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Startup Management
• How to manage a startup:
Owning or managing a startup can be exhausting. Here are six actions startup owners or managers can take to help manage tasks and busy schedules.
If you are the owner of a startup, then you know there’s all kinds of work that needs to be done. From managing projects, client expectations, and employees to handling finances, emails, and addressing issues, there’s no end to your to-do list.
Each day, thousands of people start new companies, and thousands more are thinking up new ideas for a startup. The marketplace is saturated with startups, making it vital that each one of those business owners not only differentiates their product or service, but also keeps pace with their daily tasks.
1. Set project management standards
The best way to grow your startup is to adopt established project management standards. PMI’s Project Management Body of Knowledge (PMBOK) can help startups set a high standard of project management excellence right out of the gate.
This ensures that all projects follow the proven best practices that help identify and meet business requirements, reduce waste, optimize the use of resources, and increase the chances of achieving goals.
SEE: 20 project management books to read now (TechRepublic)
2. Set realistic client expectations
Every company must put their clients first. Your business works because there are clients who buy your products or services. If you don’t take care of your clients, they’ll simply choose another company to buy from.
To manage client expectations, it is essential to fully understand their needs, have effective and frequent communication, and set realistic expectations about how you are going to meet those needs.
3. Create process documentation
It isn’t enough to just develop effective internal business processes–having written documentation for those processes provides all employees with the standard they need to follow, removes inconsistencies, and reduces instances of error and confusion.
When process documentation is readily available, especially for new employees, it creates efficiencies and reduces the need for excessive training and re-training. Process documentation also helps to set expectations around not only how to complete tasks, but also why.
SEE: 10 tips for helping your users follow IT documentation (free PDF) (TechRepublic)
4. Procure the right web-based tools
Every company needs tools for effective growth. It’s unwise and unrealistic to think that a startup can grow without relevant and affordable tools to manage day-to-day work. If your company does not have a budget for expensive tools, look for free web-based options that can be leveraged until your business can afford other tools.
There are many work collaboration, communication, project management, creativity, and productivity tools available online that can help your startup to grow–some are open source and other paid web-based tools usually offer a free version to individuals or startups.
5. Identify opportunities to learn from setbacks
Having setbacks in a startup is common because almost every experience is new at some point. The good news is this also means each experience provides an opportunity to learn from any mistakes that are made.
The key to learning is first accepting that mistakes will be made, then establishing a culture that encourages learning for growth, instead of punishment, when there are setbacks. It’s important to document mistakes and involve the relevant people to identify the best solutions going forward.
6. Remain open-minded to new ideas and change
Having one idea and refusing to look at its downsides can be a dangerous stance to take. If you have a new idea, ask your team or a trusted peer for their opinion to help you make the best decision. Be prepared to delay or decline to move ahead with an idea if it appears to be more downsides than benefits.
Startups typically have many tasks, but limited resources to complete each task. You can improve task management by ensuring your startup understands its customers, learns from setbacks, has the right tools and documented processes, and keeps an open mind about opportunities and potential changes.
Project Management for Startups & Entrepreneurs: A Quick Reference Guide :
Why a Startup Needs Project Management?
Many entrepreneurs undervalue the power of project management for their startup. But it is true that there is no room for error with project management being in the right place. Sure, your startup will have to take many risks like planning, delivering value to clients, taking care of budgets, execution of a project, and many others. However, a project manager who takes care of project management will make sure that business is more efficient during its early stages.
Did you know that ninety seven percent of those asked about how important is project management to productivity consider that it is crucial for business success? Remember it’s never too early for your business to engage in project management. Be it at any stage, you need a project management system.
At times, finding the right method for project management for startups can be a hard nut to crack for your business. You need to carefully think what works well for your business and what not. Maybe for your competitor, the traditional waterfall method is the right fit, but your business demands Agile methods. So, pick the right project management methodology for success.
How to Pick the Right Project Management Methodology :
There is no right or wrong in project management, it’s all what your needs are. So start by understanding your needs.
- How is your business structured?
- What is the size of your organization?
- What are your goals?
- How complex is your project?
- What do you expect from final deliverables?
- Do your clients/customers prefer a particular methodology?
Taking care of your needs, choosing the right methodology is a vital step in your project journey. After you’ve picked the right method, let’s look at the project management tips and tricks for startup companies that can help turn your startup into a successful business.
Turning Your Startup into Successful Business
Success is not a random act. It doesn’t just happen. It is something that happens because of you.
Startup Project Management Tips for Entrepreneurs
These are the steps that entrepreneurs can take to start building your empire.
Set realistic goals
“The victory of success is half won when one gains the habit of setting goals and achieving them. Even the most tedious chore will become endurable as you parade through each day convinced that every task, no matter how menial or boring, brings you closer to fulfilling your dreams.” – Og Mandino
The point is every entrepreneur should not just set a goal but set good goals. If your goals are realistic, setting and achieving them will give you a sense of happiness and well-being. Start with laying a strong foundation.
- Identify your clients
- Develop a solid project plan
- Be proactive and spontaneous
- Ask yourself these questions:
- What is the most basic purpose of my long-term goal?
- What actions do I need to take for long-term goals?
- How to build upon the actions?
Wherever you want to take your life – set goals that you’ll realistically achieve, more important – pick goals you want to achieve.
Milestone Management :
Milestone signifies a change in development. It can help you communicate what’s happening with your project. A very important part of project plan acts as a signpost through your project. Define the right milestones for your team. Discuss with your team the importance of each milestone to stay focused on the goals. Steps to set successful milestones for the success of your project from the get-go.
- Break the project into a list of deliverables
- Identify project risks
- Set progress reporting
- Highlight important dates
- Have a control over project deliverables
- Clear objectives and requirements
- Consider your stakeholders’ support
- Be ready for the long run
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