Project managers face a lot of challenges in your day-to-day tasks. More often than not, challenges are part of the job description. Ultimately, they are hired to handle difficult projects that nobody else in the business can manage and obtain positive results in the process.
As such, balancing the many elements of complex projects and managing the most relevant resources for the completion of each project is a daily occurrence. Nevertheless, while some obstacles can be managed through research, analysis and communication, others are more difficult to address.
Indeed, as part of a project manager’s role, resources, tasks, timely delivery and budget are the four pillars to establish, define and handle in every project. Needless to say, these are the four essential factors that are the most likely to go wrong.
Poorly defined goals, for example, is a common obstacle that refers to task management. Typically, a project manager will need to get back to the team, the client, and the board of directors to avoid chaos. However, when it comes to budget, and especially ill-advised cost-saving strategies used by the company, fixing the issue can be time-demanding.
You worry that project management tools are too expensive
There is no secret. While small projects can be managed via a simple spreadsheet, the majority of a project manager’s tasks need specific software tools. Unfortunately, small and medium-sized businesses are the first to struggle when it comes to investing in project management facilities and equipment.
Indeed, there’s a common misconception that PM tools are unaffordable. This might explain which only 56% of SMEs use project management software in an effort to cut down on time and cost waste per project.
As for the 44% remaining, the assumption is that they don’t use any tool to save money, which, in an ironic consequence, increases their cost per project dramatically.
Your recruitment approach is not as cost-effective as planned
You need a skilled team to manage a project to completion. It doesn’t matter how qualified and experienced a project manager is. When the team at hand lacks the relevant skills, the end result is unlikely to be satisfying.
More often than not, however, small companies choose a DIY approach to recruitment, using self-managed channels to reach out to potential applicants. With a recruitment agency to help you, chances are your hiring process is time- and cost-ineffective, wasting both the business money and time.
Additionally, working with professional recruiters is not only a way of keeping the recruiting process within budget but also ensuring that all the necessary background checks are completed before introducing a new employee to the company. Being confident in your team to be the best they can be can make a great deal of difference in completing projects.
You are not aware of the business grants available
While a project manager is only responsible for the budget of each individual project, the company’s funding strategy can affect completion. Indeed, it’s not uncommon for small and new businesses to miss financing opportunities. With a variety of business grants available, companies could free up capital for their projects.
Money, money, money! Costs play a significant role not only in the successful completion of a project but also in this likelihood. A company that runs a tight budget and fails to understand the impact of PM investments could, ultimately, puts the success of future projects at risk.
