Plan your business projects for success

Businesses often fail to see the importance of project planning. Especially new businesses, charged by their enthusiasm and excitement, consider it a waste of time. In reality project planning saves more time than it consumes, it serves as a road map for the project, helping it in getting complete in a smooth and timely manner. Misuse of company’s resources and lots of disputes can be avoided by laying down a plan in advance. Main components of a project plan are discussed below.

Goals & Objectives:
First thing to decide and clearly state in a project plan is the goals and objectives of the project, both from company’s and client’s perspective, like what needs to be done and in how much time? Not only it provides the people working on project with unmistakable targets but it also allows the management to evaluate the work in later stages. Ultimate goal can be divided into small milestones to keep a check on the performance.

Authority & Accountability:
People directly or indirectly responsible for project completion, their coordinates and subordinates, persons to whom they should report, everything should be mentioned in a plan. This will help workers to better understand their responsibilities and deciding who is accountable for what? By assigning tasks, it becomes easier for the person in charge to figure out who’s the weak link in the chain.

Resources & Alternatives:
Other important areas of project planning are resource allocation and budgeting. Budgeting should be done with the help of accounts department. Although project planners would like to see their plan working smoothly till the end but it seldom happens. Every project has several risks involved and some alternate actions should be suggested to counter them. It’s good to point out alternate approaches like A, B and C to tackle the problems which are most likely to happen. That doesn’t mean you need to make three or four separate plans.

Implementation & Evaluation:
Plan should be practical enough to facilitate the process of implementation. Primary purpose of project planning is to eliminate complications, not to create them. Once a plan is completed and approved, it should be put into action immediately without wasting time in over- analysis. After the project is on its way, management should keep an eye on its progress and if the things are working according to plan. Plan should be flexible enough to let small changes happen later on in case of some unexpected circumstances.