Why Choose CTO Rescues For your Project

6 Tips for Project Success at Startups, SMBs and Enterprises

Leading a startup, though a coveted dream is an uphill task. As per Neil Patel, 9 out of 10 startups fail & pull their shutters down. The success rate is also very low as only 30 to 40% survive to remain open after 5 years for business.

There are many reasons for failure of a startup. Your enthusiasm, idea & investment will keep you afloat for a few months. But then you need to be consistent, systematic & organized to stay on the top for long run.

So question becomes how can you improve & maintain your performance & success when there are thousands of challenges in front of you?

The answer is simple. If you manage your projects & resources in an efficient manner, then your chances to be successful are high!

6 Tips for Project Success at Startups, SMB and Enterprises

Leading a startup, though a coveted dream is an uphill task. As per Neil Patel, 9 out of 10 startups fail & pull their shutters down. The success rate is also very low as only 30 to 40% survive to remain open after five years for business.

There are many reasons for the failure of a startup. Your enthusiasm, idea & investment will keep you afloat for a few months. But then you need to be consistent, systematic & organized to stay on the top for the long run.

So the question becomes how you can improve & maintain your performance & success when there are thousands of challenges in front of you?

The answer is simple. If you manage your projects & resources in an efficient manner, then your chances to be successful are high!

Below are the six simple tips that will enhance your project management performance.

1. Get Organized, Communicate Well

For every business to be viable, sustainable and fruitful everyone directly involved with the business must be clear of the business goals. You (employees, managers, and owner) need to be organized at one place so that you can communicate with them to let them understand their job or task and the role each of them is required to fulfill.

Clarity in communication is crucial & will keep them motivated and focused towards organizational success.

2. Planning is a must

For every success, there must be a plan. Managing projects without proper planning will lead to failures; almost every single time.

Project planning is the first thing you should do before undertaking any project. A well-constructed plan will save you time, money & common pitfalls as well.

Improper planning at the startup phase can easily lead to; a lack of understanding of the complexity of the business, setting of unrealistic- goals, mismanaged scheduling, and timeframes, all this can easily lead to project failure.

If you are out in the lurch thinking of the first steps, start with those outlined below and chart your course:

Step 1: Project Goals
  • Identify Project Stakeholders
  • Gather Project Requirements
  • Prioritize the Requirements
Step 2: Project Deliverables
  • Identify the Milestones
  • Estimate the Delivery dates
Step 3: Project Schedule
  • Create Tasks
  • Estimated time to complete the Task
  • Resource Allocation
  • Re-Estimate the Delivery dates
Step 4: Supporting Plans
  • Resource Management Plan (Roles & Responsibilities)
  • Communication Plan (Project Management Tool)
  • Risk Management Plan

You need to consider all aspects during the project planning else as I said earlier it would lead to project failures.

3. Execution, Stay true to the Plan

The most important principle of Project management is to identify the problem & the best possible solution for all underlying issues.

Most startup gets carried away at this stage. You need regular reporting, monitoring & intervention to take immediate corrective action to achieve your goal or target on time.

It must be well documented for analysis & future reference.

4. Measurement and Accountability

Without accountability, there’s no reason to lead a project or be on a project team as you’re doomed to failure.

For any business unit, one needs to have clear accountability and responsibility matrix.

Hence it is important to choose the right team carefully and groom them for the job and project. At the same time, it is highly important that the project manager is accountable for the teams’ efforts and its management.

For an employee to manager, success can mean different things. It may be a completion of assigned task or achieving certain milestones or set of tasks. Measurement is critical!

You must be able to track & measure the progress of your project, its execution, where to improve, & when at all levels of the organization.

This will help you analyze business objectives & success criteria over time & enable change whenever required.

Adoption of a project management tool can aid and expedite this journey.

5. Cost & Quality Management

For a business to succeed, you must provide the best quality (product or service) within the budget. Whether its time, cost or quality, these variables must be by the customers’ or clients’ expectation.

Fast – cheap – good: You can have any two!

The efficiency & consistency is critical for any business, be a startup or a large enterprise. So all your activities need to be well planned & coordinated to get maximum efficiency.

Always ensure the Triple Constraint of Project Management – Time, Cost, Scope!

The project manager needs to educate their customers about project management’s triple constraint, create the best balance, and be aware of all changes that will impact cost, time, and scope.

The triple constraint represents key elements of a project that, when balanced well, lead to success.

6. High Performing Team, Successful Businesses

Discipline and a healthy organizational culture are critical for every company. An active cultural environment will demonstrate core beliefs, values, and attitudes that distinguish the company and guide its practices.

Transparent communication, frequent ideation and brainstorming, eagerness to help each other are true hallmarks of a highly productive and fruitful organization.

How deep these qualities are ingrained in your company’s DNA will define your success and separate you from your competitors.

 

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