How Do You Keep Projects On Schedule and Under Budget?

ProjectsMany businesses underestimate the complexities of starting a new project, and they end up wasting a huge amount of resources. It’s not rare to see companies spending above the initial budget, missing nearly every deadline, and still coming out with a substandard product.

Some businesses even go bankrupt because of failed projects. They could not afford losing those resources, and found it too difficult to recover.

This is why a large number of projects are scrapped halfway, as the companies decided they were simply not worth the cost anymore. Nevertheless, why do some businesses seem to have no trouble meeting all of their targets? What is the reason for their success?

1. Set realistic goals – Before the project starts, management, specialists, and team members sit down to talk about the challenges involved. Everyone must give their input, so the timelines are not overly ambitious. Putting too much weight on the team’s shoulders can lead to discouragement, and dooms the project before it even begins.

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2. Have contingency plans – No matter how well managed, no project will go exactly as planned. There will always be obstacles and nasty surprises. A good project manager doesn’t try to perfectly control the hundreds of variables, but instead makes plans for when things go wrong. Think about what would hinder the project at each phase, and plan accordingly.

3. Enable collaboration – Efficient project management and collaboration are crucial, so you need to have the right tools at your disposal. Cloud-based project management is practically a necessity these days, so look at providers like LoadSpring.com for Springboard Solutions and other platforms that your team can work with. There should be as little wasted time as possible.

4. Review forecasts regularly – How closely is the project meeting the target budget and timelines? If there are any significant deviations, find out what the cause is and how this will affect things going forward. Maintain the project’s scope; don’t permit management or the customer to continuously add and change features, which can significantly delay progress.

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5. Celebrate achievements – Has the team just reached a huge milestone in the project’s development? Don’t forget to celebrate it and reward them. Nothing can be more encouraging than to see one’s work finally taking shape, and getting proper acknowledgement for it. Always pay attention to the team’s morale.

Most of the time, project failure can stem from a breakdown in communication and lack of leadership. Just by following these five rules, you will set your project up for success.