have a start to finish process. Project management is how a project is planned and managed, from start to finish, and producing the desired result. As a busy entrepreneur, you will not have time to handle every project and may need to consider bringing on a project manager to oversee and manage important projects.
What Is A Project Manager?
A Project Manager is a person you appoint to oversee the project throughout the lifecycle of the project. Business projects typically have five phases that a Project Manager will manage:
- Initiation. You will work with the Project Manager to develop a plan, lay out your expectations, goals, deadlines, expected outcome, and any pertinent information to start the project. They will either work with your assigned team or bring on a team to delegate work accordingly throughout the project’s life.
- Planning. The Project Manager will plan the project by breaking it down into smaller tasks, determining how much time is needed, and deliver to you a roadmap of how the project will run until it’s concluded.
- Executing. Now that you have a plan, the Project Manager can execute it. The Project Manager will monitor and control the work to ensure everything is on track for your budget and deadlines. They will also manage any issues or problems that arise out of the project’s life and make any changes needed throughout the process.
- Project Performance and Monitoring. The bulk of a project manager’s work is to monitor the performance and progression of the project. There is a science to this, and the Project Manager may use tracking tools, reports, and software designed to run projects efficiently.
- Closing. As the project comes to completion, the last step is when you have had a chance to check out the deliverables, any documents or forms that need to be signed, and confirm everything is complete.
What Is The Importance Of Project Management?
Entrepreneurs often think they can manage their business projects independently or with their team and end up regretting it. Businesses can benefit from having a Project Manager for many reasons.
- Reduction of failed projects – Have you ever heard the saying, “If you fail to plan, you plan to fail”? Too often, businesses overestimate how quickly they can get the project completed and fail to plan on issues or changes that arise during the completion. Also, an underestimate of costs can be an issue. A Project Manager can set realistic and achievable goals to get the desired result and ensure the project is on track to meet the goals and budget.
- Reduced costs – Project Management reduces costs by improving efficiency, minimizing risks, and utilizing proper resources. Even hiring a Project Manager can save you money by having the project handled the first time correctly and not having to take more time and expense to correct things.
- Reduces risk – Risk management is crucial to the success of a project. A Project Manager’s primary role is to ensure risks are appropriately managed and mitigated to avoid becoming significant issues for the company. Saving you time and money by minimizing risk is an excellent benefit to your business.
As you can see, a Project Manager can be a great asset to your business. You can hire a full-time Project Manager as part of your staff or team or hire a Project Manager based on projects as they arise. You might want to consider hiring a Virtual Expert® to manage your projects virtually, so you can spend more time focusing on your clients and leave the project management up to an expert! In what ways do you think Project Management would benefit your business?