Today managers and C-suite executives face a big dilemma of whether to continue funding and complete the projects or delay them till they get revenues to fund those projects. The rub is that while it ‘s hard to support ever changing expenses and increasing cost, BizProspex realises failure to complete necessary projects can result in a loss of profits and unhappy customers.
For projects that get the approval, managers have to work with a limited budget and little to no room for errors. These small changes can add bumps and increase the cost en route.
For that exact reason we follow these 7 Steps to delivering projects both On-Time and On-Budget:
1. KNOW DETAILED RECEIVABLES
It may sound obvious, but you will be amazed to know how many people don’t get this documented. We define not only what has been discussed and is in the scope but also what is not and sign the paper before beginning the job Hence saving time and uncomfortable conversation in the coming days and months!! This simple process takes a few hours but ensures the baseline for any project.
2. ON-GOING CHANGE CONTROL
Scope changes midway are the #1 reason for project delays and unexpected overages. Defining the project details before beginning the job will keep the unknown away. Uncontrolled changes in scope can lead to delay in small projects after management realises that they are going thousands of dollars over budget. It is important for managers to keep a tab on the list of new ‘must-haves’ and ‘nice-to-haves’ that can delay a well-defined project.
3. DEDICATED PROJECT TEAM
Ultimately, the team determines the results and success of the project, dedicating resources and maintaining a single point of contact can help improve team communication and efficiency. Defining the tasks and setting clear expectations can contribute to improving the quality while keeping a check on time and budget. For collaborating with teams in different timezones, use Slack/WorldTimeBuddy and Google Cal. to manage resources and communicate efficiently.
4. PROJECT AND TIME MANAGEMENT
Project delays and poor time management equals late, over-budget projects and unhappy customers. Create simple smaller sub-projects within the plan that your team can understand and act upon quickly. Don’t allow small deadlines to slide. Be disciplined and work methodically towards your goal.
5. TRAIN EARLY AND OFTEN
One of the top three reasons why projects go over budget or fail is because new resources don’t understand the scope. Providing end-to-end weekly training can help overcome this hurdle. At BizProspex, we set aside 3 hours per week for training resources on existing projects and two days for new projects. Proper training helps us move towards the goal faster. Don’t add training as an expense, but as an investment.
6. TEST, TEST, TEST
Don’t wait until the end. Test early and test often. We ensure all our work is uploaded to the cloud through live feeds for our clients to check it on the go. It guarantees quality and saves time for us and the customer in the end. Maintaining dedicated resources for bigger projects is also one of the ways to test output. Ensuring that the project is running in the right direction will boost the morale of the team and get things done faster.
7. BE OPEN TO CHANGE
Remember, there are multiple ways to reach the goal. Be open to taking turns on the go if the job requires it, and keep these seven steps to deliver projects both on-time and on-budget.
There is no good reason not to finish projects that are in the pipeline that will reduce expenses, increase profit margins, or provide your customers with a better overall experience. The key is to run your business and projects more efficiently. This has always been possible; it’s just that when things look smooth, we don’t take the time to improve and instead let it pile up, NOW is the time to ACT.