Smooth Project Management: Best Practices to Implement, Monitor, and Control Projects in SMEs

Effective Project Management for SMEs: Implementation, Monitoring, and Control

Discover how small and medium enterprises (SMEs) efficiently implement, monitor, and control projects. Learn essential strategies and tools for successful project management in SME environments. Ensures seamless project execution, meeting deadlines and exceeding client expectations through meticulous tracking and proactive issue resolution.



Essential Strategies for SMEs to Implement, Monitor, and Control Projects for SEO Success

In the competitive landscape of today's digital market, small and medium-sized enterprises (SMEs) must master the art of project implementation, monitoring, and control to thrive. Understanding the intricacies of these processes is not just beneficial; it's imperative for sustainable growth. By effectively implementing projects, SMEs can streamline operations, enhance productivity, and deliver superior products or services to their customers. However, the journey doesn't end there. Continuous monitoring allows for real-time insights, enabling agile decision-making and course corrections when necessary. Moreover, robust control mechanisms ensure that projects stay on track, within budget, and aligned with strategic objectives.

Effective Project Management for SMEs: Implementation and Control



How to implement, monitor and control a project

Project Activities Image

Written by: Malose Makgeta

MBA with 20+ years experience in SME development and funding. LinkedIn Profile


Project Implementation Lessons from Movies The Founder, War Dogs and Moneyball

CONTEXT

Business plan development is the process of creating a business strategy and plan to help a business implement its vision and achieve its goals over time. The primary goal of business plan development is to create a strategy for moving a business from its current state to its desired state through a series of business actions. The skills programme provides entrepreneurs and business managers with a platform and tools for business strategic planning.

Description

How to implement, monitor and control a project is about how to carry out the tasks and activities outlined in your project plan in order to complete the project deliverables.

Purpose

Apply an understanding of the activities involved during the implementation, monitoring and control phase.

Rational

Implementation planning is crucial to project success because without it, your strategic goals are rendered ineffective. As a result, implementation is the necessary step that converts your strategic plans into action in order to achieve your objectives.

Key Lessons

What is Project Monitoring: The Basics of Project Monitoring: Definition and Key Concepts

Project monitoring involves tracking and overseeing the progress of a project throughout its lifecycle. It entails systematically gathering data, assessing performance, and comparing it to the project plan and objectives. The primary purpose of project monitoring is to ensure that the project stays on track, identifies deviations or issues early on, and enables timely corrective actions.

During project monitoring, the project team regularly collects and analyses relevant information to evaluate project performance. This includes:

Effective project monitoring enables stakeholders to have visibility into the project's status, identify areas of concern, and make informed decisions. It involves regular communication, collaboration, and reporting to keep all relevant parties informed. By monitoring a project closely, the project team can proactively address any deviations or challenges and take necessary actions to ensure successful project execution.

Understanding Project Execution in SMEs: Essential Concepts

Project implementation refers to the process of executing a project plan and carrying out the necessary tasks and activities to achieve the project's objectives. It involves putting the planned activities into action and utilising the allocated resources to deliver the desired outcomes.

During project implementation, the project team members perform their assigned tasks, collaborate with stakeholders, and follow the established project plan. This phase typically includes activities such as:

Successful project implementation requires effective leadership, communication, and coordination among team members. It is crucial to stay organised, maintain a clear understanding of project objectives, and adapt to changes when necessary. By effectively implementing the project plan, a project team can work towards achieving the desired outcomes and delivering the intended benefits.

The project execution phase is typically the longest and most demanding phase of the project life cycle.

There are several steps involved in project implementation, including some planning that must take place before implementation can begin. Here is a list of steps to effectively implementing a project:

The execution phase is where everything happens and plans begin to take shape. The scope will change, and the documentation will change as a result.

The McProject: McDonald's Project Management Implementation Lesson

In the bustling world of fast-food giants, let's take a playful glance at the vulnerability of Ray Kroc, the man behind the McDonald's global empire. Picture this: the visionary mind navigating the complexities of transforming a local burger joint into a worldwide sensation. Even the most ambitious entrepreneurs have their moments of uncertainty, and Ray was no exception. Through the highs and lows, the golden arches emerged as a symbol not just of fast food, but of the tenacity to turn dreams into reality.

