As a solopreneur or small business owner, you have to wear many hats, including project manager. Developing your project management skills can help you plan, execute, and complete projects that can take your small business to the next level.
There are five project management processes you can use as a framework for how to run a project, from beginning to end. Learn how you can apply these five processes to work out everything from timelines to budgets to tasks for your next big project.
If you want to improve your project management skills, you can borrow five processes from the professional project management field. These are known as the five phases of project management. These processes help organize and describe the project's work in detail.
Each of the five phases of project management uses varying processes that help develop and move the project forward. You want to transition from each phase to the next in order, covering each process until the project is either completed or cancelled.
It's time to dig into the five project management processes, starting with the initiation phase.
The initiation step outlines what you want your project to accomplish and how you plan to do it.
Two crucial documents are created during the initiation phase:
The second phase covers the creation of project goals and objectives. In this phase, you create a project blueprint, known as the project management plan, outlining project requirements and the steps necessary to reach them. Planning the project is one of the most essential steps in the process. To help, you can use a project management journal. Get our free template here.
In this step, all facets of the project come together in the project management plan, which illustrates the main goals, the steps to achieve them, and the order or prioritization of those steps.
As this document is an integral part of the planning phase and the project as a whole, project management plans should cover:
On top of the project plan, you can also create a Gantt chart alongside this scope planning document.
A Gantt chart is a bar chart that depicts a project’s schedule, outlining the time frame for each associated task and project deliverable.
The planning phase of the project also includes the development of a risk management plan. This plan helps discern any obstacles that may hinder progress and any opportunities that can propel the project forward.
Once there's a project outline, it's time to dig into the actual work. This phase is all about putting the plan into action and keeping the project on track.
At this time, make sure all tasks are taken care of. If you have employees, you can work on forming a project team. Then, it's up to you to keep checking in to ensure the quality of the work.
If you're a freelancer and solopreneur, you'll need to monitor yourself to make sure you're getting through all the tasks.
The project execution phase typically requires the most effort and the majority of the project's money and resources.
The fourth stage covers the control and monitoring of the project. Monitoring and controlling in project management includes the processes of defining, taking, and analyzing the project performance measurements or key performance indicators (KPIs).
You can use several KPIs to measure the current state of completion throughout the project. These include:
These performance indicators can help you determine if the project is currently on track and if it's following the original project management plan set out in phase two. The aim is to identify any problem areas quickly and correct them to ensure a successful project outcome.
At this phase, it's helpful to review the project plan to make sure all budgets, activities, schedules, risks, and workflows are being effectively managed.
Change management is also an important part of this phase. Here, you have the opportunity to update or adapt internal processes or procedures to keep your project running smoothly.
When executing the monitoring and control of projects, you can use project management tools and apps, like project tracking software, to help you organize and optimize every facet of the project.
When all the hard work is done, it's time to close the project. This phase is about formally ending the project, even if decide to cancel it before completion.
During closing, you can gather project data and documents and save the information for future reference. By formally closing the project and consolidating all the information, you can easily use it for future business analysis and insight.
The closing phase also gives you the opportunity to celebrate the success of completing a project with your team, or a minute to acknowledge your hard work if you're a solopreneur.
With the five phases of project management fresh in your mind, now is the time to consider what project management tools can help you complete your next project and grow your business.
Improve your project management processes with the use of time tracking and project tracking tools like QuickBooks time tracking, and get your next project off to a good start.
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