Selecting the right project management framework for your start-up is vital. This is because traditional project management practices could hamper the start-up of innovative early-stage projects. If you’ve ever been in a traditional corporate environment, you’re probably aware of the inefficiencies of office work. First of all, there are endless meetings which take up most of the day and at the same time offer very little value. There are few things which are more irritating than a two-hour meeting that could have been a two-paragraph email.
If you are one of the people who have deliverables and deadlines, there is nothing you fear more than meetings. Mid-level managers, designers and developers are often painfully aware that in times of crisis, every minute spent in meetings should be offset by overtime. And with any additional person involved in the meeting, the inefficiency grows in a geometric progression.
In addition to meetings, there is also the use of documentation which constantly grows in complexity to the point that it becomes useless in practice. (Actually, one of the main purposes of endless documentation is to save face when something goes wrong, rather than to help your teammates move projects forward.)
Why Start-Ups Need Project Management
Project management tools assist you to organise, plan, track and analyse the data, process, team and other aspects at a number of different stages of a project. In addition, project management makes a good fit for idea validation. These come in handy in order to deal with deadlines, foster collaborations and even cut down on costs.
Communication and organisation are two concepts which play an active role in any firm. So making sure that you watch the two or keeping the two on track is vital. Besides, a start-up project management tool will also allow for additional investment opportunities.
- As per a recent study by KPMG, just 19% of organisations can deliver (at least most of the time).
- According to the Harvard Business Review, most projects go over budget by 27% of their planned cost.
- The PMI states that only 28% of companies adopt project performance techniques.
- 87% of high-performing companies make use of project management software, as per Wrike Statistics.
If the above issues are not eye-openers, what should be? These and many other studies demonstrate that only a third of companies in the world choose for project management plans. In addition, a majority of this very chunk goes over budget as well as deadlines. At the same time, the few which take the efficient planning route can reap the benefits of project management.
Start-up project management becomes even more important for ventures having a lack of resources, time and expertise. The better the management, the better are your chances of achieving the end results.
What Are Project Management Tools For Small Business?
Managing projects in a small business setting can be misleadingly challenging. Certainly, there are less individuals included and less processes to navigate. But big organisations regularly have a committed project manager for marketing, another for sales, and another for product development. The small business project manager, then again, administers various divisions and likely wears heaps of different caps. It’s critical to discover project management software that can assist you with boosting yield while shuffling everything else on your plate.
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