Project Management is the art of making sure that your projects reach their goal. From the first stages of the project – design, brainstorming and sharing of ideas, through to the wrap – good management will get you results. If your goal is to drive sales or to launch a new brand or product, having the project managed correctly and professionally is a great way to ensure that it’s a success.
But is it a worthwhile pursuit for your business or organisation? Is the cost of hiring a project manager or outsourcing to a firm going to be worth the return? Let’s take a look at how project management is a worthwhile and sound investment for your business that will guarantee an ROI.
Good Strategy and Good Practice
Although most managing directors will agree that good business strategy – when properly implemented – is vital to their businesses success and growth, more than half of them also believe that it can be tough to translate strategies into solutions. If strategy isn’t properly followed, budgets can blow out and projects can fail – often catastrophically. Innovative business strategy needs to be married with good business practice, and large-scale projects need to be managed carefully to avoid risks.
A sound project management framework ensures that every stage of a business strategy is optimised – from its design through to the delivery of your desired results. Good project management involves planning and organising each step of the project, including effectively guiding your team to achieve the desired result. Furthermore research states that projects that are undertaken with a business strategy in mind are more likely to be successful.
And What About Your ROI?
Successfully applied project management in your business will guarantee you a ROI. Why? Very simply put – it oils cogs and makes your business run smoothly. Human resources are your most valuable cogs, and when properly managed and maintained individuals will work better and teams will function more cohesively throughout a project’s lifespan.
Statistically, 100 million in every US Billion spent on projects is bled out or wasted due to miscommunication between departments and mismanagement when moving between project stage-gates.. Using experience and qualified Project Managers, either in-house or sourced externally, drastically reduces these issues and the amount of capital you stand to lose in any venture.
One way to aid this process is by investing in talent management and ongoing workplace training for your project management staff. If you are a start up or a growing firm and you don’t have an in house Project Management Office (PMO), it may be time to consider creating some key roles. Again, statistics have shown that training project management staff leads to big increases in workplace performance, which inevitably leads to growth for your business.