Is your small business struggling to stay on track financially or operationally? If your management team does not think of your business tasks and goals as projects, you may be missing an opportunity to add business value with project management.

The four basic steps in traditional project management are initiation, planning, execution and control, and closing. These steps can be applied to nearly any business process that is temporary in nature and creates something new and unique. For example, you could receive a recommendation from a customer for a new holiday-themed product. You would then approve the development of the new product, plan for its manufacture, produce the item and perform quality assurance, and then end the project when the holiday season is over. By following the four basic steps of project management, it is possible to achieve sales goals in a timely and effective manner.

In the initiation phase of a project, an idea is proposed to senior management for approval to proceed. This first step defines the scope of what the new product, process or service is, what it costs to develop, how long the project is expected to take, and who will work on the project.

Planning is the next project management step in which resources are allocated. This includes things such as human and financial resources, time and materials. There could also be extensive work involved with coordinating vendors, if the project requires it. The project schedule is maintained and project resources are managed by a project manager who ensures their availability.

After the project is approved and planned, the project team can proceed to the execution and control phase. The project team kicks into high gear during this phase and develops the new product, process or service. Typically, a project team will work until the business goal is met and the project can then be closed.

The last phase of project management is closing. This phase occurs when the newly created process, service or product is passed on to an operations or manufacturing team. It is important for a project manager to document everything involved with the project, including templates, designs and methodologies that are re-usable. Not only have you created something new for your business – you now have the documentation needed to add business value with project management.


Project Management Techniques for Operating Your Business

Location: SCORE Office
Westland Office Park, Building M (at the rear)
5524 Bee Cave Road
Austin, TX, 78746

Date & Time: Wednesday, January 30, 2019, 10:00am CST

Denise will explain project management techniques and how the application of those techniques can help with management of any business.

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Add business value with project management