4 Ways the Best Business Owners Manage Projects Effectively

Manager
December 27, 2016
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~by Rachelle Wilber~

As a business owner, you will eventually start a project intended to grow the company. Perhaps you’ve already completed your first project but were left completely exhausted from all the problems that arose. Fortunately, running projects doesn’t have to be stressful. If you implement the following project management tips, your next or first project will run more smoothly.

1. Use a Project Definition Document for Planning

Some people make the mistake of jumping into a project without planning. Although planning might not be the most exciting step to you, it will save you a tremendous amount of time in the long run. If you’re one who enjoys planning, then this tip will come easily for you. A project definition document should clearly and concisely define the project, the goals, and the financials involved. Key sections to include in the document are project overview, objectives, scope, assumptions and risks, organization, approach, a signature page, and initial effort, cost, and duration estimates.

2. Spot Warning Signs

A good project manager knows what the warning signs are that a project is in trouble. They stay aware at all times in case a red flag arises. Warning signs that something’s going wrong with the project include a difference in schedule or budget that gradually grows larger, activities that you thought were completed actually aren’t, and you’re taking unscheduled overtime to hit deadlines. These warning signs are perceived as normal to inexperienced business owners. However, they should not be occurring. The sooner you take action to fix the problem, the better off you and your project will be.

3. Learn How to Manage Projects

You can earn a Master of Science in Projects online as a fast way to learn how to manage projects efficiently and effectively. It will speed up the process of mastering project management because you’re not learning solely via trial and error, one of the slowest ways to learn. A Master of Science in Projects online will teach you how to manage complex projects, balance competing demands, and measure schedule variance and cost variance.

4. Communicate Effectively with Your Team

The best business owners manage projects efficiently and effectively by communicating effectively with their teams. Poor communication will result in team members not understanding what’s expected of them. They may make mistakes that slow down the project. A lack of effective communication can result in tension in the workplace as well.

There may be a few heated arguments before the project is over. Planning, awareness, knowledge, and effective communication are key components of executing a project seamlessly. The best business owners know this and manage projects by applying the four tips listed above. They acquire a Master of Science in Projects to ensure they know what they’re doing. And they take the time to create a project definition document before starting the project.


Meet the Author: Rachelle Wilber

Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym.

Follow Rachelle here:

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