Tag Archives: Project Management

WIMS Consulting Family Office Funds

5 Ways Family Offices Can Optimize for the Present & Future

Over the past 50 years, the amount of family offices has grown to an estimated 3,500-5,000 as ultra-high-net-worth (UHNW) investors have increasingly used this approach to leverage and manage their wealth. Whether it be through Single-Family Offices (SFO’s), Multi-Family Offices (MFO’s), or a combination of both through syndication, wealthy families have seen the advantages of customized structures that meet specific needs and go much more in-depth than just financial investments.

With family offices varying in size, scope, purpose, and operation, it’s impossible to define the specific actions family offices should take, but it is possible to highlight key themes and challenges that most family offices face and offer advice on how to deal with common situations that arise. The increased level of sophistication for these investors has created a need for constant communication and transparency to ensure everyone involved in deals is on the same page and held accountable to achieve the desired results.

 

Vision – Clearly Communicate Goals to Foster Alignment

Family offices need to communicate their goals and alignment to all players involved, from their internal teams to management at their portfolio companies and everyone in between. With varying scopes of family offices, the common goals tend to surround income, total assets, and legacy. There is a varying degree to which these topics are discussed and articulated among family offices. Mapping out priorities that articulate the desired purpose and direction for the family’s wealth will encourage proper decision making and the right strategy. The proper structure of the family office can then ensure that governance framework, operating processes, teams, and advisors are set up in a way to support the family office’s purpose and values to achieve specific goals. Further, it will help identify the right KPIs/metrics to track and measure against as well.

 

Operations – Set up the Proper Delegation of Duties

Once everyone knows and embraces their role, family offices can then fill in the gaps where they need help, making the whole process much simpler and clearer. These gaps can be filled through streamlining operations via outsourcing. Outsourcing to specialized agencies not only provides expertise and more eyes on what matters, but it also allows family office executives to focus on the areas they’re passionate about.

 

Deal Flow – The More Opportunities That Come Your Way the Better (if it is manageable)

The best deals typically come through referrals, but there are also plenty of solid opportunities that come in via cold calls, emails, pitch events, or online databases stacked with potential investments. No matter the source, access to these deals is paramount to succeeding in the private investing world. A few sources we have found useful are AngelList, PitchBook, LinkedIn, CrunchBase, etc.

In more of a nontraditional move, family offices can also find deals and collaborate through equity crowdfunding. A capital raise can start as Reg CF and later convert a round to Reg A. Start-ups are increasingly seeing the value in crowdfunding to raise initial capital as it helps to validate their business model and market fit. With less regulation than private equity, investors can also benefit from getting involved and take more ownership of great ideas at an early stage.

 

Syndicate Investments to Reduce Risk, Increase Upside, and Achieve Economies of Scale

Most family offices already co-invest through syndication with other family offices. Yet this only increases the need for transparency from all firms involved: the family offices, their teams, portfolio companies, and any outsourced agencies that are involved in establishing a smoother operation. Syndicating deals allows you to reduce the downside by committing less capital, it increases the amount of relationships/resources that the target company can leverage, and it also enables each family office/fund to be able to split expenses when appropriate.

Finding and deploying the right consulting firm is a key example of this, due to the essential need for trust and objective parties when dealing with a large amount of wealth from a small number of sources. If family offices do choose to outsource certain operational functions (like marketing, sales, finance, etc.), a firm that provides constant communication and quick action to resolve issues is necessary. With the right external agency, family offices can concentrate on the roles that align with their purpose and passion with respect to running a successful operation. Not to mention, they save even more capital by not having to hire full-time positions to do what these outsourced specialists have been doing well for years.

 

Succession Planning – Always Keep an Eye on the Future

Succession is one event that family offices must have even though it can be uncomfortable. Having a contingency plan in place allows for smooth transitions and operational stability across the board when the time comes. This could mean planning for the transition from one generation of principal(s) to the next, or from one family office executive to the next. CEO’s tend to be in their position for an average of approximately 5 years. For family offices, managing directors and executives tend to hold these offices for 10 years as they have established a rapport with the investor families. This means that much more of the operations are in the hands of the family office executives than in traditional businesses.

