How Professional Project Management Benefits Your Bottom Line

Project management can represent anywhere from 5% to 20% of an overall marketing budget. And while that can look like a hefty expense on paper, it can cost you more in the long run to eliminate it. Here are three reasons why professional project management is an investment worth making, especially if your business is struggling during the COVID-19 crisis.

 

Efficient Coordination. Project managers clearly define the scope and business objectives of every project. This sets the context for everything that follows, providing a point of reference for resolving any issues that might arise.

Tasks within the project are broken up and distributed to the appropriate team members or vendors. Moving forward, the project manager becomes the point person for all questions or concerns that pop up along the way and tracks the progress of the team as they work to meet the deadlines he or she has set. This helps key stakeholders stay focused on the task at hand and avoid distractions that are more likely to happen in the chaotic business environment we’re all living in now.

 

More Resources. A professional project manager will likely have multiple resources for each phase of your project. They’ll know who does good work, who is proficient in various technologies and techniques, or who has expertise servicing projects in your industry. So, if your project has unique needs, managers typically have a deep bench of vendors to draw upon to get those needs met.

 

Pricing Leverage. With knowledge of local and national vendors, along with a pulse on the industry’s ever-changing costs, project managers can help you conserve cash. They can reach out to multiple vendors they have a relationship with, often resulting in more preferential pricing for the client.

An experienced project manager also knows the average cost of supplies and services in their industry. Getting a good deal to help you stay on budget is just one of their many specialties. An experienced project manager can sometimes cover their own costs through their ability to negotiate effectively on behalf of the client.

 

Faster Completion. Team members may find it difficult to accurately gauge the completeness of a piece of work, leading to “90% syndrome” where a project’s status is reported as almost done, but takes a disproportionate amount of time to finish.

Project managers measure the progress of each deliverable as they reach certain milestones to help ensure that the project remains on time, on budget, and meets the client’s specifications. Unfinished work is work that can’t generate revenue, and this is the worst time possible to end up in that situation.

 

Know When to Call in the Pros

Great project management matters more than ever right now. By keeping costs down and projects moving forward efficiently, you can get a better ROI on all your campaigns. And it frees you up to better manage your business during this unprecedented time. Contact us today to discuss your marketing needs. We’re helping businesses across the country navigate this crisis, and we can help you too.

 

Sources:
https://www.pmi.org/learning/library/big-benefits-project-management-basics-7584

https://thedigitalprojectmanager.com/why-is-project-management-important/

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