You recently won a contract or got signed up to head a team on a particular project. How do you ensure that your work projects are completed on time and within a stipulated budget?
Is there a unique strategy that can help you finish projects on time and on budget without compromising quality?
One of the biggest challenges businesses across all industries face is getting projects, tasks, and contracts done on time, all while managing to stay on budget. Project managers who are able to excel at managing people, time and budget are always widely celebrated.
It can be a very fine balance between the two, and often one ends up out of whack. The problem is that if you can’t deliver products and services on time, and within a set budget, it will be impossible for the business to be successful in the long-run.
So, what can you do as a project manager or team leader to ensure that all work projects are completed both on time and on a budget? How do you ensure that the project is successful?
Here are 4 tips that can help you in delivering any project on time and within a budget.
1. Use the Work Breakdown Structure Method
Using the work breakdown structure method adopted by fast-growing startups and founders in Europe can play a huge role in ensuring that projects are completed on time and on a budget.
Often when you’re stressing over an issue or problem at work, people tend to make the solution much more confusing than it needs to be. At the end of the day, making things as simple as possible is often the smartest and more direct route.
The work breakdown structure is an excellent example of keeping things simple, but at the same time, finding a way to stay on time and on budget.
With this process, you begin by identifying the project, work, task, or vision. The next step is to outline the various phases of the project.
Next, you want to articulate the deliverables that can be achieved during the progress, almost like using milestones. Finally, you need to outline the tasks that make up each of those deliverables.
It’s all about taking one large idea and then breaking it down into all the steps, right down to the smallest ones.
2. Track Progress Along the Way If You Want to Complete Your Project in a Timely Manner
You will also need to track all steps of the project along the way. This is the only way to get a sense of where you are in the project, and how much time will still be required to complete it.
Tracking the work project can also act as your early warning system should you veer off track and appear as though you may not make your initial deadline. It gives you a chance to course-correct.
There are a couple of different project management software you could use to keep your team on track. There aren’t that expensive.
3. Make Sure You Have Budgeted for Surprises that Pop Up
Another tip is to make sure your budget is realistic, to begin with. Even with the smoothest project there can still be surprises along the way, so it’s a good idea to factor this possibility in and create a contingency fund. Should a surprise pop up, at least it won’t end up blowing your budget out of the water.
4. Ensure That Every Team Member is on the Same Page If You Want Your Project Completed Successfully
When you’re working in a team environment, it’s also important that everyone is on the same page, working on the same goals, and are all aware of the deliverables, deadlines, and budget restraints.
Never miss a moment to communicate and re-emphasize the vision of your project to your team so that they will also treat it to be as important as you would do.
A startup team that is as passionate about a given project like the team leader is will always go out of their way to ensure that their work projects are completed on time and on budget. Such team are always looking for ways that the company will cut cost without sacrificing excellence.
Staying On Time and On Budget is Possible
Delivering projects on time and within budget is possible if the leader of the team did a proper work breakdown of how everything will go, keep track of the project and ensure that your team members are motivated to do the work.
By using these simple tips and sticking to them, you’ll find that staying on time and on budget is more than possible. It’s just about having a plan and making sure that everyone sticks to it.