When succession occurs with these individuals, it can be tough for the family office to stay on course if objectives and procedures have not been communicated. Understanding the role of the family, the family office, the portfolio companies, and any external firms in the event of succession is key in mitigating risks and obstacles that can cause disruption. With less regulation and oversight regarding practices of family offices, a lot more is done on an informal basis, leading to the possibility of overlooking key operations. With a clear and defined plan, it provides an easier transition when any type of succession inevitably occurs.

 

Conclusion

As you look to scale your operations, investments, and grow, there are clearly a variety of routes to take. The key is determining the route that best fits your family office’s vision, the portfolio companies you want to invest in, and then ensuring that all parties involved, whether in-house or external, all understand and are committed to executing it.

Written By: Mike Simmons and Evan Shirreffs.

 

THE PRIMARY MISSION OF WIMS CONSULTING IS TO HELP YOUR FUND AND ITS PORTFOLIO COMPANIES GENERATE A HIGHER ROI NOT ONLY INTERNALLY, BUT ON BEHALF OF YOUR INVESTORS AS WELL. WE CAN ASSIST WITH SCALING YOUR INVESTMENTS TO HELP INCREASE VALUATIONS IN ADVANCE OF ADDITIONAL FUNDING ROUNDS, LIQUIDITY EVENTS, EXITS, OR IPOs. WE CAN PROVIDE A LOT OF DIFFERENT SERVICES, CREATE AND IMPLEMENT A ROBUST STRATEGY, AND EXECUTE EACH TACTIC, BUT EVERYTHING THAT WE DO TRULY BOILS DOWN TO THAT ONE SINGLE OBJECTIVE OF ADDING MORE VALUE TO YOUR FIRM.

Enterprise Level Salesforce.com CRM

Enterprise Level Salesforce.com CRM Implementations for Mid-Large Companies

My firm WIMS Consulting has been providing CRM implementation services since its inception (and personally I’ve been leading them for 15 years now), we have been platform agnostic (we work with all of the primary platforms, including Salesforce.com, Zoho, Hubspot, Microsoft Dynamics, and Insightly among others), however the firm has recently taken measures to beef up it’s partnerships and team in order to deepen its focus on delivering more large scale enterprise level Salesforce.com projects.

We have helped many companies of all sizes with their CRM implementations (from startups to enterprise level), particularly leveraging Salesforce.com and Zoho, and we will continue to do so. But the massive shift in approach that mid to large-scale companies have had to adopt throughout 2020 has really highlighted operational challenges, issues that a well-functioning Salesforce program would do wonders to mitigate.

When properly implemented, Salesforce will have an incredible impact on sales and marketing, operations, communication (internal and external), automation, and so much more. You can take one look at their stock performance and see how much value they provide to their clients.

Not only are we aiming to build out Salesforce programs from scratch, we are also highly capable of jumping into existing iterations that have gone a bit off course and helping to right the ship. Or we can come in after the initial phase or two and help your company supercharge it to take the functionality to the next level.

I’ve been harping on the importance of CRM programs for about a decade now, yet it still hasn’t caught on the way it should. 2020 is the year that changes. Like with most technology, competition, economies of scale, and innovation have driven costs down significantly. Not only are they cheaper, but the functionality and value has simultaneously increased dramatically. It’s why acquiring and implementing a CRM program is my #1 recommendation for every business, regardless of industry or target market, if you’re looking to increase revenue.

Most importantly however, is that the ROI (return on investment) will more than make up for the expense.

One of the most important features, especially right now, is that Salesforce helps you automate your sales process. The more automated your sales cycle and follow up efforts can be, the greater volume of deals your business will be able to close. Further, the more accurate data you have about your sales cycle, the more deeply you can analyze it to gain insight that will not only help increase revenue, but ultimately help you improve:

  • Close rates,
  • Customer service and retention,
  • Length of sales cycle, and
  • Forecasting efforts and projections.

While implementing Salesforce can be a significant commitment initially, if your company does it right (which engaging us significantly increases your odds of that), the benefit to your business is invaluable. With just under four months left in 2020, now is the perfect time to start planning and conduct your due diligence to start 2021 with yet another New Year’s resolution.

