If you are in a position of leadership for a project, you may be asking yourself, “What are some strategies I can implement to make success more likely?” We connected with a few business experts to gain their insights into project management.
Projects are not specific to one or a few industries. They exist in every area of the professional world. From developing new product ideas to shoring up a customer service effort, there is an infinite number of things that could benefit from good project management.
But in order for a project to be successful, the right leader must be in place. This person guides people on a predetermined path in search of success. Additionally, they also make decisions about the budget, goals, and roles of employees within the project. With all of this and so much more, the duties of a project leader are nothing to look down one’s nose at. If the person in charge does not rise to the occasion in front of them, a project is sure to fail.
Business writer Tom Peters summed it up this way: “Management is about arranging and telling. Leadership is about nurturing and enhancing.”
Rob Bartlett is the CEO of WTFast, a brand offering a VPN service for people who play video games. He believes ensuring every member of a team has an understanding of the goals is necessary.
“If employees do not know what they’re working towards or why they’re working towards something, it’s really hard for them to be engaged. Abstract concepts related to success or methods of operation will only serve to bog down any productivity you’re hoping to achieve. In the early stages of your project, take the time to inform your team of what the expectations or hopes are and what everyone will be doing in order to reach those. Basically, you want to avoid leaving employees in the dark in any capacity. If they’re well-informed, they’ll be more engaged.”
Practice Forward-Thinking for Successful Project Management
QuaGrowth specializes in email marketing. Their CEO, Jason Boehle, suggests using some foresight to identify potential issues.
“It’d be crazy to think at the start of any project that you won’t face any adversity. It doesn’t matter what you’re doing, something will pop up that prompts you to seek a solution. Obviously, some of these cannot be planned for. But you can anticipate some of them if you’re forward-thinking. As you review your plans for your project, see if you and your team can find some areas where you believe the project may encounter a speed bump. If you’re proactive about it, these bumps could be smoothed over before you get there. At the very least, you’ll at least be aware of its presence as you approach it.”
Brandon Lurie is the marketing director of Y Meadows, a brand offering AI customer service solutions. He advises others to be thoughtful about selecting people to be part of a team.
“Just because a team appears to be a dream team on paper does not mean they’ll be successful in reality. People have too many personal variables to assume that relationships will flow smoothly. Furthermore, the people who make up your team can absolutely make or break any project even if it seems routine and simple. If you have control over who is going to work on your team, choose wisely. Think about how personality types will mesh and if there are any existing relational issues that may derail any movement towards success,”
Be a Team Player
VITAL specializes in a credit card with unique rewards. Their CEO, Chris Bridges, believes the quickest way to rally the troops is to become a part of them.
“In the world of project management, the word team is incredibly common but it doesn’t always hold the same meaning. While the very textbook definition of team may be met by most of these groups, they can sometimes lack that unity which sets a team apart from its peers. These types of teams are always collaborating and pushing each other to succeed. This doesn’t happen simply because a leader wishes it. A leader must be a team player to nurture that teamwork which is so desirable. By leading through example, you’re setting the standard for how your team will operate.”
Understanding what has been done and when it was done is critical in business. Vaster Capital is a business providing custom mortgage solutions. Their vice president of bridge lending, George Fraguio, proposes documenting all important events and decisions related to the project at hand.
“As any productive employee knows, organization is a key element in making that productivity happen. This idea extends to the data and information about the project you’re working with. Details about conversations, plans, tasks, and more should all be kept track of. Doing so will make your life that much easier as nothing gets accidentally swept under the rug. One of the worst feelings you can sit with is when a problem could’ve been avoided by your own actions but you did nothing instead. This is an example of that. It may not be easy to keep track of all the details but your future self will thank you for doing so.”
Subscribe to the Right Project Management Software
Jared Hines is the head of operations of Acre Gold, a brand offering users the ability to buy and save gold on a subscription basis. He cautions others to not turn a blind eye towards the technology that can benefit their company.
“Every person in every industry likely uses electronics in their work in some way, shape, or form, even if it’s just temporary. Phones, computers, machinery, and so much more are built around modern software that makes our lives easier. Your next work project can also be affected in a similar way. There is project management software out there for any project you can dream of. From small businesses to the largest corporations in the world, software exists to make your next project seem like a dream.”
OSDB specializes in professional athlete information. Their co-founder and CEO, Ryan Rottman, considers it imperative not to leave a project behind once it has been completed.
“It seems logical that once your project has reached its conclusion, you would put it behind you without giving it a second look. It makes sense, you’ve got other things on your plate to replace the time you had dedicated to your completed project. Now, I’m not suggesting that you go back and continue to put effort into something that has concluded – that would be a waste of time. But, you should go back to the tape so to speak. What can you learn from that project? Where did you perform well and where did you fall short? How can you become better from all of this?”
Every Company Needs Successful Project Management
Successful project management is a necessity for any company to build and maintain stability. It is not the only thing that makes up a company, but it may be the most impactful. Joy Gumz, the director of Project Auditors LLC, spoke to this, “Operations keeps the lights on, strategy provides a light at the end of the tunnel, but project management is the train engine that moves the organization forward.”
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If you have ever been curious about the effects of inflation, you may have taken a journey through Google that led you to an inflation calculator. Here, a person can understand how the value of a dollar has changed over time. For example, 100 years ago, one dollar was worth the equivalent of nearly 17 dollars now. This highlights the power inflation holds.
That being said, inflation can cause turmoil in just a small window of time. It does not need a century to greatly affect the stability of a small business. If a company does not have the right plan in place for a change in value, it could signify the beginning of the end.
