April 13, 2024

Business Bib

Business & Finance Blog

Innovate, Create, Participate! 3 Project Management Strategy Components for Small Businesses

3 min read

Looking to create new and better ways to collaborate? Click here to learn some of the best project management strategies for small businesses like yours.

Demand and compensation for project managers is well above average as more businesses see the value in having a designated leader to help lead projects to completion.

The thing is, for small business owners, hiring a dedicated project manager can be an expense that’s too difficult to take on.

In our view, another effective (and more affordable) means of successfully tackling projects is to learn successful project management strategies so you can manage your own company directives.

Keep reading to discover three core components of successful project management strategies that are worth committing to memory.

  1. Set Clear Expectations

Expectation setting is at the core of every project. It lets you and your team know what you’re trying to do and how your project will look if it meets its goals.

All expectations/goals must be recorded in writing before you start putting resources into your project. Furthermore, all stakeholders should have a say in your project’s expectations as you don’t want to move towards an end that you later find out doesn’t satisfy somebody’s needs.

Once your project’s expectations have made their rounds, use them as your guide during every step of your project’s development process.

  1. Put Together an Exceptional Team

Much like what is discussed when you read on topics concerning adaptive organizations, having a team that’s especially suited to your project’s needs and can pivot quickly will be vital to your success. Because of that, you shouldn’t take picking team members lightly.

A skilled project manager takes the emotional component out of selecting team members. They reference their project’s goals and put the best people in place to achieve stated outcomes.

As you construct your team, try to include some redundancy in roles so projects don’t derail if people drop out during production.

  1. Define Milestones

You know where you’re starting. You know where you’re going. But do you know if you’re walking a straight line to your destination?

That question is an important one to answer as taking detours while working on a project can send you over budget.

Defining milestones regarding your project should be periodical. This will help you see how you’re pacing.

At each milestone, share your project’s progress with stakeholders to ensure that everyone is happy with how things are going. After all, It’s easier to make pivots a quarter way through your project than it is to pivot once it’s done.

Consider These Project Management Strategies for Your Next Course of Action

Armed with the project management strategies we’ve shared, you should be able to see your project to completion. Once you’re there, take a moment to evaluate how your project turned out.

Did It Meet Its Goals? Is There Room for Improvement?

In almost all cases, there will be things you’ll want to add to your project. Take note of those elements and define a path forward for how you’ll continue to support your project’s improvement.

For more guidance on all things business, consider reading the newest content we have available on our blog!