We’re here to help if you need it!

Private Investment Funds in 2020

Private Investment Funds in 2020: Focus on Optimizing & Streamlining Existing Portfolio Company Investments to Grow amid Volatility

The whirlwind of 2020 has rattled businesses across the country, and it has been no different for the private investment/fund industries. Even prior to this year, trends were moving toward funds (private equity, venture capital, family office, etc.) establishing platforms that focused on a suite of key business functions, such as business development, marketing, finance, PR, etc. to assist their portfolio companies with scaling their operations. Some funds have stood up internally1, while others have engaged external strategic partnerships.

In the first half of the year, a slowdown in new deals was caused partly by valuation discrepancies between buyers and sellers, resulting in a 63% decrease in activity in the Americas region2 after the onset of COVID-19. According to a PitchBook report, U.S. private equity exits dropped by 70% (1st 6 months of 2020 compared to year-ago period) because private equity firms marked down portfolio companies; they chose to hold investments rather than sell them3. Although this may sound alarming, a study by consulting firm Willis Towers Watson showed that despite a drop in exit transactions in the first half of 2020, there is little evidence of forced exits at least3. Furthermore, private equity firms raised $348 billion in the same time frame, which is only 10% shy of what they raised during the first half of 20192.

If funds have the capital raised but are not deploying it because of the risk of an unfavorable valuation or investment, the question must be raised: what have they been doing in the meantime?

In addition to simply boosting investments for current portfolio companies, funds are increasing aid in the strategic side of these businesses as well. “Increasing returns during ongoing fiscal and geopolitical uncertainty pushed top executives from PE firms to maintain focus on value and digitalization, and a commitment to developing the organizational and business models of their portfolio companies.”4 Many Funds have turned to delegating these duties to outside firms.

Outsourcing operations, sales, marketing, and other core functions provides a new perspective for funds. With another set of eyes on current investments, funds can squeeze every penny of revenue out of their portfolio companies to boost chances of success. Outsourcing allows current portfolio companies access to the same professional team as their fund, which consolidates consultants, agencies, people, and expenses for a more efficient operation filtered through a single entity.

Furthermore, with investment funds specializing to extreme degrees these days1, funds can focus on what they have specialized in, while letting the collaborative agency facilitate other aspects of the business. This allows them to keep the main thing the main thing so they can keep investors happy and informed, as well as assist their portfolio companies with more high value activities.

Not only does outsourcing provide more expertise with experienced professionals, but it tends to cost less than hiring someone within the fund or directly at the portfolio companies to manage these responsibilities. VC start-ups are staying private for an average of eight years longer than they would have back in 2000. It only makes sense to provide them with an experienced team for business development, marketing, and more. Without a team, the firm must manage all of this themselves or, for example, hire a business development manager. The average venture capital business development manager salary is nearly $80,000, not to mention additional benefits and expenses. Eight additional years of paying this salary (not including escalators and other contractual advancements) raises that investment to $640,000 allocated towards one person, when a team of experts can be hired to do an even better job.

Over the last decade, the appeal of going public has decreased as companies do not want to deal with inevitable scrutiny after releasing financials and other information. There has actually even been a shift of public companies switching back to private, with 8 out of 10 of the largest buyouts being Public 2 Private (P2P)4. Many companies would rather stay private, or be bought out through M&A, than to receive heat from the public. If a start-up does not go public, having that business development manager can continue as a growing yearly expense (regardless of value), even if the business isn’t in a growth or blitzscaling stage. Similar to the recession from a decade ago, companies are thinning out and hiring more contractors because it is a more manageable and flexible commitment.

Further along this line, “We are starting to see some changes that may signal a strategy shift by private equity to help struggling portfolio companies amid the crisis. Additional stake purchases by private equity investors are up by count and volume compared to same period last year and second- and third-round funding’s are also up from last year. Both are ways to inject cash into companies that need it most now.”5

In volatile times, more of the focus should be on what can be controlled. “Leaders should identify digital innovations such as business intelligence, big data analytics, machine learning, and business processes automation to help companies evolve and gain the skills needed for better performance and outpacing the competitors.”4

While not every business model is 100% perfect, and there are pros and cons to each, there are certainly many advantages both financially and operationally to leveraging a consulting firm to assist funds and their portfolio companies with scaling. Regardless of whether the macro environment is volatile and capital is tougher to come by, or when conditions are great and capital is flowing freely, running a tight ship focused on streamlining, growth, and ROI will always be in style and appreciated.

