As a business owner/manager it’s likely you organize projects from time to time – processes that require the coordination of a number of resources and people over a period of time. How good are you at getting all these things to come together so that you end up with the result you wanted and within budget?

Although there are numerous definitions of what’s involved in doing a ‘project’ it can be viewed simply as a planned undertaking with a course of action leading to the fulfillment of defined objectives.  But the front end planning necessary to carry through a project effectively is a real skill in itself involving considering options, choosing a course of action, and controlling the work until the objectives are achieved. But, even though every project might be different, there are some underlying essentials to setting up a project that will improve your chances of getting through successfully.

Projects require a leader

Every project has a leader - the project manager, sometimes called a ‘sponsor’ or ‘champion’.  This person is the one who is responsible for achieving the objective of the project and must be equipped, through their training or experience, to understand what needs to be done. They also need the sort of personality that can ‘drive’ others to get their contributions done as well.

Projects need a clear objective

The objective of the project must be clearly stated right from the beginning, so that everyone involved in it knows what’s expected in the way of results.  Define the objective carefully so there are no ambiguities or possible misunderstandings about just what the end result is supposed to be. Changing a project’s objectives part way through is a sure fire way of losing control, increasing costs and probably not ending up with what you wanted at the end.

Projects must be supported by management

The business manager needs to provide sufficient support to the project manager to achieve the project’s objective.  This includes giving the project leader not just the responsibility for delivering but also the necessary authority and resources they’ll need to make it happen.

Projects have stakeholders

The stakeholders are any group who will benefit from the successful completion of the project. The stakeholders and the ways in which they will benefit should be identified in the planning phase of the project, together with an outline of how the benefits will be delivered to them. This information can be used to get the team onside – or to tell customers how you are improving your services or product if that’s what the project is about.

Projects need a plan

Fundamental to every project is the plan that outlines the steps and actions needed to achieve its objective. This is the responsibility of the project manager, who also has to communicate the plan to others in the team before the project begins.

Projects need a timeline

Every project runs to a schedule, a calendar of events that states the actions that are to be taken during the term of the project and when they are to be taken.  The timeline is monitored by the project leader who ensures that all tasks are completed on time.

Projects have milestones

So that the leader can know if work on the project is on schedule, the project should have a series of milestones stated in the plan. These are mini-goals that build towards completion of the overall project goal.  Milestones that aren’t reached according to the timeline should trigger an alert to the leader so that appropriate action can be taken to get things back on track.

Projects must work to a budget

The project plan must incorporate a budget that details the expenditure and resources that will be needed during the project’s lifetime and from where they will be sourced.  An open-ended project budget is an invitation to overspending and is an indication of poor planning.

Projects require good communications

Good communications between the leader and the stakeholders, and between the leader and the project team, are essential. All parties need to be kept up-to-date on progress and other relevant information to prevent misunderstandings or duplication of effort.

There are a number of project management applications on the market that can assist you in managing your projects. Microsoft Project 2003 is a good example and you can test it out by downloading a trial version from the microsoft.com website.

Most businesses use some form of advertising as part of their promotion plan. The beginning of planning any advertising is to define the business’ target audience and then make the selection of the medium, or combination of media, that reaches this target audience in the most cost-effective way.

Because every business has different marketing requirements it’s not possible to state definitively which advertising options are the best for any particular business.  Here are the most popular media and some of the advantages and disadvantages of each that are worth considering.

Television:

The advantages: A medium with high impact where it’s possible to purchase airtime in a slot that can be finely selected to be at a time when your targeted audience segment is most likely to be viewing.

The disadvantages: TV is an expensive medium – the cost of airtime, of producing commercials, and difficulties in getting quality time slots for budget advertisers often rules it out. However, depending on what you’re trying to sell, you might be able to promote on cable or satellite television using a show that’s viewed primarily by members of your target audience.  It might also be possible to present your own show on a smaller station if you can come up with something interesting each week.

Radio:

The advantages: Radio can be affordable enough to allow repetition of your offer. You can select a station pretty accurately by its demographics and home in on your target audience. Commercial production costs are low. It’s an immediate medium and so works well for promoting events, such as a special sale, on the day.

The disadvantages: The audience of any station is geographically scattered and may not be able to take advantage of your offer. There’s also a lot of ‘clutter’ when four or five different ads are run one after another. Radio impact is limited in that you can’t show your product, nor can you expect to get across a lot of detail about it.

Newspapers:

The advantages: You can look at a newspaper’s audience figures and demographics to choose the right paper and the right feature or section for your product; in the right section an ad can work very well. Production costs can be low but you need the smarts to design an ad that grabs and holds attention.

The disadvantages: You’re likely to be upstaged by bigger advertisers whose ad can be placed right next to yours. Careful selection of the newspaper, section and day are essential - even the same newspaper can have different readerships on different days.

Magazines:

The advantages: Magazines are highly targeted so it’s possible to purchase ad space in a magazine that will be read by your target audience no matter how specialized it may be.

The disadvantages: Most magazines are issued monthly so it can involve a long lead in time to getting into print and getting responses. Smaller advertisers don’t get the best positioning in magazines and are usually crowded together in the back. And be careful to verify the stated circulation figure of the magazine.

Yellow Pages:

The advantages: Your advertisement lasts for an entire year and is placed in such a way that your prospects can find you at the time they want to buy. 

The disadvantages: Most Yellow Pages advertising is expensive.  Bigger advertisers and those who’ve been advertising longer than you will be at the front of the section.

