No matter the scale or size of a business, project management is pretty essential for staying on the right path, managing cash flow, and not feeling totally overwhelmed.
Just because you aren’t a gigantic conglomerate organisation with offices all over the world, and countless teams orchestrating an operation cross-continent, it doesn’t mean good project management should be any less of a priority.
If anything, start-ups and SMEs have less wiggle room for error due to limited resources and finance. So, with this in mind, we’ve put together some tricks of the trade to help you improve your project management tactics as a small business owner.
Plan ahead and then plan some more
It goes without saying that effective project management requires lots and lots of planning. Processes need to be put in place and potential problems considered. Contingency plans need thinking about, and sufficient preliminary research needs doing – all before you put your foot on the gas.
You’ll need to think about financial planning, logistics, and timings to help you get the resources you need in place at the right times.
Definte the roles everyone will play – even if it’s just you
Even if you’re the only person involved, it’s still worth defining the roles needed at each stage of a project, and the responsibilities that role entails. It will help you get things clear in your mind, so you can be where you need to be at the right time.
For instance, if you’re supplying wedding cakes to two separate venues on the same day, you need to make sure you turn up at the right place, with the right cake! Plus, are you just handing the cake off to someone in the venue? Who? When? And so on…
Ensure everybody involved is clear on where they need to be, what they need to be doing, when they need to do it by, and who they need to be working with.
Evaluate and evolve as you go
As the project develops, ask yourself the following five questions at regular intervals:
- Are you meeting milestones in sufficient time?
- Are all of your deliverables being executed to a high enough standard?
- Are there any members of the team who would be better placed elsewhere?
- Is your budget still on track?
- Have there been any unexpected elements which now need accounting for?
Answering these questions at various points along the way will help you identify any issues that might arise, or any processes that may need streamlining in some way. You might even find they’re part of a larger issue within the business, prompting you to update your business plan completely.
It’s going to help you evaluate as you go, and sort out any weak spots before they become big troublesome holes!
Don’t be afraid to delegate responsibility
Offloading tasks to people with the right skills for the job isn’t a sign of weakness. In fact, it’s an entrepreneurial strength.
Trying to take everything on yourself will almost always result in underperformance, struggles with deadlines and frustration all round.
A knockout project manager is one who can recognise their own skill gaps and capitalise on the expertise of others. Whether you have staff or need to outsource to freelancers, delegation can save the day.
Manage the budget
A huge part of the project management process is handling finances and making sure budgets are being met.
With so many other elements to consider, it’s easy to take your eye off the ball when it comes to outgoings and spending. You just want the project to go to plan and we get that. However, for a small business, overspending can be crippling if not handled correctly so it’s vital to take measures to avoid it at all costs.
Enlisting the help of a trained professional will help you make sure the numbers stay balanced, and you don’t end up splashing cash on things you really can’t afford.
Need help with the accounting and finance side of things? Learn more about how an accountant can help.