Written By: Mike Simmons and Evan Shirreffs

References:

1) https://tomtunguz.com/is-venture-capital-worth-the-risk/

2) https://www.institutionalinvestor.com/article/b1mqkqqx3g0k5v/Private-Equity-s-Answer-to-a-Frozen-Deal-Market

3) https://www.pionline.com/private-equity/private-equity-deals-tumble-20-2020s-first-half-pitchbook

4) https://bspeclub.com/2020/04/17/private-equity-2020-outlook-the-start-of-a-new-decade/

5) https://news.bloomberglaw.com/bloomberg-law-analysis/analysis-how-is-private-equity-optimizing-the-downturn

The primary mission of WIMS Consulting is to help your fund and its portfolio companies generate a higher ROI not only internally, but on behalf of your investors as well. We can assist with scaling your investments to help increase valuations in advance of additional funding rounds, liquidity events, exits, or IPOs. We can provide a lot of different services, create and implement a robust strategy, and execute each tactic, but everything that we do truly boils down to that one single objective of adding more value to your firm.
WIMS Consulting for Funds and Investors

Introducing WIMS Consulting for Funds & Investors: Private Equity, Family Office, Venture Capital & Their Portfolio Companies

Your Fund and it’s Portfolio Companies’ Future Partner for

Marketing, Sales, Finance, Operations, Investor Relations, Development, & More.

Your Private Equity, Venture Capital, or Family Office fund is undoubtedly already great at its core functions. Between raising funds, selecting the right portfolio companies to deploy capital to, and managing the day to day operations we suspect that you’ve got those things covered, or at least you have a solid handle on them.

Where we come in is supporting your fund and its portfolio companies with everything else.

The primary mission of WIMS Consulting is to help your fund and its portfolio companies generate a higher ROI not only internally, but on behalf of your investors as well. We can assist with scaling your investments to help increase valuations in advance of additional funding rounds, liquidity events, exits, or IPOs. We can provide a lot of different services, create and implement a robust strategy, and execute each tactic, but everything that we do truly boils down to that one single objective of adding more value to your firm.

Our approach and work product is all meant to be measurable, KPI (Key Performance Indicator) focused, metrics-based, results-oriented, and top and bottom line enhancing. We are dedicated to staying ahead of the curve by always learning the latest and most innovative best practices along with the most efficient way to implement them.

The role we can play will vary based on your fund/company’s existing and/or desired structure. WIMS Consulting can function as various fully outsourced departments, or as your external CMO, Head of Sales, CFO, support team, etc. Or we can simply act as a consultant/solutions provider on a specific project.

It is our aim to provide concierge level service and be the “easy button” you press when you just need and want to focus on your core functions yet need to get everything else done too.

 

Our Value Proposition the reason we will make a great partner to your fund and its portfolio companies’:

  • Deploy us to help manage and scale your portfolio companies’ in any of the areas we highlight throughout our practice areas.

  • Consolidate various consultants, departments, service providers, and bring under one firm to help streamline operations, maximize areas of expertise, and achieve economies of scale.

  • We help aggregate data across a variety of sources, filter it, and convert these metrics into a compelling story to ensure your investors, board members, management, and stakeholders remain informed and happy with progress across the entire fund and its portfolio companies.

    • Further, when the desired results aren’t achieved and adjustments do need to be made, we ensure that story is told as well, along with preemptively bringing potential solutions to the table.

  • We are entrepreneurs ourselves, yet also worked in the corporate world too. We’ve operated and grown businesses and we’ve led funding rounds. We’ve worked with and for funds directly too. Our team has acquired quite a bit of experience across a variety of stages in the growth cycle of companies and across many industries as well.

