In this article we’re going to go through everything you need to know about project management as an entrepreneur.
For many, being an entrepreneur is the dream. But when you’re living it every day, you know just how tough it can be.
You’re busy. You’re juggling so many different things. Organisation is crucial.
So let’s take a look at everything you need to know about project management for entrepreneurs, from how you can best manage your projects through to all of the great benefits you can expect to receive!
How important is project management for entrepreneurs?
Short answer:
Extremely!
Project management is important in business in general. Project management allows you to more effectively manage your time and budget, so that you can complete all of your projects successfully.
Wherever you are on your journey as an entrepreneur – whether you’re just starting out on your own with your first business or you have many successful businesses to manage – one thing is for sure: your time is scarce and valuable, and you need to get the most out of it.
Proper project management techniques will allow you to effectively manage everything on your plate and also scale up or scale down the management depending on how busy you are.
How to manage projects as an entrepreneur
1. Define clear goals
Whether you have a team at your disposal or you’re flying solo, you need to be clear about exactly what your goals are.
Sure, you’ve got all of your ideas in your head, but you need to get those down on paper and share them with your team (if you have one) in order to manage projects successfully.
The only way to reach your long term goals is to plot a direct path of how to get there with smaller, more immediate tasks.
2. Plan your projects
Planning and entrepreneurial success go hand in hand! After defining your goals you need to plan your projects so that you can achieve them.
This includes outlining tasks, figuring out your budget and the resources you need. Planning also includes risk management. This can help you to foresee any potential challenges and mitigate any issues that may arise, protecting you from project failure.
3. Set realistic timelines
Being an entrepreneur is super exciting, and that can make it easy to get ahead of yourself. However, it’s important to set realistic timelines in order to manage your projects effectively.
It’s all about balance. Being too lax with your deadlines can cause you to waste time and money, really impeding your progress. However, being too ambitious can lead to burnout and also compromise the quality of your work.
So, set realistic timelines by estimating how long you expect each task to take and adding a little buffer time in there too. After all, unexpected issues are bound to pop up!
Review your timelines regularly and make adjustments as required. Realistic timelines will help you to maintain steady progress towards your goals.
4. Communicate and delegate
As much as you might want to, it’s unlikely that you’ll be able to do everything yourself. It’s important to learn how to communicate and delegate effectively in order to successfully manage your projects.
This works in the same way whether you have an internal team that are employed by you or you’re working with a network of freelance and/or contracted individuals. You need to be clear and transparent in your communication, and make sure that everyone knows which communication tools to use.
When delegating work it’s also important to step back and trust in your team, allowing others to take ownership over tasks. This is what being an entrepreneur is all about!
5. Monitor progress
So, you’ve outlined your goals, you’ve planned out your tasks and timelines, and you’ve delegated work to your team. The next step in project management for entrepreneurs is to simply monitor progress.
It’s important to keep an eye on how your projects are progressing. This will allow you to identify any issues or bottlenecks early and take corrective actions to keep projects on track and continue driving all of your projects towards successful completion.
6. Review and learn
Reviewing and learning from each project is essential for continuous improvement. At the end of a project, take a look at how things went. Evaluate what went well and what didn’t, and see what you can take forward with you for next time.
This review process is an important way to avoid repeating past mistakes and can help you to refine processes so that your project management just keeps getting smoother.
7. Celebrate milestones
Lastly, it’s important to always celebrate milestones – both for yourself and your team. Celebrating successes is a great way to rejuvenate everyone’s excitement for your projects and can help everyone feel positive that they’re heading in the right direction.
The best project management tool for entrepreneurs
If you’re looking for a tool that can help you collaborate with team members and clients, plus easily scale as your business grows, then you’re in the right place.
Project.co is the best project management tool for entrepreneurs. For starters, you can create a free forever account with no limits to the number of projects you can create and people you can invite.
The tool is easy to use so onboarding team members and clients is a breeze. You can have discussions with everyone in your project from one centralised place:
And set tasks for yourself and your team that can help keep everyone accountable and ensure projects continue to move forward at pace:
With different task views, you can check in on all of your project tasks at a glance and easily rearrange them if needed:
You can also take payments, add files, and track time to see how profitable your projects are – all directly from Project.co.
Check out this whistle-stop tour to discover all of our great features.
4 Benefits of project management for entrepreneurs
1. Make your resources go further
When you’re on top of project management, you know exactly what’s getting done, you know when it’s getting done, and by who. With all of this information at your disposal, you’ll be able to more effectively manage your resources in a way that maximises productivity and minimises waste.
2. Better time management
As an entrepreneur, your time is so valuable and you should treat it as such! By using a project management tool to manage your schedule, you’ll get the most out of your time and ensure all of your projects remain on track.
3. Better communication
Project management – and more specifically, a project management tool – will help you to effectively communicate and collaborate with other people on your team.
A project management tool is the best way to keep projects moving forward at pace and ensure everyone’s on the same page.
4. More strategic planning
When you implement project management it gives you a reason to get regimented with your projects, and this can help you to visualise your long term goals, prioritise your short-term goals, and generally just keep moving in the right direction!
Project management tools also empower you to measure your progress and hold yourself and your team accountable.
Final thoughts
Project management is important for every business, regardless of industry. But it’s especially important for entrepreneurs.
The insight and control that project management gives you will help you to achieve your goals quickly and successfully.
For more on project management and how you can use it to your advantage to grow your business, check out this article: 20 Essential Project Management Terms to Know.
