What is project management? The basics for budding entrepreneurs

Imagine you want to build a house - you have a vision, tools, finances and a team of people. But that's not enough to build a new home. Without a plan and coordination, chaos, delays, additional costs... And it works the same way in business. Make planning and meeting your goals easier with project management. We'll show you how.

Why do project management?

Project management isn't just for big companies. It helps you turn ideas into reality in a structured way and saves you time and money - whether you're starting a new business, expanding your offering or launching a new website.

A project is a time-limited activity with a specific goal (for example, a new e-shop, organizing a conference, or developing a new product).

Project management (project management) then involves planning, organising and controlling projects so that you achieve your goal:

• On time;
• within budget;
• within the required quality.

These three aspects - time, cost and quality - are interrelated and together form the so-called project triple bottom line. Improvement in one aspect usually leads to deterioration in the others. For example, trying to finish faster may increase cost or reduce quality. Therefore, when managing projects, you try to strike a balance between these factors and coordinate them to achieve the best possible outcome within reason.

The principles of project management will help you in your business:

• Keep track. Instead of chaos and stress, you have clarity on what needs to be done, when and who is in charge.
• Improve quality. A systematic approach leads to better control and reduces errors. In addition, good project organization allows the team to focus fully on getting the job done well instead of confusion and dealing with ambiguity.
• Reduce stress and risk. A realistic plan reduces the risk of delays, budget overruns, and wasted resources. It makes you better able to handle unexpected events and helps you in crisis situations.
• Improve teamwork. Set goals, meaningful tasks and regular feedback contribute to team satisfaction and more productive communication.

Step-by-step project management

A project can be compared to a trip - you have an idea of where you want to go, but you don't know which way. Project management helps you to plan the path to your destination and break it down into manageable steps. Follow these steps:

1/ Define the project and the goal

A successful project starts with defining the goal or what you need to achieve. Therefore, in the project definition phase, answer the following questions:

• What do you want to do? The outcome should be specific and time-bound.
• Why do you want to do it? Think about what the project will deliver and whether it fits your vision and purpose.
• What is the scope of the project? Determine what belongs in the project and what no longer belongs. Less is sometimes more.
• What is most important? Not every part of the project has the same priority. Determine what is essential to completion, and what you can possibly postpone.
• What is your budget? Make a note of the financial limit you don't want or can't exceed. You can then plan the details of the budget in the next step.
• Who will be involved in the project? Even if you are working alone, it's a good idea to think about which roles and responsibilities you will take on, and what you will get help with from others.

Write all the information down clearly in a document or mind map. This will be your compass that you can refer back to throughout the project.

2/ Planning (project timeline)

When you know where you are going, move on to planning. Your plan should be detailed enough so that everyone knows what to do and how to do it, but flexible enough so that you can respond to unexpected situations.

Start by breaking the project down into smaller parts - phases. For example, launching a new product might include steps such as: market research, product design, prototyping, testing, customization, final production.

Break the main parts down further into individual tasks. Then sort all the tasks and create a timeline (schedule). It will answer questions about what needs to be done first, which tasks can run concurrently, and how they build on each other.

Then assign a responsible person to each task and estimate how much time they will need to complete it. Be realistic and allow for a margin.

At the same time, don't forget to plan resources. How much money, materials or equipment do you need? Do you have everything available or do you need to arrange it?

Then assess whether the initial deadline and budget are realistic, and adjust the plan if necessary. Finally, set milestones - important points in the project when you will check overall progress and completion of tasks (for example, when you complete a prototype or start testing).

3/ Project implementation

Now it's time to take action! In the implementation phase, you start working on the project, monitoring the completion of tasks and milestones and adherence to budget and schedule.

Implementation is often a team effort - to keep it running smoothly, don't underestimate mutual support and communication.

• Align. Meet with the team at the beginning, go over the project plan and make sure everyone knows what they're supposed to be doing. Continue to communicate regularly. Schedule short meetings to talk about how the project is going, if anything has changed, what you plan to do next, or what problems are being solved by whom.
• Keep track of progress. Use spreadsheets or online tools to check off completed tasks and see if everything is on track. Keep your focus on the completed deliverables. Adjust the schedule if necessary.
• Be prepared to deal with obstacles. Don't panic when you encounter a problem. Analyse the situation and consult with the team. Don't be afraid to improvise and look for creative solutions.
• Stay motivated. Celebrate small successes, thank others for good work. A positive atmosphere helps to overcome difficult moments.
• Document. Write down important decisions, insights and changes - they will come in handy when evaluating.

4/ Project evaluation

Your work is not over when you have achieved your goal. Set aside time to analyze and evaluate successes and failures to learn lessons for future projects.

Answer questions such as: Did the outcome meet expectations? What do customers say about it? Did you get the project done on time? What took longer than expected and why? What did you learn? Which lessons will you use in future projects?

Tools and techniques for project management

Successful project management is not just about a good plan and communication. The right techniques and tools can make your job much easier. Project managers most often use:

There are plenty of apps that let you work with methods like kanban, WBS or Gantt chart in a user-friendly interface so you don't have to spend hours coming up with a technical solution. Plus, they allow you to communicate clearly with your team and take advantage of other practical project management features.

On the market you can find both Czech tools (Caflou, Freelo...) and foreign ones (Asana, Jira, Trello...). They usually offer a basic version or a free demo for you to try them out.

Delegate administration and focus on projects

You already know your way around project management - so get to it with gusto! But what about all the admin around the business? Don't get bogged down with formalities and keep a clear head for your projects and business development.

If you're just starting out, we can help you set up your company or business. If you've been in business for a while and are drowning in accounting or taxes, our specialists will be happy to take care of the paperwork for you. Drop us a line using the form below and let's get started.

Contact information

Write to us and we’ll get back
to you within 24 hours.

+420 226 224 724

info@jake-james.cz

Revoluční 736/15, Praha 1

Follow us:

First name

Last name

Phone

E-mail

Message

I consent to the processing of my personal data

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Send