Project Management Office

Why Startups Need Project Management?

Project management is the application of knowledge, skills, tools, and techniques at the right time to meet diverse requirements. Even if your startup venture is at the nascent stage or you are still engaged in conversation with the investors for funding, project management is the right solution to bring seamless execution to your plans.

Creating Your Baseline

In this article at Project Management for Today, Hussain Bandukwala explains the need for project management in startup.

  1. A new venture is always judged for what it delivers and when. Plan and create initial baseline schedules and adjust them to meet the deadlines. Do not forget to actively manage timelines for all your initiatives. All these adjustments at the initial stage of your venture will help you scale the venture in right direction.
  2. For a startup, it is essential to manage the resources right and capital is the baseline of a new venture. Instead of just blindly spending on your projects, monitor them. It will help you understand and reduce the chances of wastage and enable you to allocate the budget right.
  3. Usually, a group of people with same level of passion and interest invest time and money to establish a startup. But as the venture grows and it start hiring, most of the startups lose focus. To fill the gap, if you want to hire your first lot, plan everything as per the team’s capacity. Find out how far and how often you can stretch your existing team. Moreover, also understand if your budget allows you to recruit expensive resources.
  4. Following the traditional route of over-delivering and under-promising may exhaust your funds, that too, before the launch of your product. Therefore, keep the focus intact and deliver only what may give a good boost to your venture in limited funds. You will get better opportunities in future, survive now to see flourishing future endeavors.
  5. It is true that product management is essential for a new venture but ignoring other areas could cost you big. Therefore, either hire a project manager or adopt the project management skills through formal training. You can nominate a team member also to lead the charge. Unstructured infrastructure leads to fall. So, plan it well.

Project management plays a vital role in handling essential tasks seamlessly. Brining or adopting project managerial skills to your startup will boost your chances of growth. The author backed his logics with facts and instances. Follow the link below to read the full article: https://www.pmfortoday.com/5-reasons-project-management-brainer-startup/

 

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