5 ways PM software Can Help Survive a Recession
Tips & Tricks on how your business can benefit from a project management software during tough times
How many of you have witnessed this scenario: An entrepreneur succeeds in creating a successful startup. He is ready to offer people something they actually want, has good team and the initial capital. Business is booming, but then suddenly a crisis has come knocking at the door and the company has gone bankrupt.
It is clear that you can’t expect a company to work in completely new ways during a recession. However, every entrepreneur should try to adapt his or her policy to fit the current financial situation and find ways to improve efficiency in order to stay on top of the competition. Project Management software might help you accomplish just that.
Here are five strategies you can incorporate into your company policy:
1) Manage your costs. In the current economic situation it is highly important to reduce costs and increase profits. Project management software (PMS) provides real-time cost data and an early warning system for issues such as cost overruns and scheduling snags. It can also prevent you from making the wrong decisions. For example, if you are starting a new project, you can estimate your costs, schedules and ROI beforehand and know whether the project is worthy of your time and efforts. PMS helps you predict just that.
2) Improve your efficiency. To have a highly motivated and a deeply involved team is half the battle. PMS can help accelerate the efficiency of employees, providing you the opportunity to track the results of each member of your team. Everything they do can be tracked and measured with PMS. This not only makes your team more responsible but also saves your company time and adds dollars to your bottom line. Let’s say you want to check on how a project is progressing according to your budgets and schedule. You don’t have to hold a meeting with everyone on your team to find out what they are doing because you can simply track all of that information in your PMS, thus saving yourself and the rest of your team valuable time.
3) Outsource Smart. We all know that there is safety in numbers, right? Good! Outsourcing some of your work and resources will help reduce expenses, which is especially important during a recession. Project management software will enable your entire team to collaborate, assisting everyone in sharing their thoughts through innovative methods. For example, if you were to make a decision to send employees home and have them work remotely, you can save on rent and some other expenses while still maintaining good collaboration between your team. The PMS will be able to provide the means of storing all messages and documents in a single location that may be accessed by all, regardless of where they are.
4) Move while others are distracted. During a crisis there is no time to relax. You must be faster than your competitors. And if you are lacking staff, then your main goal should be to train new members and get them started on your projects as soon as possible. PMS can help you train new team members by giving them examples of previously completed projects and the overall workflow of your team.
5) Focus on current customers. Winning new clients can be difficult during a recession. It is more cost effective to concentrate on your existing ones. PMS can facilitate you in taking care of your clients and keeping them happy by providing a systematic method for documenting, tracking and following up with them on critical issues.
All these tips are simple in nature. Of course implementing them into your company is “easier said than done”. I hope this will give you a head start in better managing your time, your business and thriving in the current economic situation. Let me know the outcome. Good luck!
Vadim Katcherovski is the CEO of Logic Software Inc. based in Toronto, Canada. He has over 20 years of experience in the IT industry and has managed dozens of software development projects.