A business can be performing well but not be considered successful. There is a difference between the two, and as a company that wants to be relevant now and in the future, you want to improve your performance to achieve growth and success. There is just no room for you to play it safe, especially when you are always facing new competition.
The “Newer, Better” Competitor
Any established company can easily be challenged by a newer and seemingly more innovative startup. Anything that has been deemed ineffective for you in the past can become the sole driving force for these new businesses to thrive. Your projects, though completed, just did not provide the returns you anticipated, and so you abandoned them. Then, a new company comes into the picture offering exactly those same projects, improved.
It’s not exactly cheating; it’s just that ideas can be recycled and you are choosing to abandon a project that has left a gaping hole in the market. Where there’s a hole, someone is bound to step up and fill it. Even in the workplace, when there is a task that is not part of your job responsibilities, it calls for a new employee to step up or be hired for this purpose.
The Resource Dilemma
How do you manage not to drop any project when you lack resources? Perhaps you are not short on funds but tied up in tasks that can be completed in a better schedule. Resource allocation, as well as the proper scheduling of milestones in each project, is part of ServiceNow portfolio management services that any IT company can use for better returns.
Domain separation is a handy tool to help you organize at the top level. Even more importantly, you’ll want to group all projects under the same portfolio so that the people who already know the basic requirements of each program or task will be working on them. For every new person that needs to be onboard, the next step in your waterfall project gets pushed back.
The Content Conundrum
It’s easy enough to organize all your domains and projects in each portfolio, but what about the content that goes into each one? You have the web developers and software engineers working on the back end; take care that you leave enough people to work on the flow of pages, user interface, and functionalities. Each project has a set goal, and to achieve this goal, there are several project milestones to complete.
Project completion relies on the combination of efficient engineers and creative content creators. To make the most of the team you have, delegate according to skill level and keep a well-rounded group of individuals to work on each project. Your best employees might be working on several projects at once, but see to it that they are working on related projects to maximize their skills and knowledge
Success does not happen overnight. For you to consider your business successful, you have to exceed each milestone that you have set for yourself. To do that, you need to use your resources wisely.