Every business must manage both internal and external resources and activities to be successful. When you take on a new project you need to identify those resources, people and activities that will have the greatest impact on your organization and customer base. It is a challenge for small business owners to identify the highest value activities that will be appropriate for their company. As on a prince 2 Courses belfast training.
A recent study showed that 90% of small business owners and managers surveyed whose companies had 10-50 employees could identify that it was more critical than ever to devote their time, attention and means to projects with broad payoff. Within their own companies they were too busy to do the projects, hoping they could handle them before the end of the year or worse yet, expecting that they could tackle the smaller ones first. Tackling the projects before the end of the year creates a huge distraction for the business and gives a chance to forget the important task of managing company resources before the final debut.
You need to identify the highest value activities, trying to tackle everything in your business and use resources to their fullest. The answer lies in the fact that you need to manage most of what you have now, but it also requires that you change.
Your most valued resource is time, so if you are not managing it’s time then invest it and put it to productive use. If you are not investing time then you are neglecting it and its abilities. To keep on track in managing time start by clearly defining the business at times when your energies are not optimized. This can be most effectively accomplished by having a written business plan that identifies the main stakeholders in the company and your responsibilities for meeting their needs. It may also be important to identify specific duties and responsibilities that you and others perform. Some questions you can ask the most valuable resource of your time are:
o What type of activities is the best fit to market my company?
o What do the authorized route (internal and external) in my organization need to be in at this time?
o What projects can I do that will help the company meet its financial and other requirements for a successful fiscal year (or whatever your quarterly budget may be) and what projects require little direct administrative time and will help me minimize my personal involvement?
o Why do I need to work on this project? Will it make any difference in the progress of the other projects I’m involved with? Do I need to get up out of bed everyday just to keep my neck warm? Is this a priority?
o How much time is required to get this project done and how much time is required to get the additional projects handled?
o At this point how much value does this project get for money. If you are just starting it’s better to have options than no options.
o Who in your organization should be involved in this project and what are the specific priorities in their involvement?
o How much time is required for these departments to manage the project in question?The development of a simple project management orientated brainstorming exercise can go a long way to helping you sell your projects of higher value, reduce your personal over-exposure to project tasks and prepare you for the next project that takes your mind off the tres chic. Consider the simple steps listed above and stop plugging away at those that take your attention from your true priorities behind project development activities. Keep the most valuable resource of your time when it’s most needed, in your own company!With a Hardenatha in hand it is time toicultly identify the highest value – the critical projects that will help the company meet its production and revenue targets. Take a “Great repeatables” approach to projects relative to the rest of the business. What type of projects will have the highest pay-off? All projects, value-add, improvement or, worst of all, failures have a clear benefit to the company in question. There are some projects that should be avoided, but that in my books is a waste of papers. The key is to “go ahead and take the crap” out of the equation so that the next new project fits your needs better.
To ensure success you must make a number of important decisions, particularly during the ” Mastersabling” stage. Here to describe this are 3 questions to address annually:
1. By year end (at 4/01/09), what are your top ten projects that need the most money? Write them down.
2. By original date, what percentage of your company’s time would be devoted to each of the top ten? Write them down.
3. What would you do if you knew what Implementment/measurement issues would have the largest and most expensive impact to your company’s ability to compete in your markets in the following year?