Imagine Ray Kroc juggling the inception of the franchise model for McDonald's. Here's where the rubber met the road. The practical tip we glean from the golden arches saga is the meticulous implementation of standardized processes across franchises. Much like the consistency of a Big Mac, McDonald's mastered the art of ensuring that each outlet adhered to a unified operational playbook, setting the stage for unparalleled success.

Now, let's delve into the heart of entrepreneurship with a side of fries. Ray Kroc's passion wasn't just about selling burgers; it was about creating an experience. The alignment of personal passion and business endeavors is where the magic happens. So, aspiring entrepreneurs, take a leaf out of Ray's book - it's not just about the product; it's about the love you infuse into every step of the process.

In the realm of project management, humor is an unsung hero. Ray Kroc's journey wasn't all business; there were moments of levity amidst the fries and shakes. The practical tip here is to inject a dose of humor into the corporate grind. It not only lightens the mood but fosters a creative and resilient entrepreneurial spirit. Remember, even in the most challenging projects, a dash of humor can be the secret sauce.

SME Project Execution Strategies: Effective Project Execution Techniques and Methods

Project Execution Challenges

Tips to Improve Project Execution

Strategies to support the execution of projects successfully.

Project Execution Gaps

There are gaps that businesses must fill to ensure project success.

The reality is that closing each gap separately is not the solution. Finding solutions, developing action plans, and implementing strategies to close all six gaps is the real challenge.

Closing the Execution Gap

Closing the gap requires two components:

One of the most difficult challenges that business leaders face today is closing the execution gap, also known as the strategy gap. The execution gap is the perceived difference between a company's strategies and expectations and its ability to meet those goals and put ideas into action.

How the A's Implemented, Monitored, and Controlled Projects, Moneyball Style

In the high-stakes world of baseball, where success is measured in wins and losses, Billy Beane and Peter Brand found themselves at the crossroads of vulnerability and determination. Billy, a seasoned baseball executive, faced the challenge of competing with teams with significantly larger budgets. Peter, armed with his economics background, ventured into the unpredictable realm of sports. Yet, it was their vulnerability, the acknowledgment of their limitations, that became the catalyst for change. The duo's unconventional approach to team building, outlined in Michael Lewis's "Moneyball," not only defied baseball norms but also became a lesson in embracing vulnerability to drive innovation.

As we delve into the specifics of project implementation, Billy and Peter's journey offers invaluable insights. The A's, with limited resources, leveraged data analytics to scout undervalued players. In the business world, this translates to harnessing the power of data to make informed decisions. Their practical tip? Embrace unconventional strategies that align with your unique strengths. Just as the A's strategically drafted players based on data-driven insights, entrepreneurs can optimise their projects by identifying and capitalising on their core competencies.

Billy and Peter's journey wasn't just about numbers and analytics; it was fueled by a passion to challenge the status quo. In the entrepreneurial realm, aligning personal passion with project goals is the secret sauce for success. The A's weren't just assembling a team; they were building a legacy. Likewise, entrepreneurs should align their ventures with their passions, ensuring sustained enthusiasm and commitment throughout the project lifecycle. The Moneyball story reminds us that success is not just about winning games but about leaving a lasting impact fueled by passion and skill alignment.

Moneyball teaches us the importance of strategic adaptability. The A's faced skepticism and resistance to change within the baseball community. Similarly, entrepreneurs may encounter challenges when implementing unconventional strategies. The lesson here is clear: be prepared to pivot, iterate, and adapt. Just as the A's adjusted their tactics based on player performance, entrepreneurs must continuously assess and tweak their project strategies to stay ahead in the game of business.

How to Implement, Monitor, and Control a Project: Mastering Project Execution Strategies for SMEs

Develop Project Execution Plan

Project execution is divided into steps, just like project management, to make sure you don't miss anything important. Depending on the project and how your organisation operates, the eight project steps may vary slightly, but we've provided the essentials below.

The sequence of activities that will occur during the execution phase will be determined by the nature of the project and your organisational preferences.

How to Implement a Project

1. Define project objectives, scope, and deliverables.

2. Create a detailed project plan with tasks, timelines, and resource allocation.

3. Assign responsibilities to team members and communicate the plan to stakeholders.

4. Execute the project plan by completing tasks and milestones according to the schedule.

5. Regularly track progress, identify and address any issues or deviations from the plan.

How to Monitor a Project

1. Establish key performance indicators (KPIs) to measure project performance.

2. Monitor project activities, timelines, and resource utilisation against the plan.

3. Conduct regular team meetings to review progress, discuss challenges, and provide updates.

4. Use project management tools and software to track and analyze data.

5. Keep stakeholders informed through progress reports, status updates, and dashboards.

How to Control a Project: Mastering Project Control Techniques and Best Practices

Project control refers to the processes and activities undertaken to manage and regulate a project throughout its lifecycle. It involves monitoring project performance, analysing deviations from the plan, and implementing corrective actions to keep the project on track and ensure its successful completion.