Our Services Include:

  • Marketing Strategy & Implementation

    • Fractional CMO

    • Website Development​

    • Marketing Automation

    • Creative – Content Creation & Distribution

    • Data Analytics

  • Sales – Bus Dev/CRM Strategy & Implementation

    • Salesforce.com, Zoho CRM, HubSpot, Microsoft Dynamics, and more.​

    • Lead Generation

    • Sales Strategy and Deployment

  • Finance & Accounting

    • ​Fractional CFO​​

    • Financial Modeling & Forecasting

    • Financial Reporting

    • Accounting & Bookkeeping

  • Operations & Support

    • Investor Relations​

    • Project Management

    • Administrative Support

  • Software & Platform Development

    • Full Stack Software & Platform Development​

    • Augmented Reality/Virtual Reality Platform & Application Development

    • AI & Machine Learning

Visit our website for more information or to set up a call.

 

CRM Call to Action 2020

Your Annual CRM Call to Action for 2020

I’ve been harping on the importance of CRM programs for about a decade now (here’s the last time), yet it still hasn’t caught on the way it should. This is the year that changes. Like with most technology, competition, economies of scale, and innovation have driven costs down significantly. Not only are they cheaper, but the functionality and value has simultaneously increased dramatically. Now, you can even get basic versions of a CRM program for free. It’s why acquiring and implementing a CRM program is my #1 recommendation for every business, regardless of industry or target market, if you’re looking to increase revenue.

Whether you work for a large and complex company, or if you’re an independent freelancer, or if you’re a sales mercenary who is compensated by getting to “eat what you kill,” there is a CRM program out there for you. Regardless of your budget (or lack thereof), you can customize the level of sophistication of your CRM program, as they all have various subscription levels. Further, there was recently an absolutely game changing announcement from one of my CRM platform preferences (and the one I personally use for my business).

Zoho One – An Operating System for Business

“Zoho One is a broad and cohesive set of applications that work collectively to run an entire business on the cloud. It includes more than 40 web applications and an equal number of mobile apps—under a single sign-on, with centralized administration and provisioning—making it a true operating system for any business. While each application punches above its weight against the competition, collectively they deliver a knockout punch.

With Zoho One, we’ve put together all the applications a company needs to acquire and serve its customers (marketing, sales, automation, and support apps); run its operations (finance, recruiting, and HR apps); and provide all the tools for its employees to work collaboratively and get their work done (office suite, mail, personal productivity, and collaboration apps). Almost any company has these same needs. With Creator, our drag-and-drop app builder, customers can even build custom apps for unique business needs—like logistics scheduling—and put them under the same umbrella that forms the single operating system for their business.

Zoho One is available at $30 a month—or just about a dollar a day, per employee. ($35 if you pay on a month-to-month basis).”

While WIMS, Inc. is platform agnostic (we work with all of them, including SalesforceHubSpotMicrosoft Dynamics, and Insightly among others) it’s getting more difficult not to refer my clients and prospects straight to Zoho right now. There are of course exceptions, but they’ve built something special, particularly for entrepreneurs and small businesses.

Now, back to the more general CRM theme.

They all integrate with your email provider of choice, along with most social media channels, so tracking communications is easy (and automated). There are an incredible number of third-party add-ons you can incorporate depending on how robust your operations processes are to add additional functionality too.

Most importantly however, is that the ROI (return on investment) will more than make up for the expense.

CRMs help you automate your sales process. The more automated your sales cycle and follow up efforts can be, the greater volume of deals your business will be able to close. Further, the more accurate data you have about your sales cycle, the more deeply you can analyze it to gain insight that will not only help increase revenue, but ultimately help you improve:

  • Close rates,
  • Customer service and retention,
  • Length of sales cycle, and
  • Forecasting efforts and projections.

While implementing a CRM program can be a significant commitment initially, if you do it right, the benefit to your business is invaluable. With just under two months left in 2019, now is the perfect time to start planning and conduct your due diligence to start 2020 with yet another New Year’s resolution.

We’re here to help if you need it!

Improving with Kaizen

Improving with Kaizen

I have already highlighted some agile practices which can be used to enhance your personal and professional lives. From Kanban Boards to agile meetings, companies and individuals are being incorporated by thought leaders and managers at large and small organizations around the world. Kaizen is an approach to continual improvement which like Kanban originated in lean manufacturing practices in Japan in the 1950s.

