Скачать или смотреть 3 traits that make project management even more important for small and medium sized businesses

In this video, I'm going to tell you why project management is even more important for small businesses, what are actually the three characteristics that most small businesses have that make project management even more important for them.
So first, just to clarify, here project management is just a term used to say bringing structure, bringing organisation when you do something new in your business. That's what it means, having the systems, having the tools,
having the structure in place to allow you to do your project efficiently without the stress.
You can pause and breathe and know it's going to be done efficiently. So why is it particularly important for small businesses? What makes small businesses even more prone than big businesses to the negative consequences of failing to deliver projects right out or not delivering
them efficiently?
The first characteristic is that as a small business, most of the time you have limited resources. You don't have an awful lot of cash in the bank.
If there's a problem in your project that the costs just run completely wild, as we've seen in some projects, well, they can't. They can't. Your business will get bust. So you don't have all that money to invest in the project.
When we talk about resources, obviously resources is also time. And in a small business with not many people, you don't have a lot of time.
As a small business you, for sure, already have a lot of other different things to do in your business. So time is also a very, very limited resource in your business. Then again, big businesses will have more time. Their time scale is usually different.
And of course, people. Because what characterises a small business is that it is small. It doesn't have a lot of people. So you don't have full teams that can be working right now for something that will be delivered in five years time. You don't have that.
So you have limited people, limited time, limited money. So if you squander any of these on projects, well, it's not good news for your business.
Because it means that you put more time, you put more money in the project that you should.
And of course, that's not good for your business. Then project management, good project management procedures, processes, and tools will help you organise and manage these limited resources in your small business.

The second characteristic is we all make mistakes in our businesses, in life in general. We all make mistakes. But big businesses, they have big cushions. They have like in a car, you know, big airbags. So mistakes are less costly than for a small business. Think a motorbike instead of a car with big and powerful airbags. Well, mistakes are usually a lot more costly for small businesses. So you are not allowed to make as many mistakes, unfortunately, if I can say.
Because these mistakes, well, once again, it means that your business can just go out of existence. So if you keep on making mistakes on your projects or not delivering the right things and not delivering the things you should be delivering, well, that's not good. That's not sustainable for your business.

And that's what project management will bring to your small business too. And the third one is that usually in small businesses, we need to move fast. And that's the culture. Because it's a small business, decisions can be made quickly. Things move quickly.
And again, in a big organisation, a big corporation, well, there are juggernauts. These huge corporations, these huge organisations, it may take months just to take one decision.
They're already working on things that they will launch maybe in five years or seven years time. They have an inertia.
And usually they don't need to move as fast. You know, they can plan for the longer term. Then, in a small business, this is a lot harder to do.
Because with unlimited resources, you know, when something changes, well, it impacts a small business a lot more than the big corporation. So a small business needs to move fast. How can you move fast if you don't know what project you should be doing? If you can't do this project
efficiently in a timely manner, launch and have their benefits quickly, well, you're not moving fast.
And your business stagnates. Even worse, your business goes backwards.
And again, you're losing money. And it could have very, very big, bad consequences for your business. So these are really the three characteristics that make project management very, very important for small businesses.
And to summarise again, why businesses and small businesses need that controlled, structured approach to delivering their projects? Well, because in your small business, one, you have limited resources. Two, mistakes are more costly for your business, not just in terms of money, but they're more costly. And three, you need to move fast.
And if you're not able to deliver your project efficiently, fast enough, without wasting money and time, then your business will suffer.