What is Project Management (and why is it important?)
Introduction
Project Management
If you’re like most professionals, you find it exhausting to outline and meticulously follow all the steps it takes to execute a big idea. Most jobs are complex, involve many moving parts, and therefore require careful planning and execution. You might get away with Post-it notes and phone reminders for a while, but it’s scary to leave critical task execution to such haphazard methods. The solution? Project Management (PM). If you think this sounds like a fancy way of saying “make a list”, you’d be partially correct.
PM is the process by which we identify business goals, along with the specific tasks and timelines needed to ensure our team achieves these goals, on time and under budget.
It’s how you get from here to there without skipping any steps, overcommitting, or missing big opportunities to grow your business. And, at Mix Creative Group, it’s included as a client resource. In this article, we’ll explore three ways project management can elevate your business.
1. Project management makes goals achievable.
To reach a goal, you must first identify what you want and then decide how you’re going to get there.
Putting structure and process in place is one of the key ways businesses can scale successfully. It’s like having an architect draw up plans before building a house: rigorous planning and clearly defined steps ensure you reach an inspiring result. At the start of every project at Mix, our team works to understand the client’s overarching goals. This important first step enables us to identify the most effective, efficient actions needed to reach the target.
Only when we fully understand the desired outcome can we draft the perfect map.
And how, exactly, do we draw this map? Our team of experts build out detailed, customized plans using digital PM tools. Teamwork applications like ClickUp and Slack are designed to assist teams as they work toward their goals. They keep communication open, without distracting you from the work you love. Once we’ve used these tools to construct a plan, Mix helps to manage the process as our client sets out on their freshly mapped journey.
We pay attention to each detail, holding teams accountable to their roles and deadlines, while allowing our client to focus on the big picture.
PM is a critical skill. When added to your set of business tools, it allows you to trust your team’s overarching plan, along with each task assigned. Excellent PM builds confidence in your team’s ability to meet deadlines and makes progress assessment quick and easy. When executed well, it ensures that everyone is working efficiently to achieve the short and long term goals that will make your company thrive.
2. Project management enables each team member to do their best work.
It’s a leader’s job to set their team up for success.
PM ensures that leadership isn’t thwarted by roadblocks or false starts. Well-executed PM also ensures that everyone has a clear vision, which eliminates uncertainty and gives employees freedom to dedicate all of their energy to productive, impactful work. This, in turn, empowers leadership to return to their intended roles of coaching and encouraging, rather than wasting time spinning plates.
How would you like to beat your deadlines for once?
Data shows that PM improves productivity by 21%! On top of that, employees report that once PM is implemented, 19% of jobs are actually delivered ahead of schedule. Aside from the apparent advantages of completing work on time, PM offers further-reaching benefits, too. Studies consistently show that productive teams that successfully reach well-defined goals are more likely to report high levels of job satisfaction.
When people are satisfied with their job, have good communication with superiors and colleagues, and set clear goals, they are motivated to achieve great results.
According to Gallup’s engagement statistics, teams that work in a high-engagement culture respond with higher productivity, better customer engagement, improved employee retention, and a 21% increase in profitability.
“52% of businesses say that PM improves team communication, 44% say it improves the quality of the final product, and 38% say it improves customer satisfaction.”
- Capterra
3. Project management saves money.
There’s just no way around it: investing in PM will save your business money.
Want proof? Here are a few stats to consider:
PM challenges cost businesses $109M for every $1B invested in a project.
Every year, poor communication costs small businesses with fewer than 100 employees $420,000 and companies with over 100,000 employees more than $62 million.
66% of companies using PM software completed projects within their original budget, compared to 47% of businesses operating without a PM tool.
One report showed that 80% of executives in global companies believe PM is vital in order to stay competitive during a recession.
PM decreases failed projects by 31%, saving large companies an average of $550,000 on every project!
47% of companies using PM software say it’s had a positive impact on the accuracy of project cost estimates.
According to CIO, organizations that use proven PM practices waste 28x less money than those that don’t.
In a time of economic uncertainty, PM may be the most powerful way to ensure that no hard-earned resource goes to waste.
Conclusion
The Power of PM
An astounding 97% of organizations believe project management is critical to business performance and organizational success.
So, what’s stopping these companies—and you—from committing resources to this proven method? Sometimes, it’s just about knowing where to start. You may be aware of the need to overhaul your approach to roles, tasks, and goals within your organization, but where should you begin? Who can you trust to lead you in the right direction?
At Mix, we offer bespoke, intuitive Project Management plans. We aren’t delivering a one-size-fits-all product. Our PM professionals are committed to helping your team identify your goals in order to deliver a tailored, strategic approach to enhancing your company’s overall success. We’ll map out the critical steps and walk you through each process.
We’re passionate about setting you up for long-term success because when you succeed, so do we.
Are you ready to implement project management at your company?
Let’s get started with a conversation about your unique needs.
Resources:
Project success and failure, UM St. Louis
Project management guide: Tips, strategies, best practices, CIO
Project management user research report, Capterra
The cost of bad project management, Gallup
The value of project management, PMI
Why Your IT Project May Be Riskier Than You Think, Harvard
The state of the PMO, PM Solutions Research
PM Statistics, The Hive