 

The core to embracing Kaizen is to focus on continual improvements across all elements of the specific area which you are attempting to improve. If you are working on a team tasked with improving the user interface for a new mobile application for a volunteer organization a good place to begin would be to identify possible opportunities. Using this example will show how the focus and power of Kaizen is on being able to focus on specific aspects of a large process to improve the overall standing of the organization.

 

Identifying Opportunities  

Improvements begin with taking ideas and turning them into simple actions. The first step in gaining an understanding of how to improve a process is to understand the basic functionality of the task or process at hand. When applying Kaizen to work situations the place to begin is to understand the business process.

For our example of improving an existing mobile app, the focus should be on the existing business process and how the new roll out of the application fits into the organization’s overall strategy. The new application should be easy to use while conveying the core mission of the organization. This means that the aligning of strategic decision making means a new product or software update goes beyond developing software and aligns all business function in projects to ensure they are vital to the mission and values.

 

Collaboration

Actions are not siloed but must be collaborative between functional groups within any organization and often the best solutions come from collaborations between different organizations. Working on a shared goal will look different for every team and every circumstance/project will be unique but some lessons from Kaizen can direct teams to focus on specific areas of improvement and reap the rewards of focused collaboration. A good direction to follow on getting to the core of problems is by undertaking a root cause analysis. Through asking a series of questions to find the main cause of the problem at hand instead of merely patching problems through short term fixes.

 

Root Cause Analysis

Do you ever have a problem that constantly arises regardless of how many times you try to do little changes to fix it?

If this is the case conducting a root cause analysis may be in your future.

The purpose of a root cause analysis is to find the actual cause of a problem which in many cases is not visible on the surface. This requires asking many questions and getting to the cause of a problem instead of focusing on the symptoms that cause uncertainty. This process requires deep reflection and thoughtfulness to determine and focus in on the underlying causes of problems.

 

What this means

A nice feature of Kaizen is that it is an intuitive practice that many people already participate in without even knowing it. Asking more questions and being able to come to a collective agreement to improve the situation of your organization is a key outcome of Kaizen. This practice can additionally be used in your personal life to improve your relationships, career aspirations, and even improving home projects and chores. Revisit your own situation and see if there is any place that you can improve and begin asking questions to identify the root cause of the problem and make a plan to improve your outlook on life.

Introduction to Kanban

What is Kanban?

Kanban is the Japanese phrase for signboard or billboard. It is additionally a scheduling tool used across manufacturing, restaurants, and software development to stay on track and effectively completing tasks for project. The concept originated in Japan by Toyota under the leadership of Taiichi Ohno who worked as an industrial engineer helping to spread the technique of lean manufacturing. Kanban was initially implemented to expedite the just-in-time production method producing a specific quantity of necessary products based on consumer demand.

 

Overview of Kanban

Understanding the origin and general principles of Kanban allows for an easier adoption of Kanban. If you do not anticipate fully incorporating Kanban, understanding an additional time management and organizational design tool will allow for better results. At its core, Kanban is a form of managing work by balancing the required actions needed to complete work with the available capacity in order to complete different tasks. Since work is completed on a just-in-time manner waste is limited across the entire system. Workers only complete tasks that are necessary at the time the work is being done ensuring that the overall objective is maintained.

 

Sushi and production management

An example of just-in-time production outside of manufacturing is a sushi menu with a list of possible items and a box to check the quantity and type of each sushi roll. By completing work in a just-in-time manner customers will have fresh sushi rolls that were specifically made for them. On the production side, Kanban reduces food waste since food is prepared only when customers order a specific dish. The combination of reducing food waste and providing customers with fresher food will make the experience of both the restaurant and the customer more enjoyable.

 

Kanban board

However, the implications go beyond sushi! The seamless structure of ordering fresh rolls makes for an easy to grasp visual and edible example. The Kanban board is a practical visual tool used to follow the journey into Kanban by displaying relevant tasks on a visual board. While every Kanban board will be structured in a unique way to maximize value to the user, the general concept is that work is tracked from left to right as progress is made. Kanban boards can be utilized on whiteboards with sticky notes, in a spreadsheet of your choice, or through the online project management software of your choice including Zoho, Trello, and Atlassian.

