There are things that can lead to the failure of a possible successful small business project. Some projects could be over in a matter of months and others may take a couple of years but whichever is the case some may take longer than they should if some things are not taken into consideration:
Planning: Like any other project a small business project will require a plan whether the project is for creating a database for a company or creating a small recreational centre for the community without a clear layout on how everything should precede then it may not be successful.
Creation of procedure and Processes: This refers to outlining the resources that your project needs, scope change, risk assessments, and other details that will be critical to the development of the project.
Monitoring the Project’s schedule and Project: As mentioned earlier every project has a time frame and it would be important if every phase is given particular time frames such as Phase I: 3-4 days. Furthermore, since there is a budgetary allocation for each process it is important to know if you are within the budget or heading to a project halt.
The Warning signs: This is where you look out for irregularities, such as if you had planned to stay on a particular phase for one week, two weeks are almost over or you had planned on spending $1,000, now the amount is now heading towards $2,000. It doesn’t matter what the case is but these are serious signs that something is not going as it should.
Scope Change management: There are two sides to scope change management where, one you need the person sponsoring the project approve of any new or upcoming scope changes and secondly, you may also want to watch out for scope creep or small scope changes that accumulate overtime without prior knowledge of project’s sponsor. Scope creeps may lead to the eventual failure of small business project and failure to inform the project’s sponsor on this scope changes may lead to closing of the project or looking for alternative funding.
Risk Identification and Assessment: This refers to identifying risks whether they are low -level- risk or high level risks and ensuring a continuous assessment. High level risks may have serious effects on the project’s success hence they may need to be mitigated immediately, medium level risks may require some level of management while low level risks are based on probability of them occurring but may not have dire consequences on the project’s progress. All risks help keeping all loopholes in the limelight and in the event, they occur there is a chance of having an efficient response.
Address Unresolved issues imminently: All issues should be handled with wit and objectivity to ensure the project’s objectives sail through the day or are successful as forecasted earlier.
In other words, if all these practices are implemented as they should then the project should be successful and effective as need be. However, communication and a clear goal of what needs to be done play a bigger role in ensuring the success of such projects.