Projects

A project is a series of activities to achieve a specific goal within a given budget and timetable. The result of the design should be a streamlining of activities. Each project has a solid beginning and end, a systematic plan, separate resources, determining goals, and several people work on it.

For a project to be successful, it is necessary to combine the following four factors:

• need or problem – correct assessment of the deficiency,
• project opportunity – the project must have space for implementation and must be supported by money, people and the target group,
• idea and vision – it should be clear to clarify what a significant and sustainable change the project will bring,
• Capability – Balancing capabilities, energy, resources, and organization is essential for a project.

Before you start the project, you will need to answer the following questions:

• defining intentions, goals, context and target group (In what context will the project take place ?, What changes will it bring ?, Why implement this project ?, What is the expected result ?, For whom is the project intended ?, What problems are at stake? ),
• project content (What is the topic and scope of the project ?, What approach is chosen (methodology) ?, What activities are included ?, What is needed for the project to continue?)
• where and when (Where will the project be implemented ?, How long will it last ?, When will it start/end?)
• funding (What are the total costs (planning/implementation and evaluation) ?, Where will the necessary funding come from?)
• partner (Will there be partners in the project ?, Who are the partners ?, What is their role ?, What are the coordination arrangements?)
• funds (Does the project meet the conditions for financial assistance ?, Can it use existing equipment ? conditions?)
• Communication (Internal communication: how is information disseminated in the project team ?, External communication: does the project need media coverage? (Why? How? Which aspects?)
• evaluation and follow-up (How and when should the project be evaluated? Which aspects ?, Why ?, What is the planned continuation?)

For projects, try to avoid the following critical factors:

• insufficient authority;
• insufficient participation and planning of the project team;
• inadequate involvement of the project team in solving problems;
• insufficient communication skills;
• insufficient technical skills;
• insufficient administrative skills;
• unrealistic project schedules;
• unclear project objectives.

Stages of Project Implementation

Each project has specific characteristics:

• Projects have a purpose: projects have clearly defined intentions and intend to achieve clearly defined results. Their goal is to solve a “problem” that requires analysis.
• Projects are limited in time and space: they have a beginning and an end and are implemented in a specific place and context.
• Projects are complex: projects require different planning and implementation skills and involve various partners and actors.
• The projects are unique: all projects stem from new ideas. They provide a specific answer to a need (problem) in a particular context. They are innovative.

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Seven Things You Should NOT Do If You Want Your Project To Succeed

Failure To Protect Innovation

All innovation can be legally protected through a form of industrial protection that ensures that inventors have absolute control over the commercial use of their invention, excluding third parties from the appropriation of knowledge that they have created. The protection of innovation can prevent that when the product’s launch is about to start, it has to be abandoned because someone else has legal rights to the brand.

Start a Project Without Prior Planning.

You can have a great idea, but the project is doomed if it’s poorly executed. An incorrect budget, an inappropriate assignment of roles or a lack of resources can change the project’s direction. For this reason, it is very important to carry out complete planning of the budget, taking into account the resources, the scope, the agents involved, the duration and the schedule of the project.

Focusing on An Idea Without Analyzing The Environment

It may seem to you that your idea is innovative and disruptive and that you have no doubts about its success, but all of the above is not enough for the project’s success. We can have a project that a priori is perfect for us, but is there something similar on the market? What is the added value of our product/service? How is it different from the rest? Who is our target audience? Do our consumers need our product or service? Before starting, it is necessary to carry out an extensive market study to study all the variables that can affect the progress of the business.

Being Afraid of Making Mistakes

We must bear in mind that, on many occasions, trial and error is the best way that many companies have to consolidate and be profitable. Have you heard of the LEAN methodology? It is possible that the vision we had of the product does not have to be the one demanded by the market. The lean startup method uses the idea of ​​a “minimum viable product”, a version of the product that allows us to get the most information from the users with the minimum available resources and as fast as possible. Two similar products can be launched to see which one best suits the demand.

I Do Not Have An Economic-Financial Plan.

Although we are at the beginning of the project and have not made the first sale, this will not be an obstacle to working with an economic-financial plan. It is clear that, in the beginning, we will only have forecasts and estimates, but that will not be a problem. We will change them and adapt them to real figures produced. The important thing is to have a clear goal and work with a guide that shows us if expectations are being met and how far we are from achieving profit. Working from the beginning of the project with an economic document will help us to know its evolution and to be able to make business decisions.

You Were Not Surrounding Yourself With a Good Team.

One of the main reasons startups fail is the wrong choice of partners. The ideal is to surround yourself with a multidisciplinary team with different profiles. Perhaps the person who will complement us will do so because they are specialized in areas different from ours and can add value that we cannot add. You can be the best at something, but it is impossible to be at everything. Surround yourself with a multidisciplinary team with complementary profiles. Remember: “If you want to go fast, walk alone. If you want to go far, go together.”

Combine The Project With Other Responsibilities

When we work on different activities, we risk becoming scattered. To achieve project success, we must focus all our energy, time, and strategies on one goal. Focusing on a project is essential and, above all, in the beginning, when there are many tasks to start up the project.

Also Read: Five Common Financial Mistakes In Business Administration

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The primary goal of the business plan is to help you define your project, define what your business will be and its future direction. Clarifying your goals and vision allows you to understand what needs to be done to move forward.

It is, therefore, a reflection exercise that will allow you to answer the essential questions: is there a market & customers for my product? Who is my client? What is the interest and value of my project for him? How much is he willing to pay? How much should I budget to start my business and grow it? How to be profitable?

Communicate And Find Partners

Your business plan is also a great communication tool, intended to convince, with words and figures, future financial partners or others. This document must be flexible and adapted to the context and each interlocutor.

Search For Investors And Financial Partners

The financial part of the Business Plan should show the potential of your business. Investors want solid, concrete numbers, and ideas and passion are not enough. Everyone will want to see complex numbers, whether you’re talking to bankers, private investors, or whatever.

Likewise, if you request particular start-up or take-over aid measures, a business plan will be necessary so that your file can be examined.

Search For Associates or Business Partners

Your business plan will also serve to convince future partners or associates. In this case, it will serve as an alignment tool

Monitor The Evolution of Your Financial Flows

The Business Plan does not guarantee the success of your business, but it will help you manage it better to link your costs, your sales, your expenses, and your debts. It also helps you differentiate between profit and cash.

By following your BP, you don’t wait for things to happen: you anticipate them and plan the appropriate actions according to the context. When you take action, you follow up regularly and, if necessary, correct course whenever things don’t go as planned.

Forecast and Manage Growth

A business plan is a management tool to which it is interesting to refer regularly to ensure that the company remains on the right track, pursues its objectives, and sets the planned operational milestones. The business plan thus becomes a roadmap to be followed in the short, medium, and long term.

Companies that don’t have a plan can more easily go astray, lose sight of their business goals, and find, sometimes too late, that the revenue isn’t keeping up. A plan with spending projections, income forecasts can help you stay on course.

Manage The Business

Above all, a Business Plan is a living document that helps you achieve a predetermined goal. As well as being flexible, it allows you to correct your course if things don’t go as planned.

To maintain control, it is essential to create a dashboard (monthly or quarterly) and compare reality with the forecasts that appear in the business plan.

Also Read: Five Tips (Business Plan) To Effectively Ensure Your Start-Up

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