Sunday, October 26, 2008

Improve Your Organizations Bottom-Line

We have been swamped with many requests over the past few weeks to help organizations get their projects on track. In these economic times they can no longer respond to requests for more money, more time and/or more resources. However, they do need these projects to be completed quickly. Most of them have a direct impact on the organization's bottom-line because they are introducing a new product or service that is desperately needed by their customers. If these are not quickly released, they will lose these customers to their competitors. This will have a devastating impact on their bottom-line (which is already hurting). Does this sound familiar?

We have begun working on a number of these projects. It is a dynamic process to undertake. We start by researching the project team structure, scope, plan, risk assessment, customer and business requirements, etc. We are finding that 60% of these projects are overdue by at least a year and are considerably over budget. The rest are not even close to meeting the customer and business requirements. (they're still arguing over the technology, the science, etc.) They need fast action. So we arrange to lock them into a room for an entire week (the project manager and all key resources on the project). During the week we re-examine the project's customer and business requirements, scope, team structure and project plan. We finish with a risk assessment. In all cases they have told us that they never thought we needed a week (and many fought not to spend this much time) but in the end couldn't believe the relief and clarity of direction they now have.

The greatest reward for us is to see the light bulbs in their heads go off (the room gets awfully bright by the time the week is finished). They always realize they never really understood the project, it's mandate, etc. Nor did they realize what a detailed project plan really meant (not 250 line items). The risk assessments helped identify what might prevent success and provided them the opportunity to put in contingencies to manage these.

You can improve your organization's financial situation by getting your projects on-track. They are a major source of revenue drain.