7 Steps to Business Brilliance

In the last few months I have been speaking to people that have a great business idea that they would love to pursue. They have a vision and enthusiasm; have done their business plan and customer research and ready to get cracking on their idea. Then they hit a wall. Typically the comments I hear are ‘I don’t know where to start’ or ‘I’m not really sure how much time and money I can commit as I am still working full time’. I ask them if they have considered using a project management approach and surprisingly I usually hear a ‘no’, and ‘how does project management fit in to my business?’

Using project management within your business can enable you in getting an app/product/service to market smarter and faster.  Before we get started, it’s really important to understand what a project is. The Project Management Institute (PMI) defines a project as ‘A temporary endeavour undertaken to create a unique, product, service or result. It has a specific beginning and end and the end is reached when the objectives of the project are achieved, or it is decided to cancel the project’. The benefits of undertaking a project within your business are numerous and can include:

  • Turning your business idea in to a reality
  • Having a clear and structured approach to realise a business objective
  • Launching your app/product/service to take advantage of your market at specific time of the year to take advantage of consumer demand

To undertake a project there are seven crucial steps you must take to get your app/product/service to market smarter and faster. The seven steps below will really help you take a holistic and mature approach to launching your app/product/service

  1. Understand your project boundaries. Being really clear about what your app/product/service specifications are is super important as it means you won’t deviate from the core specifications.  This clear understanding of what work you need to do will assist you with budgeting, and figuring out how long it will take to get market, as you will know what is and isn’t included. You can of course always change the specifications in the future by reducing or adding to your project boundaries.  If you are adding to your specifications perhaps you can consider this as a new version for a future release (and a future project).
  1. Break the work down in to chunks. Some of you may have heard the terms work breakdown structure (WBS), well this basically means breaking down the work you need to do in to manageable chunks of work. You can start this by understanding each specification or need to develop your app/product/service, for example this can be research the app, source an app developer, design the app, test the app etc. Understand the deliverables of each chunk of work, for example with researching the app deliverable one could be understand market demand for the app and deliverable two could be complete research and development (R&D). Design the app deliverable one could be create a storyboard, deliverable two would be design is 50% etc. With sourcing an app developer deliverable one would be select an app developer and deliverable two sign a contract with the app developer. Test the app deliverable one could be app ready for testing and deliverable two is ready for release once any bugs identified in app testing are rectified.
  1. Identify resourcing needs. Write up a list of whom and what you need to make the chunks of work identified above happen. Take in consideration who is available to you at the moment and where there are gaps in resourcing needs as you will need to mitigate these needs.

Ask yourself these questions…Are you working on this project yourself? If you are, then what are your time constraints? Consider your commitments to maintaining existing business cash flow, family time and recreational time.Do you have staff? What commitments do your staff have with their existing workload and do they have enough time to work on this project without getting stressed out? Will you need to hire a service provider such as an app developer or a graphic designer to make up any lack of skills or knowledge within your business? Once you have asked yourself these questions you can then apply the time available to you, your staff and service providers in the next step.

  1. Understand timeframes. Now that you have done the first three steps above you can take the clearly defined app/product/service specifications, the defined chunks of work with deliverables and the resources available and come up with a timeframe to make your project happen.

Look at each chunk of work and break it down in to activities to meet the deliverables you created earlier. Understand which activities are being done step by step in order to meet your deliverables. To understand how long each activity will take you will need to take in to consideration how long you would like each activity to take. You will then need to consider the resources available to you (including yourself), the service providers needed and determine whether they are enough hours available to meet the timeframes. If there is enough time for you and your staff this makes things much easier for you. If not, you will either need to look at making the timeframes longer, or hiring additional people. With hiring service providers you can articulate to them when they need to deliver when you negotiate their service.

  1. Understand costs. Getting your costs right is crucial. Failure to get your costs right may mean reducing the specifications in your app/product/service and ultimately reduce its quality or desirability.

To understand your costs take your timeline above and apply the costs of you and your staffs time to each activity. If Sally costs you $50p/h and you assign her to an activity that takes 10 hours then that activity costs $500. Your time is really valuable too so work out how much you cost to your project especially if it means you aren’t doing any chargeable work to anyone else. This is also the time to get quotes from service providers so you can determine a cost and apply to your timeline.

Once you have done this you will have a good idea of how much your project is costing you per week/month. It will also give you a heads up of when you can expect to pay your service providers or suppliers and how much, which will support you understanding business cash flow.

  1. Understand what can go wrong. Even the best laid and well thought out plans can go wrong. Employees leave, people get sick or suppliers go out of business. To avoid your project going off track and delaying your business objectives take a good look at what can go wrong and analyse the likelihood of it. If there is a fair chance of it happening then forewarned is forearmed and you can monitor the chances of it happening, and ultimately avoid it happening if possible. Understand the consequences of anything going wrong as well, just because something is likely to happen doesn’t mean it has to be a big impact on your project. Or something else is unlikely to happen and if it does then what does that mean. Perhaps this means the app you were wanting to get out for Christmas may have to wait until five months later.
  1. Wrap it up in to a brief. Summarise what you have created in the six steps above in to one document. The benefit of putting it all in to a brief is so you have an easy to access plan that you can refer to through-out your project so you can monitor your performance and see any deviations. You can also use this project brief to share with your staff or any suppliers so they can understand what it is you wish to achieve as it supports them buying in to your vision.

Following the steps above will enable you to understand what you do, by when and by how much it will cost you to meet your business objective. It will help you focus and get your business to market smarter and faster.

EmineoHub supports you at being brilliant at what you do with our 7 Steps to Business Brilliance program. If you would like a FREE 20 minute chat with Sarah to to realise your business goals please click here.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s