Alabama senator Tommy Tuberville summed this up. “Inflation is not an abstract idea thrown around by finance gurus,” he said. “Inflation is a very real threat to the pocketbooks of hard-working Americans throughout our great country.”
Since inflation is an unstoppable force, small businesses must learn how to navigate the issue when it arises. This is why we connected with a few small business experts to find out how they are preparing to cope with rising inflation.
Tony Chan is the CEO and co-founder of CloudForecast, a brand offering Amazon Web Services (AWS) cost-monitoring software. He believes intentionally finding ways to earn interest for extra cash is wise.
“It doesn’t matter what kind of work your small business does, inflation will find a way to impact what you’re doing. If a dollar becoming worth less than it was previously is the result of inflation, then it seems that the solution should be to identify ways to combat this loss. So how do you increase the value of a dollar? Any account with positive interest. I realize that small businesses don’t have piles of cash sitting around without use for them. But if these businesses can find interest before inflation finds them, they’ll be ready.”
Focus on What’s Working
Patriot Coolers specializes in portable storage for beverages. Their business development manager, Marcus Hutsen, suggests paying attention to the endeavors that are proving themselves successful.
“Someone is going to end up financially responsible when inflation takes place. In business, this tends to be the customer, as the companies increase their prices to make up for any difference created by inflation. As a private company, there’s no rule against reevaluating your prices in order to focus on what’s working and capitalize on it. Let’s say you have an item that is selling well but you could be doing more to profit off it. If you’re generating more numerical and valuable sales, any kind of inflation issue will be far less harmful.”
Foster Efficiency and Get Ahead of Inflation
As time goes on, the value of the dollar will drop. However, with time comes technological advances. Hybrid2Go is a business providing battery replacement for hybrid cars. Their COO, Cole Steverson, considers it imperative to take advantage of this.
“Anyone who has dealt with inflation knows that even though a company raises its prices because of inflation, it does not indicate a larger profit margin. Many times, the opposite is true. So how do these companies not only stay afloat but advance themselves? Efficiency is the name of their game. Technology has brought about many incredible innovations that have revolutionized industry after industry. From automation of certain operations to the removal of unnecessary tasks, you can make your work easier, cheaper, and more robust should inflation appear.”
Make Thoughtful Price Adjustments to Counter the Effects of Inflation
Trey Ferro is the CEO of Spot Pet Insurance, a company offering pet insurance plans that help to manage pet health costs. He advises others to look around their business for areas they could eliminate to save money.
“One of the most common things you’ll see in business is companies adjusting their prices as a reaction to the current inflation trends. This is a logical approach to a natural problem. But with it comes its own set of problems. When these reaction changes are made, it can deter a customer base from purchasing the product in the same quantity they were before. This could be simply the sticker shock of the price change or, the price adjustment doesn’t meet the current state of the market. Be sure to be thoughtful when making price adjustments for this reason.”
Put Together Forward-Thinking Deals
Greater Than specializes in hydration for pregnant women. Their co-founder, Mark Sider, believes agreements with other companies made over the long term are extremely useful.
“There was once a time where we drove around in our cars with multiple sheets of paper detailing directions for how to make it to our desired location. It got the job done, but it wasn’t the most transparent experience. Then, GPS on our phones came along and made navigating to an unfamiliar location far easier. This example is similar to what happens to businesses who are able to secure forward-thinking deals. Here’s what I mean: If you can lock in all of your costs for the foreseeable future, you’ll have a much better idea of how to budget. Now, you’re working with a much better idea of exactly where your money is going. You don’t have to make it more of a guessing game than it needs to be.”
If a company runs into issues obtaining the physical items necessary to function, its existence may be short-lived. Good Feels is a business providing seltzers infused with cannabis. Their founder and CEO, Jason Reposa, proposes scrutinizing everything related to a supply chain so inflation doesn’t break it.
“Inflation can be a company-killer in so many ways if a company does not have the experience and preparation in place to survive it. But one of the most deadly is the impression inflation can have on supply chains. For instance, if your company is dependent on a sole supplier for a product and inflation causes that supplier to have a shortage, you could be in deep water. Obviously, there are numerous other hypothetical scenarios that could take place so you can’t be ready for everything. But a supply chain expert could help you find priorities to shore up for the inevitable.”
Be Aware of Opportunities
Joshua Chin is the CEO of Chronos Agency, a brand offering marketing services in a variety of capacities. He cautions people not to shy away from chances that may present themselves alongside inflation.
“There’s no two ways about it. Inflation brings change. You may not know what that change is until it happens but change will happen. It’s important to remember that you’re not the only one experiencing this change. Competitors are but so are the customers. Sometimes, change can influence customers’ buying habits in ways that no one expected. If your head is buried in the side to avoid the inflation you’ll miss out on a potential opportunity. Instead, be aware of opportunities when they pop up. Your bottom line will thank you for it.”
Don’t Be a One-Hit Wonder
Andar specializes in handcrafted goods such as wallets and phone cases. Their co-founder, Eric Elggren, considers it critical to work toward sustainability.
“The nature of business encourages anyone seeking profit to strike while the iron is hot. This is true but with one caveat. If you’re only making the most of an inflation scenario, you’re not going to last long. Essentially, don’t be a one-hit wonder. Investors, as well as your bank account, much prefer continued revenue over multiple years rather than just a lump sum after one short-lived idea. It may take more planning and readjusting than you thought, but it will be well worth it.”
There is nothing beautiful about the beast that is inflation. It has the ability to take any business out at the knees. This is why preparing for it is absolutely necessary. Investor and author Marc Faber spoke to the power of inflation: “Buy a $100 U.S. bond and frame it to teach your children about inflation by watching the U.S. bond value diminish to almost nothing over the next 20 years.”
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