1. Identify any deviations from the project plan or KPIs.

2. Analyze the root causes of the deviations and assess their impact on the project.

3. Develop corrective actions or strategies to address the issues and bring the project back on track.

4. Implement the approved corrective actions and monitor their effectiveness.

5. Continuously evaluate and adjust the project plan as needed to ensure successful completion.

Once the deliverables are complete, you will schedule a formal phase review with all key stakeholders. The deliverables have all been reviewed, accepted, and approved. If any issues are passable, they are documented along with a resolution plan, and all relevant plans and documents are updated accordingly. Once the stakeholders have given their approval, you can move on to the next phase, project closure.

Project controls are procedures for collecting and analysing project data in order to keep costs and timeliness on track. Project controls functions include initiating, planning, monitoring and controlling, communicating, and finalising project costs and schedules. Project controls, in the end, are repeatable processes for measuring project status, forecasting likely outcomes based on those measurements, and then improving project performance if the projected outcomes are unacceptable.

Despite their best efforts and intentions, many organisations discover that large-scale projects fall short of their goals for a variety of reasons, including optimism bias, manual estimation errors, insufficient historical data, scope creep, and a variety of other factors. When it comes to large-scale capital projects, 98% of them have cost overruns or are delayed. Cost increases are estimated to be 80% of the original value on average, and timelines are frequently delayed by 20 months or more.

The key objectives of project control include:

Project control involves ongoing monitoring, analysis, and adjustment of project activities. It requires effective communication, collaboration, and decision-making among project stakeholders. Project managers and the project team play a crucial role in maintaining project control by:

By effectively controlling a project, the project team can ensure that it stays aligned with the planned objectives, maintains quality standards, and achieves the desired outcomes within the defined constraints.

Activities under the umbrella of project controls may include:

While a project may have many parameters, such as quality, scope, and so on, the discipline of project controls focuses on the cost and schedule factors, continuously monitoring for any risk to them.

Project controls are nested beneath project management in the hierarchy. A project controller may report to a project manager on a single project or a portfolio of projects. Project controls are critical to successful project management because they alert project stakeholders to potential problems and allow them to correct course if necessary.

Project controls cannot be implemented in spurts or in a vacuum if they are to be successful. Rather, project controls activities must be carried out throughout the entire project life cycle — from start to finish — in order to monitor and control the various factors that affect the project.

Importance of Project Controls

According to Haxagon article Project Controls: Key Elements, Benefits and Challenges, stated that a 2018 survey, 88% of respondents believe project controls are important or critical to the success of enterprise projects .The report also confirms the link between project controls and success: those who rated controls as 'critical' were twice as likely to meet all project goals. Those who thought project controls were "not important at all" were three times more likely to fail. These findings highlight the importance of controls, especially given the number of significant deviations from initial project estimates in the past.

Refer to PWC article,Correcting the course of capital projects, identified the following cost of projects gone awry:

  • A PwC analysis of six nuclear plants found an average cost overrun of 157%.
  • Of 47 mega-projects analyzed by PwC, the average cost overrun was 88%
  • For a refinery project budgeted at $4 billion, the final forecast was $12 billion
  • DeIncorrect contracting to build ships and infrastructure led to a $2 million tax loss.
  • In litigation, a project owner sought €2.4 billion in damages for a three-year delay on a turnkey, €3 billion power project.

Project professionals understand that there will always be unexpected delays, additional costs, or unforeseen circumstances, whether the project is large-scale construction or the launch of a new website for a small business. However, if project controls are not in place to anticipate and resolve these issues, costs and delays can quickly escalate into huge expenses that affect other areas of the business.

Benefits of Project Controls

Controls have a significant impact on projects of all sises, not just large projects.The following are some of the most important advantages of project management:

Project Controls Processes

Project controls excel in their data-focused methodology and meticulousness. The root causes, exact figures, and best course of action should all be known to a project manager rather than just the fact that there is a cost overrun. This is where a completely integrated project controls solution can aid in efficiency in quickly obtaining answers and provide visibility into performance that can lower project costs.

