What will success look like this year for your organization?
If success is defined by achieving your desired outcome then you better know where you want to go before you get going.
We're going to challenge you to put your business strategy to the test by asking you to dive deep into the question, "Does my Project Software provide the capability I need to achieve the kind of success I want?"
When it comes to project management success typically means:
- maintaining a high percentage of satisfied customers
- maintaining a high percentage of return customers and repeat business
- percentage of new business
- producing a positive contribution margin
- financial growth
Now that we know what success will look like let's take a look at how your day-to-day operations either support or detract from your goals.
Project Set Up
Your goal is to onboard new accounts quickly, increasing your percentage of new business.
The more efficient that process is, the more accounts you'll have and the more money you'll make, right? Well yes, but this transaction occurs on a two way street - you have to match your customer's pace in order to be successful. If your consultants are spending a lot of time ‘sitting on the bench’ it can be difficult to cover their costs. Therefore, the software used to run the business must provide a quick way to set up a new project so the consultant can begin working on the project as soon as possible and have the ability to accurately track time and expenses. Time that cannot be logged into the business software immediately when worked, because the project is not set up yet, can easily be forgotten which turns into lost revenue. No big deal – UNLESS – the future of your business depends on being profitable.
Time & Expense Entry
Every profession has tools that without which they cannot be successful. For the Professional Services industry, tools that allow employees to capture time and entry are essential.
If your resources work in multiple locations whether on-site, from home, at a customer location or at the office, a tool that provides access to time & expense entry anywhere…anytime…on any device becomes a critical tool. Yes, a tool.
The better the employee can record the work performed, the less likely it becomes that the billing department will need to follow up with them when invoices are generated. Saving time, saving resources. This also reduces the likelihood of customer inquiries concerning services after receiving their invoice thus contributing to a sense of trust between your client and your consultant.
“C” level executives don’t spend much time in the trenches; nor should they. However, they need to be able to look at the results the business is producing and quickly discern how their business is doing. With a bird’s eye view into the results, you can make business decisions based on the most current information. Everyone knows ‘a picture is worth a thousand words’.
Project Consulting firms relate to this phrase because their results are constantly in motion. A snapshot early in a project often tells a positive story about a project. As the project moves through its phases, the picture changes. A new snapshot allows the organization to make the necessary changes to keep the project on track and on budget. It also allows the organization to manage their consultants and optimize their time between billable projects and learning projects. Dashboards provide views into the business from multiple perspectives allowing the leadership team to monitor the business and make changes as needed, without disrupting the day-to-day processes.
All right, the picture of how to be successful with project management is starting to come into focus. You know what your goals are. You know your projects need to be deployed efficiently with transparent T&E and a bird's eye view into the progress.
So how can you achieve these goals and create epic success for your organization?
Beyond Software: Powerful Project Management
For more information about how project management in Beyond can help your business
Beyond: Powerful Project Management & Accounting Software
Thursday, June 23rd 2016 at 11:00 AM EST
by Admiral Consulting Group