Advice for growing businesses

4 ways Project Management software can help your growing business

29 April 2015

Looking to increase your overall business efficiency? Project management software can help you achieve that and more.

With growing business comes growing responsibilities. Increased efficiency within a company is something that all business owners strive for, and it becomes all the more important if you are a growing business. When an organisation runs efficiently, it creates a healthy outcome for the business, where profits are high and expenditure is low.

Regardless of the industry, project management tools can help your business push any project forward to successful completion. Here are four great ways in which project management software can help your growing business to develop even more:

1Mind the gap! Manage everything from one location, from quotes to clients.

Project management software helps you become comprehensive by helping you stay on top of every task and its status. From managing your clients to ensuring proper communication among your employees, the software will help you keep track of each and every step in the project management process.

Knowing what needs to be done at all times is the first step towards improving efficiency. Project management tools give project managers, business owners and employees a common platform, wherein they can access everything at hand to get the work done. Log into one application and you can access, modify and share your project line-up, work notes and calendar, list of required resources, operating budget and so on, for an overall project picture.

2Streamline your process for better overall project management: It’s a no-brainer

The first step towards effective project management is planning, but the process will not yield expected results unless you evaluate your completed tasks. Analysing your project step-by-step will help you streamline your processes and identify bottlenecks. It will also help detect and get rid of old inefficient practices. Replacing them with new efficient procedures will cut down costs and increase productivity in respective departments, as well as the company as a whole.

For example, if your projects are held up because of overworked employees, you may want to keep a track of your employee time sheets in order to manage your workers effectively. This in-turn would ensure that your project remains profitable and stays within the required time and budget limit.

3 Happy customers = More business: It’s a win-win situation

Streamlining your business will not only help you save time and money, but will also result in happy and satisfied customers. With the help of business management software, you can create customer and prospect databases that you can update in real-time as you learn more about your contact.

Automated communication functionality will help you keep in constant touch with your client by sending them thank you notes, reminders and special offers, while keeping them abreast of any changes. Additionally, the data related to which products or services your clients ordered will allow you to assess cross-sell and up-sell opportunities for additional revenue.

4Thinking outside the box: smart spending with closer financial tracking

To ensure the profitability of your projects, it is paramount you create a proper plan, assign an appropriate budget and then track the performance and progress of your projects. Doing this manually and in real-time can feel daunting, however a good project management solution can manage this for you. It will excel in monitoring the project’s overall financial performance, tracking actual versus planned costs and ensuring a better cash flow.

All this monitoring will help you and your company reduce billing errors, improve cash flow, maximize your revenues and even predict financials for future projects.

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