 

Further Actions

Like any methodology, the key to becoming successful with Kanban is to stick to something that you will commit to the long run. Success through using Kanban can be maximized through additional agile frameworks ensuring that the quality of work is improved through focusing on moving tasks through the system and completing them in a timely manner. The importance of continual improvement, self-reflection, and increasing output are meaningful to the project itself and the outlook of the workers on the project by empowering them to take more ownership of the finished product. Kanban holds an important value by taking ownership of your own life and fully understanding the power of this approach and is beneficial for those who embrace Kanban and those who study it. Tools are merely the instruments used to accomplish goals and since Kanban is a tool it can be used in varying degrees to reach goals, set new ones, and complete projects in more efficient ways.

Project Management Banner

The Project Lifecycle

 

At its core, project management is about focusing on a plan to execute a series of tasks to accomplish an end goal within a specific constraint. Projects take many different forms and are often defined by having to perform complex tasks under the constraints of limited budget and time. Before diving into the article I suggest that you the reader take the time to go back and look through the WIMS Guide archive to read some of the other insights from myself and my colleagues.

 

I have addressed some matters related to project management and am going to embark on a further process of highlighting my experiences moving through the world as a project manager. Projects can be scary, and this is something which I am aware of and address these myself as I go through my daily life both professionally and personally. Projects do not need to be fretted or feared but should be embraced to tell the stories about your own journey and the strengthens the organizations you are a part of through your career, civic engagements, and volunteer organizations.

 

Getting started with a project

A five part project, lifecycle which was compiled by Villanova University is a good starting place to understand the values of going through a series of steps to complete successful projects. These five distinct phases occur over the life cycle of a project. The ability to see structure through the course of a project and learn about the structure of the project lifecycle is valuable to both the project manager and the entire team who is implementing specific pieces of the project and are not entrenched in the language and specifics of project management.

 

Project Initiation: This serves the starting point for the entire project. Often feasibility and value for the course of the entire project are measured at the on set of the project before any additional planning has commenced. If the project seems feasible and profitable the project manager will move forward with the project and showcase how this specific project fits into the core of current business operations.

 

Project Planning: The project has been given the go ahead and planning is needed to get it up and running. A plan will differ slightly for every project but will often include an outlined schedule, budget, how risk will be addressed, and the scope of the project to outline necessary resources and departments involved in different phases of the project.

 

Project Execution: After the plan has been written the work on the project will be done. The deliverable goods or services will be delivered through a series of deadlines to involved stakeholders and sponsors. Executing a project can only happen by following and updating the project plan as work is accomplished and some tasks are met.

 

Project Monitoring and Control: As tasks and work is completed some deadlines will not be met and adjustments to resources and timing are necessary. The project manager must monitor, document, and control these changes to ensure the project can move forward towards completion.

 

Project Closure: The project will have an end date when it is delivered to the customer. The end of the project should involve communication with the stakeholders across the project and serve as an important closure point for the team members to look back on the time they spent on it. Furthermore, this closure can serve as a celebration to enjoy the successful completion of the project while sharing lessons learned and spending time with some project members for a final time.

 

 

Concluding Thoughts

The steps surrounding the project plan are not rigid steps which need to be followed like financial equations but are guidelines to improve the process and outcome of projects of all sizes. Project Management offers ways to improve scheduling and optimize different tasks across projects for both individuals and teams. Empowerment occurs working through complex projects using a well-developed project plan. It is vital to understand that while projects are difficult the ability to deconstruct them into simpler steps will allow the lifecycle of the project to be completed in an easier and more rewarding manner.

 

Resources

 

“The WIMS Guide.” WIMS Guide. Retrieved from https://www.wimsguide.com/tag/the-wims-guide/.

“Project Management.” WIMS Guide. Retrieved from https://www.wimsguide.com/category/project-management/.

“Project Management.” WIMS Consulting. Retrieved from https://www.wims-consulting.com/project-management.

