Key Factors That Make a Project Successful

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In today’s competitive world success is all that matters. No matter how many endeavors an enterprise makes, only the successful ones will count. Meeting deadlines is not enough, every goal and objective must be met to complete a project successfully.

Many startups and growing companies fail to maintain their winning streak. They are unable to overcome challenges that hit them project after project. This is especially true if the management style is based on trial and error.

Adopting the trial and error methodology can lead to inconsistencies. To make a project successful, managers must stay true to the principles of project management.

Today we will discuss the tried and tested formula for successful project management. Here are the key factors that can lead your project to guaranteed success.

1. Resource Allocation And Management

You must have learned in B-school that every enterprise is faced with the challenge of getting the best out of limited resources. This is true for projects as well. A successful project needs highly efficient resource management. When resources are misallocated, time and money get wasted. In such cases, the project budget may blow out of proportion too. Resources need to be managed well to keep the project running. Resources include people, money, time and materials. For making any project successful, you need to keep an eye on all the resources at your disposal.

2. Strong Leadership

Strong leadership is the foundation of a successful project. If the project manager is indifferent, the team remains unmotivated. Manager’s attitude has a strong influence on the work environment and ethics.

As a business owner, you need to set an example of leadership for your managers and team leaders. Encourage and compliment the leadership qualities of your managers when their team performs well. On the other hand, if a team is repeatedly failing to achieve targets and complete projects, you need to question the competence of the manager.

3. Diligent Team Members

A good manager is aware of the strengths and weaknesses of his team members. If your team lacks intelligent and diligent people, or if it is short-staffed, achieving project targets may seem like a faint possibility. Capable and committed team members are valuable assets to any organization. They can steer a project through any roadblock. Their dedication to project goals and targets keeps them pacing on the road to success.

4. Efficient Planning

Many managers pressed with urgent projects skip the planning process altogether and head off straight to project execution. In the absence of proper planning, teams are bound to get stuck often. Time and resources are not well utilized unless there’s a thorough plan in place. In the absence of a project plan and schedule, it is easy to lose track of goals and objectives. If you want to succeed with a project, remember to always make a plan first.

5. Systematic Approach To Project Execution

A systematic approach to handing assignments is important for any project’s success. The processes involved in project execution should be simple, clear and reliable. Design a workflow that will guide your team through the process of project completion. Instead of manually charting out the workflows, take the help of project management tools. SmartSuite, a popular project management software can be used to create detailed workflows for all types of projects.

6. Effective Communication

Effective communication is the golden rule for effective management. A project cannot attain success unless the team members have the space to communicate freely. Likewise, clients and other stakeholders also need a platform for effectively communicating their requirements and feedback. There are many tools available to support smooth communication among team members and project stakeholders. Don’t rely on phone calls and emails alone. You can also use group chats and video conferencing for a smooth flow of ideas and instructions.

7. Risk Management

Even the world’s best planners are known to fail. Remember, a thing well begun is ONLY half done. Project risks and environmental threats can easily hinder the progress of a project that took off well. When you commit yourself to a project, as a manager or team leader it’s your responsibility to take account of all potential risks. You can create a risk log or structure and share it with all stakeholders so that when a problem emerges they can quickly find a resolution.

8. Time Management

When you start executing a project, it is natural that you get too occupied with the current tasks. But as a manager, you need to bear the bigger picture in your view. Time management is crucial so that you can focus on all tasks and complete them according to priority. The tools for tracking the real-time progress of assignments, as well as for reporting and monitoring progress are all embedded in good project management software. All these tools can help you efficiently utilize your time.

9. Maintaining Work Standards And Best Practices

Achieving targets is not enough. A project is considered successful when quality work is delivered on time. Your team should maintain high work standards and aim for customer satisfaction. As a project manager, you should lay down the golden standards and best practices clearly for your team.

10. Project Closure

A project is a success if there is strong project closure. When you have delivered your best and all assignments are completed, you and the client should come to an agreement that all deliverables and targets have been met. Key points regarding delivery, testing and release should be declared before all stakeholders and signed off. You can also conduct a survey and obtain feedback from the client for the future.

Conclusion

If you focus on the right areas, you’ll be able to lead any project without hassle. The factors discussed above are crucial for successful project management. Taking one project at a time, you can lead your team to the peak of success. We would also suggest you document all your completed projects. Such records will keep your team motivated, and also prove your organization’s worth before new clients.

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