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So, why should you apply project management strategies to your small business?

Introduction

A project is essentially an undertaking with a defined budget and time frame. Projects range from major operations with many intertwined activities, to simpler smaller projects with fewer activities and limited resources. By this definition a small business can be described as a project. As such it necessitates the application of project management strategies to achieve its objective ie to be viable. By using project management strategies small business owners are able to maximise their resources and optimise their business processes.

It is important to recognise that project management is not restricted to larger businesses. With a few modifications, project management concepts are applicable to every kind of project.

Below are some of the reasons why you should apply project management strategies in your small business:

Scope Management

This aspect of project management is crucial to the handling, managing and prioritising of activities.. Scope management involves breaking business processes down into smaller, more manageable ‘chunks’. Business owners then ensure that no task is overlooked, by analysing each element of the project and defining each smaller activity or workflow in advance.

Time Management

Time is an important factor in every task and project. It is easy to get overwhelmed by the numerous daily business tasks, resulting in missed deadlines.

Time management tools and skills are, therefore, very handy to help with:-

  • scheduling of tasks according to priority & durations,
  • managing deadlines,
  • co-ordinating meetings & appointments,
  • tracking the progress of operations,
  • and measuring the earned value of every activity.

Moreover, time management tools help with the allocation of resources by regulating the duration of each activity and hence preventing time overruns.

Cost Management

For all businesses (big or small) maximising profits is the number one key consideration. As such, preparing and monitoring the actual expenses against the budgeted costs of the business is key. Doing this ensures that profits are increased and the value for money is upheld.

Stakeholder Management

Small business owners can satisfy stakeholder requirements by applying this aspect of project management. Capturing the expectations of each stakeholder at the point of business inception is critical. As it allows the business owner to measure these expectations against baselines expectations throughout the life of the business.

Process Management

Process management can help in streamlining all the operations within the business. Moreover, it offers an additional value-add to the product and services offered.

It, therefore, makes sound commercial sense for small business owners to hire a virtual assistant to look into your business processes and activities – after all, it is their area of expertise. Experienced Virtual Assistants are able to identify the loopholes and inefficiencies within the business. As well as set up systems and automate processes that increase the efficiency and productivity of your business.

Why You Should Apply Project Management Strategies To Your Small Business?

In conclusion, project management is fundamental to the success of small businesses. It ensures that a business not only achieves its goals but also that the, often limited,  resources of many small businesses are put to the best possible use.

Additionally, project management strategies should be applied right from the point of business inception, and throughout the life of the business, to ensure that both the business objectives and the stakeholders’ expectations are met.