Category: Nathan Jurczyk Merchant Services

Project management processes can be broken down into five groups – initiating, planning, executing, monitoring and controlling, and closing.  Each group defines an important phase in the project management process and draws on different skills and knowledge.

Here is a brief background of each group.

  1. Initiating – This is the beginning phase in which the project is authorized.  Before beginning any project it must be defined.  Specific goals need to be set.  Ideas must be brainstormed.
  2. Planning – This phase describes how the project will be managed.  Certain tasks are delegated so that everyone in the group knows their role and what is to be expected of them. Timelines are set.  It is a preparatory phase in which all aspects of the project are analyzed.
  3. Executing – This is the phase in which all the planning is finally put into action.  The project manager’s role now is to make sure all the different groups are working together to complete their delegated work.
  4. Monitoring and Controlling – It’s important to make sure the project is progressing as was planned.  During this phase the project manager monitors the progress and corrects any issues or problems uncovered.
  5. Closing – This can mean the formal closing of the project or the formal closing of a phase in the project.  During this phase the project or a specific phase of the project receives approval and is ended.

Mentoring programs are a very useful tool for training new talent.  In fact, a good mentoring program can even help attract new talent interested in working for a company that can help them advance and grow in their career.  Companies with mentoring programs often have a stronger team as new employees develop relationships with senior employees.  Furthermore, companies save time and money on training efforts when new hires are paired with a mentor to help develop their skills.  All in all, the company is left with a well-trained workforce that feels supported in their advancement within the company.

Employees also benefit from the mentoring relationship.  Busy managers with large teams can’t always give an immediate response to questions; however, mentors can be more readily available.  When new trainees are able to have their needs addressed immediately, they learn more quickly.  Another benefit of a strong mentoring program is that it can enhance the leadership skills of the mentors.  Mentors that are working on imparting knowledge learn to be teachers and leaders in the process.

Mentoring programs have also proven to soften departmental barriers and increase team work within the workforce.  It can also boost morale by strengthening relationships between employees while at the same time fostering a sense of success as a team and as an individual employee.  Successful mentoring programs bring great benefits to mentors, mentees and the company itself!

A great way to strengthen the image of your company in your community is to demonstrate that your company has a vested interest in the community.  This can be done through a multitude of ways, especially volunteering for a local non-profit organization.  Non-profit organizations do a great deal of good for the community.  They provide a broad array of services that address a large variety of needs and their work truly strengthens communities and those that live within it.  Many non-profits, however, struggle with funding and labor and that’s where companies can step in and help.

You want your community to be strong.  When the people are thriving, your business will thrive as well.  You also want the people to see you as a part of what is helping their community thrive.  Getting involved is easy – it can be as simple as cash donations or as in depth as coordinating a fundraiser.  The best way to get involved is to encourage your employees to donate their time.  This is a great way to give back to the community and get your employees involved as well.

Your reputation influences consumers’ decisions when it comes to where they want to take their business.  Make sure you’re putting your best foot forward.  Let people see you as a philanthropic entity with an interest in building a successful community.

The Six Sigma process works well for manufacturing reducing defects to 3.4 defects per million units produced. Motorola claims to have saved over $17 million dollars since its implementation in the mid 1980s. In other fields where customer service is also important, the Six Sigma Lean process has proven more successful with its use of the 5 step DMAIC (Define – Measure – Analyze – Improve – Control) method.

However, both of these systems work for organization with pre-existing product lines. What about innovation? There was an issue with Six Sigma businesses when they found that they could not move past the three Sigma level without completely redesigning a product, implying that the Six Sigma level had to be designed into a product. Others report that Six Sigma reduces creativity and stifles research.

To achieve this, Design for Six Sigma (DFSS), the newest approach related to Six Sigma, was created. With DFSS, product design can be incorporated with Six Sigma principals from inception. The traditional DMAIC (Define – Measure – Analyze – Improve – Control) process which is concerned with resolving manufacturing variation, is replace by a new process in Design for Six Sigma, as the name implies; DMADV stands for Define – Measure – Analyze – Design – Verify. By starting with the Six Sigma design, customer needs can be met during product design. DFSS differs from the traditional Six Sigma process simply in focus. Design for Six Sigma has been developed for product engineering, while the original Six Sigma process is meant to improve existing designs and chains.

Strategies for operating a business are not done once and then stored away and forgotten; they are forever in flux reflecting the ever-changing needs of an organization through its life-cycle.

The timing of business strategies will depend on the age of the business, the particular industry, as well as its success. Thorough business strategies should be established when a business is starting out. It is part of the comprehensive plan the good corporations set up in the beginning to guide a business. The progress of these plans should be reviewed on a quarterly basis by business management.

A best practice is to conduct business plan reviews in conjunction with a review of the mission statement as well as vision, goals, time lines, and financial forecasts.

Strategies should also be reassessed anytime the business opts to expand with a new department, expansion of an existing division, or other action that could have a major impact to the original financial plan.

Business strategies are utilized by company leaders to set the course of action for an organization to line up with the company’s long-term goals. Business strategies go by many different names: quarterly plans, focus, and company goals. Regardless of the moniker used, the idea is the same: a guiding set of principles for a firm so that everyone from the ground up understands how to allocate the limited resources of the company.

When deciding on the strategies to guide a business, consider common analytic methods, like brainstorming, to help devise the best plans. The acronym SWOT, strengths, weaknesses, opportunities, threats, is one of many to break down the complexities of a company into key areas. By thinking critically about these aspects of an enterprise, leadership can decide where to focus. This is a key to organizational success.

Companies will benefit by spending time thinking critically about some common what-if situations. These include a weak economy, government regulations that affect an industry, and other market unknowns.

At least annually, the leaders of organization should review its business strategies to ensure that their active plan effectively aligns with the current state of the economy and specific activity within their business sector. In rapidly changing industries, it may even be prudent to do this quarterly.

Powered by WordPress | Theme: Motion by 85ideas.