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Value of Project Management for business people (white paper)

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This paper attempts to explain how project management is also a valuable skill set for business people

This paper attempts to explain how project management is also a valuable skill set for business people

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Value of Project Management for business people (white paper) Document Transcript

  • 1. 2013 Value of Project Management for Business People Whitepaper article Jeremy Jay V. Lim CSS-BB, PMP, BPM 11/15/2013
  • 2. Value of Project Management for Business People whitepaper article by Jeremy Jay Lim CSS-BB, PMP, BPM Being born to a family of business people, handling clients and managing a business is not alien to me. Both of my parents were sales agents of hardware and lumber. Two of my siblings are also continuing my parents' legacy. For our family, business talk is always part of the conversations on the table. I'm also surrounded by close friends and chinese relatives who are entrepreneurs who run SME-sized businesses. It's a very common scenario that when we have gatherings, we always talk about how the business is doing and exchange ideas on how to make it more competitive. As for me, I've also played the part of being an experimental entrepreneur and a freelance consultant. In the past, I've tried starting small extra income generating attempts such as RTW, buy and sell, electronic gadget innovation, rice box and I was even able to run a home-based bakery for several months. Those are behind me now and I've got to be wiser in terms of deciding and planning what kind of business type I would get into that would be worth my time and effort. I realized that I have to be engaged in a small manageable initiative that is also related to my passion and those are just two things - innovation and project management. Usual Troubles in the Business When we say business people or businessmen, we pertain to the entrepreneurs of SMEs, business leaders of big companies, contractors, or freelancers who manage a pool of clients regardless of gender. Each and every businessman usually encounters trouble when conducting business. Some businessman gets trapped in a project engagement with a client because it's either the businessman or the client frequently change their mind about the deal so it never gets done or completed. This maybe driven by the external conditions but not knowing how to nail down the deal will drag both the businessman and the client to an endless engagement. This eats up a lot of their time going back and forth. This situation also takes them both away from what matters more in the their usual business. Knowing how to start and end an engagement properly is a technique in project management. There are also situations when a businessman is faced with an opportunity to have a new client but also faced with the odds that this maybe a poor-paying or a delinquent client. So the question is, "Do I take in this new client and give him or her a credit line? What if this new client does pay on time? How do I manage my finances?". Engaging or on boarding a new client is also a type of project. There are also frequent stories that I hear about clients who get disappointed because their expectations were not met thus the businessmen loses one possible repeat customer. This is because of the traditional boxed thinking of shrewd businessmen who just focus on short term profits against long term business relationships. Managing expectations and keeping customers happy is a core idea in the field of project management. Project management is not marketing
  • 3. per se, but project management teaches us to be better business people. Businessmen are known to have charm and good in sales talk. And there are businessmen good at sales talk but poor in delivering promises. Clients are really turned off by this and never do business again with such people. The businessman and the client may have agreed on a particular item as part of the trade but after the communication exchanges the client is handed a sub-standard service or product. Project management basics teaches us how to deliver our promises to the client successfully in methodical steps so that they may get what they asked for on time, within budget and as agreed upon. Value of PM for Business People Business people are basically trained to do business but not managing the business with a flavor of project management. Some good techniques from project management basic can be picked up and adapted by business people. Thus, learning how to manage the business with a project management frame of mind is an invaluable skill and technique that can make a better businessman. Here are some of the important points emphasizing why there is relevance and value of taking up project management basics for business people.  Knowing that there is a beginning and an end Whether you are engaging with a new client, launching a new product or business, or working on an adhoc initiative. Project management says that there is a starting and ending point in what we do to fulfill a customer's request or to meet a business objective. In project management, we learn how the steps to fulfill a request or any business endeavor so that we will not confuse the clients by working with them haphazardly.  Learning how to handle the odds Project management basics makes us wiser by teaching us how to see the odds against our business and what to do if things go wrong. This is the risk management aspect of project management basics.  Learning how to manage expectations These days clients are becoming more and more demanding, project management basics teaches us how to handle what are expected of us to deliver. Project management basics teach us how to consistently meet expectations, keep project customers happy and how to manage the non-believers and believers. These are covered in the project management techniques under change management, stakeholder management and communications.  Learning how to deliver and keep the promises Any customer would be pleased to be served on time, within budget and within agreed terms. Project management basics teaches us the techniques how to achieve that from the beginning until the end despite the challenges and risks in the business environment.
  • 4. Summary Why learning Project Management Basics is important for business people? Business People are well versed in selling, marketing, and making profits. However, there may be weak areas in terms of the day to day execution of deliverables based on the promises to the clients. That is why troubles in business frequently occur. Learning project management basics and being skilled in managing business projects would make a businessman more competitive than the others who have challenges in keeping up with their clients. There is an apparent value in the Project Management Basics for business people running small companies. Project management is not only for IT, Six Sigma, or for initiatives of big companies but also for entrepreneurs, freelancers, contractors and start ups. About the Writer Jeremy Jay V. Lim is a certified PMP (Project Management Professional), a certified Six Sigma Black Belt, and a BPM Practitioner. He currently holds a role as a Six Sigma program manager. He is passionate about anything related to innovations and project management. He does freelance consulting and training. During his free time he also writes blogs and whitepapers about Six Sigma, Innovations and Project Management. His articles can be found at the Facebook page Sigma Process Excellence http://www.facebook.com/sigmaprocessexcellence and at SigmaProcessExcellence.wordpress.com.