Why Your Project Might be Doomed to Failure
Business Projects fail at a worrying rate, with statistics indicating over 70% failure of new initiatives
. Whether it’s a major IT installation, a new growth strategy, a post-merger integration, or a new marketing initiative, 70% will fail. The kind of money wasted with those failures can cost your company tremendous resources- and not just monetary. They also demoralize employees who have put in unrelenting efforts to accomplish the task.
How do you know if your project is on a trajectory to fail? Here are a few common reasons why projects can fail. Do any of these resonate with you?
1. Traditional Project Management Could Be Hurting You
The traditional project management
strategy shifts the team’s focus from the end-result to a routine development of recommendations, partial solutions, and new technologies. The presumed objective is to eventually stitch all these together to form a major blueprint that will meet the project goals. However, since projects involve numerous stakeholders working over an extended period, managers may find it difficult to predict all the work streams and activities required to meet the goals.
It is paramount for project managers to clearly communicate the final objective of the initiative and carry out reviews at specified stages of the project. If this is not happening, it could be setting your project up to collapse.
2. Projects That Go Over Budget
Every manager would love to run Super Bowl adverts, but you can’t do that on a strained budget. And while every company needs growth, leaders should delicately balance that with a healthy dose of sustainable expectations and goals. That will allow your business to initiate projects that can be achieved within the limited time frame and budget constraints.
To avoid misaligning your project dreams with reality, you need to focus on developing a culture of free and honest communication across all levels as opposed to directing unchallenged orders downstream.
3. Select the Right Project Champions
Whatever the project you are pursuing, your first step will be to establish an in-house team to drive the agenda. However, picking the right project champions
will determine the success or failure of the project.
The key is to address the issue with utmost honesty, and if necessary, search outside your core team for the best people who can deliver results. Begin to build relationships with agencies, consultants, and contractors to establish a proper network for the specific task.
4. Stop Pursuing Bad Ideas
Filmmakers in Hollywood understand the concept of getting it right the first time. They say it’s possible to make a bad film from a perfect script, but impossible to generate a good film from a mediocre script. It may be difficult to recognize a bad idea from the start, but once you notice it wasn’t right, don’t waste further time and resources hoping to change its course.
The solutions to project failures involve a combination of processes, tools, and people. You must put in place suitable processes customized for your unique business needs. Curious what that looks like? Let us show you