The primary goal of project controls is to minimise cost and schedule variances from what was originally planned. Controls serve as a safety net for project management. Project managers can sometimes become almost entirely focused on delivery, leaving little room to investigate costs, deviations from the project plan, and other variables. Project controls provide project managers with a necessary reality check by providing a more data-driven view of how project resources and objectives are trending over time.

Best Practices in Project Reporting for Small Businesses

In project management, reporting simply refers to providing a high-level overview of the critical data generated by the project in a simple, easy-to-use format. Project reporting is critical to project management success because it provides a window into what's going on and what needs to be done for the entire team.

Create Effective Project Reports

The goal of project reporting is to provide all of the information generated by your projects in a simple format that stakeholders can understand and apply. Here are some best practices for creating reports that will allow project stakeholders to make informed decisions.

The Intriguing Journey of War Dogs: Implementing, Monitoring, and Controlling a Project

Ever wondered how two young entrepreneurs, Ephraim Diveroli and David Packouz, found themselves navigating the complex world of government contracts in the arms trade? Picture this: Two ambitious guys, armed with little more than youthful exuberance and a knack for seising opportunities, stumbled upon a lucrative yet perilous venture. Their vulnerability lay in the daring choices they made, carving a path in a high-stakes industry that demanded more than just business acumen. As we delve into their journey, we'll explore how they implemented, monitored, and controlled their project—War Dogs style.

In the trenches of government contracting, Ephraim and David faced challenges that tested their mettle. Just like any project manager, they had to meticulously plan, strategize, and adapt to unforeseen circumstances. Their journey underscores the importance of adaptability and resilience in project management. While their methods might raise eyebrows, the War Dogs' unconventional approach offers valuable insights into how to handle ambiguity, make quick decisions, and pivot when necessary.

Now, let's zoom in on the practical tips that Ephraim and David inadvertently provide for implementing, monitoring, and controlling a project. Firstly, their audacity to take risks—albeit controversial—teaches us about calculated risk-taking. In project management, risk assessment and mitigation are crucial elements. The War Dogs' escapades highlight the need for a robust risk management strategy, no matter how unconventional the venture may be. Moreover, their reliance on data and market intelligence emphasises the importance of informed decision-making in project implementation.

The War Dogs' journey is not just a tale of profits and risks; it's a testament to the alignment of passion and skills. Ephraim and David's passion for entrepreneurship and their skillful navigation of the arms trade maze echo the importance of aligning personal strengths with the chosen venture. This alignment serves as the driving force, propelling entrepreneurs through the challenges of project management. As we learn from the War Dogs, successful projects are born when passion meets proficiency.

The War Dogs' story is not just a serious discourse on project management; it's also peppered with moments of entrepreneurial wit and grit. Their ability to find humor in the midst of challenges showcases the power of a positive mindset. In the world of business, where obstacles are inevitable, maintaining a sense of humor can be a valuable asset. Ephraim and David's journey teaches us that sometimes, laughter is the best tool in a project manager's toolkit.

Tips for Effective Communication in Project Reporting for SMEs

Implementation Excellence: During the implementation phase of a project, precision and adherence to the project plan are paramount. It's crucial to deploy resources effectively, monitor progress, and address challenges promptly. Successful implementation hinges on a detailed understanding of the project's scope and objectives, coupled with proactive problem-solving to ensure tasks are completed efficiently and according to schedule.

Continuous Monitoring for Success: The heart of project management lies in ongoing monitoring and control. Regularly tracking key performance indicators (KPIs) and milestones allows for real-time assessment of project health. This phase demands a keen eye on resource allocation, budget compliance, and risk management. By maintaining a vigilant watch over project metrics, teams can swiftly identify deviations, mitigate risks, and make informed decisions to keep the project on course.

Agile Adaptability and Client Satisfaction: The ability to adapt to changing circumstances is crucial in project management. The monitor and control phase provides opportunities to embrace an agile mindset, adjusting strategies based on emerging insights. Client satisfaction is a continuous concern, and this phase enables teams to gather feedback, address concerns promptly, and ensure that the project not only meets but exceeds client expectations. Ultimately, successful implementation, meticulous monitoring, and adaptive control mechanisms are the keystones for project success



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