“Five Phases of the Project Management Lifecycle.” Villanova University. Retrieved from https://www.villanovau.com/resources/project-management/5-phases-project-management-lifecycle/.

Photo by Jo Szczepanska.

2019 World Cup

2019 FIFA World Cup

From June 7th through July 7th the FIFA Women’s World Cup will be held across nine French cities to be crowned as the best team in the world. This serves as one of the major sporting events of the year and will draw major media attention from around the world. The start of the World Cup is less than two weeks away and the events of the games will be the culmination of years of hard work and dedication by players, coaches, and event organizers.

Major sporting events like this serve as an insight into the complexities of organizing major events on the world stage with world class athletes and major global media attention. Project management from coaching and players making complex decisions in the middle of a game to the years of planning from local and national politicians, business owners, and stadium operators. From the soccer pitch to the logistics and planning all aspects of the Word Cup must be planned out using project management frameworks from executing to reflecting on how plays and designs play out.

 

The Game

The course of a sporting event provides many opportunities to take on leadership roles under pressure and uncertainty. This includes the opportunity for players who have smaller roles to make major plays to shape the outcome of the game. A good team member will understand that their individual decisions to the collective decisions made by the team will position itself in a better overall position even if certain players must limit their role on the team to improve the cohesiveness of the team.

The glory of scoring the winning goal can only occur behind the decisions made by players on the field under the instruction of coaches, dietitians, and a complex training regimen. The ability to get a team into championship shape occurs over years and is not an overnight process. This is a lesson which everyone can learn when working on projects. To succeed putting in the time is necessary. Every team needs a strong support system who can provide tips and help along the process from inception to completion. The stars of the American soccer team have been training and finalizing their preparations for the World Cup, in a similar way to how officials from FIFA and across France are in the final stages of preparing venues for the World Cup.

 

Setting the Stage

The players, media, coaches, and fans who will be descending on France will be staying at accommodations and attending games across the country in stadiums from Paris to Nice. The work that goes into preparing for a World Cup goes far beyond the soccer field and includes upgrades to stadiums and constructing new amenities for those visiting France. When the World Cup commences remember it is a marvel in project management from the perspective of the players, the decisions they have made leading up to and during the games, along with the organizers of the event, the decisions they have made in the past and the decisions they make through the Word Cup.

The WIMS World is Expanding

The WIMS World is Expanding!

As business has continued growing rapidly for WIMS Consulting, the preexisting business model of leveraging elite independent contractors to assist with client projects has needed to evolve. So, we’ve begun growing more in-house as well in order to focus on enhancing client service by way of emphasizing project management and streamlining operations. Simultaneously, we’re more focused on continuing to grow and take on new challenges as well.

What’s been happening with my company’s EolianVR and Augmented Reality Real Estate (ARRE) either which have been exploding with growth recently too. We’ve landed deals with government entities, major health care companies, and are closing in on major real estate companies from brokers to developers to architects as we’ve refocused on improving development. We’ve also just filed a full patent to further expand on our provisional patent. It’s been an insane year and it’s not even halfway through yet. By the way we’re also hiring (Unity Developers particularly, and front end even more specifically).

Just wanted to take a few moments to update those that may be interested on some of latest developments in our world.

We’ve had Craig Oliver on as a project manager for a while now yet his role is continuing to evolve and grow with experience.

Tom Schaefer, Jr. has been brought on as a strategic partner to head up our business development efforts in both Charlotte and Miami (and beyond).

We’ve got interns Evan Shirreffs and Taisha Johnson who are helping with marketing, CRM, finance, and additional projects as well. Their roles will continue to expand as well heading into the summer.

Further, we’ll soon be announcing new partnerships as they’re formalized within the next month or two with people/firms in Los Angeles/San Diego, Atlanta, and New York in addition to more in Charlotte/Miami to go with our existing ones.

We’ve also got some new packages rolling out over the new few weeks to leverage our partnerships with Picnic Table Video Productions and Novelty Technology.

We are committed to working with the best and brightest team to ensure we bring the greatest possible solutions to our clients, maximize the value we bring to them, and to ensure they grow their revenue to unprecedented levels.