There are very few bargains in advertising spending. You get what you pay for here. But to maximize the return on what you are paying for, keep two questions in mind: is my ad going to capture interest?; and have I chosen the right channel for reaching my target audience?

There is an increasing trend in the small business world for non-competing businesses that serve the same customer base, or at least sell to similar customers, to mutually benefit from partnering to promote a shared activity. With a bit of thought, time and imagination you may come up with some possibilities that will work for your type of business.

A typical example is for a restaurant to do a deal with, say, a winemaker, to pay for the cost of printing its menus. In return, the winemaker’s products are heavily featured on the menus. Similarly, a hotel can offer its guests free street maps whose production costs were shared with the local theater - naturally the map highlights the location of both the hotel and the theater.

Sure, there’s nothing new in a restaurant having a wine list and a hotel providing street maps to guests, but consider the advantages of producing them through a partnering arrangement. Production cost is shared and both businesses get noticed– in partnership both parties come out ahead. Any kind of business can benefit from this sort of arrangement if they can identify the right sort of partner. The partnership isn’t simply about advertising, it’s really about marketing, which is why some imagination is required.

First, put together a profile of your customers. Then make a list of what else they buy.  Who makes it? Where do they buy it from? Stretch it as far as you like, the aim is to find any other businesses with which you share customers. With your team or a group of friends, brainstorm what you and these other businesses might have in common besides customers. Where is it possible to create a marketing link between your business and theirs that benefits both of you?

Here are a few ways that almost any two businesses can start a partnership:

·       Donate to a charity and send out a joint press release about it to local media

·       Share the cost of advertising that promotes the same special offer to customers of both businesses - ‘Order a bottle of Hardy’s wine with your dinner at Sullivan’s Restaurant and get a free dessert’

·       Produce a leaflet promoting the products of both partners and send it out on both company’s mailing lists

·       Team up to co-produce or sponsor an event and promote it in both places of business

Or you can build a closer relationship than one based just on sharing some costs:

·       A sporting goods store can team up with a golf pro to offer lessons at a special price with the purchase of a set of clubs

·       A printer can partner a graphic designer to create a full-service offering that benefits clients of both businesses

·       A nursery can partner with a landscaper so that each can offer a complete garden service

Partnering offers some great competitive advantages too:

·       You’re brought to the attention of prospects by somebody they already know and trust

·       You can provide additional value to your existing customers without additional costs

·       You have another business with which you can create marketing opportunities

Partnering can be very profitable if the two parties have a good business ‘fit’ and exploit it well. It all begins with looking around and seeing who else sells something to your customers, then giving them a call.

Most businesses are finding it a growing challenge to retain skilled team members.  Employee turnover is at an all-time high in most industries, and worldwide it’s estimated that the turnover rate of the average business is around 10%-14% of its team.

 Your business incurs a cost every time a team member leaves and has to be replaced. A new and suitably qualified person has to be found, offered a sufficiently attractive remuneration, and then trained to do the job.  And there are other intangible costs – the initial lower productivity of new hires, the time they take to fit into the workplace culture, and even the impact on other team members – that come with the process. Wouldn’t it be better to just keep team members and not have to spend the time and money finding replacements?

This is easier said than done because of the wide variety of reasons why people leave their job; poor working conditions, boredom from doing the same job year after year, stress, lack of opportunity and the traditional ‘better offer’. It can be difficult to set up a system that addresses every possible reason a person might want to leave. But if you really want to keep the team you have, there are things you can do to make staying an attractive proposition for them.

Developing a retention strategy begins with a reality check.  What’s the turnover rate in your business? Just divide the number of employees who’ve left in the past year by the total number of employees and you’ll get the figure. And don’t count any owners of the business in the total. In smaller businesses it’s probably best to take the average turnover rate over the past three years since a company with four or five employees shows a very high rate of turnover if just one person leaves.

Now look at what you’re currently offering your team members that would be likely to keep them with you:

·       Career development?

·       Skills training?

·       Educational support?

·       Performance incentives?

·       An attractive workplace?

·       A friendly atmosphere?

·       Competitive remuneration?

You’ll notice that remuneration came last on the list. Exit surveys indicate that it’s actually not the reason most people leave their jobs. A better offer can be a trigger if there’s nothing else holding a person to their position, but it’s not usually why most people start to shop around for a new job.

 Explore your options for creating a better total package for your team. Consider health and dental insurance, subsidized childcare costs, and even an extra vacation allowance for employees with say, more than five years’ service.  These cost, but investment in these areas yield bonuses in improved productivity, higher morale and of course a lower turnover rate. Be sure to build in a mechanism that recognizes superior performance. This doesn’t have to involve a financial reward – there are plenty of low cost ideas that will be appreciated by your team such as movie tickets.

Another thing clearly shown by surveys is that employees place a high value on communication – on the feeling that they know what’s going on, have a reasonable say in what happens in their organization, and can make a contribution if they wish.

Everyone in your business represents an investment on which you should be earning a return.  If a team member leaves, this investment is not just lost – it means more cost.   Build a culture in your business that makes it a genuinely enjoyable place to work. Pay attention to the physical premises, be creative with the ways you remunerate your team, maintain two-way lines of communication, and be responsive to the needs of your team members. You’ll find you don’t necessarily have to pay the most to retain the best.

“Opportunities multiply as they are seized.” – Sun Tzu