Looking at businesses of varying shapes and sizes every day, there are a couple of recurring themes that we come across at Quantum Advisory: focus is limited, and execution is tough. Focus and execution are easily the two most common things lacking in the SME landscape. So, let’s have a look at just the execution side—specifically, the execution of projects.
There are six phases of the project lifecycle:
- Initiation (Concept)
- Definition
- Planning
- Execution (Implementation)
- Closure (Completion)
- Realization
Following the steps in this project lifecycle is not a guarantee of success. You still need focus, the judgment to prioritize the right projects, commitment, resources, and everything else. But if you follow this structured process, you’ll have a much better chance of success than if you don’t.
So let’s assume you’ve got an idea that you’d like to implement. It should be something substantial—not just a minor project or a quick win. This is the process to follow:
1. Initiation (Concept)
This is where you’ve identified the objectives and have a concept of how they can be achieved. You don’t need chapter and verse here—simply, what are you trying to achieve, and what does success look like?
2. Definition
Once the project objectives have been identified, you have to define the scope of work within the project. Look at potential solutions in terms of risks, costs, and benefits. You need to be absolutely clear on what the parameters are—what’s included and what isn’t.
3. Planning
This is where the project is broken down into manageable areas of work and planned in terms of time, cost, and resources. This needs to happen before work begins, but it’s also a continuous process that will extend throughout the execution phase of the project. A key risk—or reason for failure—at this stage is not allocating the resources required to deliver the scope of the project. So don’t fall into this trap.
4. Execution (Implementation)
This is where the rubber hits the road. During this phase, the project is implemented, controlled, and monitored. If you’ve done the right things during the first three stages, this should flow quite smoothly. Conversely, if the wheels are falling off during execution, it’s probably because one of the previous stages wasn’t handled correctly. With a decent plan and the right accountability, just follow the milestones.
5. Closure (Completion)
This is where the work is finished, and the project goes live or is fully implemented. Referring back to the initial stages, at this point, it should be clear that the milestones have been completed and the success measures have been achieved. If so, the project is complete. The mistake that many business owners make is to think that the project is finished once it is completed, and this means that perhaps the most important stage of all is missed.
6. Realisation
Thinking back to what you were trying to achieve at the start of the project—what the overall objectives were—it’s likely that they haven’t been fully achieved at the time of project completion. That’s why there is a final stage to ensure that the ultimate value of the project is realized. This is where the project will be evaluated, monitored, tweaked, and improved so the full value of the project can be achieved. Make sure you don’t fall into the trap of assuming the project is finished just because it’s completed.
Partnering with Quantum Advisory allows you to focus on what you do best – running your business – while leaving the financial aspects in capable hands. Contact us today to experience the benefits of working with Quantum Advisory.
