Project management is a skill that every entrepreneur, business owner, and manager should master in order to be able to do business well. But even if you already know the basics of project management, there is always room for improvement. Here is everything about taking your project management strategy to the next level.
#1 Adopt the Right Methodology
The methodology you use for project management will determine your entire strategy. This is why adopting the wrong methodology can cost you everything. Not only will you make a bad decision from the start, but you will also lay a bad foundation for all your future campaigns to be built on. The two main types of project management methodologies are:
- Agile: This is probably the more popular methodology in the tech world. The logic is that you split or segment your entire project into pieces called “sprints”. These sprints are usually about two weeks long but can be adjusted depending on the project. For each sprint, you set a specific goal and then work towards it by going through each stage of the project lifecycle including planning, development, testing, and delivering.
- Waterfall: While agile project management methodology is more common, many companies still opt for waterfall methodology. With this methodology, you don’t break up the project and instead go through each stage from beginning to end.
Potentially, you could combine those depending on what kind of situation you are in. As long as you know what your circumstances are you opt for either of the two project management methodologies.
#2 Become a Team Player
As a leader, you will most probably want to do all the management yourself. All the decisions are made by you, so you are the one who should do all the planning, right? Wrong.
Your team is essential for the successful completion of whatever project you are currently working on. Here are some tips on how you can become a team player:
- Improve Communication: Communication is crucial for everyone to be able to understand each other. This is why you need to find the best means of communication for you and your team to use in order to avoid misunderstandings and possible errors that result from them.
- Plan Thoroughly: The planning stage of your project management lifecycle is probably the most important one because the better you plan everything, the more prepared you will be for project execution.
- Listen to Everyone: Always listen to each member of your team. You need to hear all the opinions before you decide what the best strategy to take is. More opinions also mean that you will have a more objective view of your situation.
#3 Allocate Resources Correctly
Allocating resources correctly is never easy, especially if you are new to project management.
Most of the time, you will be doing this “approximately” which means that you will be taking wild guesses.
Of course, you could test and find some statistics to support your choices, but they won’t be enough all the time. Here are some things you can consider doing:
- Outsource: Outsourcing part of your work will allow you to focus on the most important tasks in your project. For example, you could hire writers with the help of a review website like Online Writers Rating to find the high-profile professionals that you will be able to afford. This will reduce your writing workload.
- Competitor Evaluation: Another thing you can do is look at your competitors and figure out what they are doing and how they are doing it. Then, try to do something similar yourself. If you figure out what works for them, it will be easier for you to understand what will work in your case.
- Analyze the Market: There are periods when there won’t be as many available projects as you would ideally like to take. You need to keep in mind these periods to be able to predict – at least approximately – how much workload you will have and how you will need to allocate your resources.
#4 Plan Your Budget
Last but not least, along with allocating resources correctly, you need to plan your budget well.
Budgeting might not be at the top of your list now, but you will quickly realize its importance:
- investors want you to spend less
- you want to keeps the costs low
- your clients want more ROI
Your budget will differ from project to project because some of them will require more tasks to be done, the complexity will be higher, more staff will be needed, and more time will be required, and so on.
This is where risk planning comes into picture. Maintain an active risk register and allocate contingency funds at the start of the project itself.
Remember that some things are worth investing in while others do not need as much financial dedication from your side.
There is no right away to be able to calculate what tasks require what money, but you will be able to learn this skill gradually and get used to planning your budget more thoughtfully over time. It takes both time and patience.
All in all, using these project management best practices will really help you get your project management strategy to the next level. If you stick to this project management advice, you will definitely improve it to some extent.