How Effective Project Management can Help Small Businesses

How Effective Project Management can Help Small Businesses

 

It is essential for every business to reach project goals within budget and the given timeframe. By project goals we mean the business value of the project, as well as teams efforts to deliver the most valuable assets within the timeframe and budget. Achieving thisis a big challenge for small businesses as they have fewer resources compared to large organizations.

In short, effective Project Management tools simplify Collaboration and also encourage sharing information within the team and with clients/partners. It is imperative to choose the right tool for a successful Project Management implementation. For example, a project management system that requires detailed and rigid structures and thorough task descriptions will hardly work well in smaller organizations. In contrast, a system that combines high-quality reporting with flexible organization will be more effective.

But before exploring how effective project management can help small businesses to grow, let’s dig deeper into the subject.

What is Project Management?

Read Also:
Cloud through the ages: 1950s to present day [Infographic]

Project Management Institute defines a project as “a temporary endeavor undertaken to create a unique product, service or result,” which must be delivered on-time and on-budget. Project management therefore “is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.”

What small businesses need is Agile project management that helps them attain:

Why Implement Agile Project Management

Small businesses face a dynamic and complex business climate and requirement often change midway and demands increase abruptly. Unfortunately, small businesses are usually armed with nothing but fewer resources and tight budgets. They therefore need a solution that allows them to optimize every aspect of business and Agile project management helps the do so.

If used well, agile project management provides an excellent way to tweak, refine, and create more effective methods of doing things and saving both your time and money in the process. The following are a few ways agile project management can help your small business grow.

  1. Evaluate Project Progress in Real Time
  2. Better Estimate Your Resource Capability
  3. Enhance Team Collaboration
  4. Improved Cost Control and Better Cash Flow
Read Also:
Supermarket Wars: Now Data-Driven And Loyalty-Focused

Project management is imperative for the success of any businesses, irrespective of it size. It not only ensures the successful delivery of the project but also help you deal with other aspects of your business that are crucial to your growth. Regardless of the evolution stage of your business, implementing the right project management tool is key to elevate your business to the next level.



Sentiment Analysis Symposium

27
Jun
2017
Sentiment Analysis Symposium

15% off with code 7WDATA

Read Also:
The CIO's World Is Being Disrupted

Data Analytics and Behavioural Science Applied to Retail and Consumer Markets

28
Jun
2017
Data Analytics and Behavioural Science Applied to Retail and Consumer Markets

15% off with code 7WDATA

Read Also:
What is Big Data Architecture?

AI, Machine Learning and Sentiment Analysis Applied to Finance

28
Jun
2017
AI, Machine Learning and Sentiment Analysis Applied to Finance

15% off with code 7WDATA

Read Also:
Don't use the cloud like a data warehouse

Real Business Intelligence

11
Jul
2017
Real Business Intelligence

25% off with code RBIYM01

Read Also:
Evaluating your need for a data warehouse platform
Read Also:
Cloud through the ages: 1950s to present day [Infographic]

Advanced Analytics Forum

20
Sep
2017
Advanced Analytics Forum

15% off with code Discount15

Read Also:
What is Big Data Architecture?

Leave a Reply

Your email address will not be published. Required fields are marked *