e-ProjectCoach

As any small business owner knows, even the best-laid plans can go astray due to factors out of their control. A shipment delivered late, a power failure causing data to be lost, a key employee quitting at the worst possible time... no business is without its share of disasters. But there is a way to prepare for the unexpected and control the factors that are generally out of one's control.
Project management strategies work well to develop, prepare and implement one-time tasks. They also cover making sure the job gets done right--whatever it takes. Sid Kemp, author of Project Management Made Easy (Entrepreneur Press, April 2006, $19.95, ISBN: 1-932531-777), says that good project managers expect the unexpected, planning for it and then doing something about it. They also put plans in place to manage the truly unexpected.
Here are some simple things project managers can do to manage risk and increase the chances of success:
*Teach every member of the team to pay attention to risk and alert the team as soon as they notice something. Risks are easier and less expensive to deal with when identified early.
*List all potential risks. Evaluate each one by asking, "What could keep us from getting what we need? What are we getting from outside the team, and what happens if they don't deliver? What have we never done before? What has gone wrong on other projects that could happen again here?" Set up contingency plans for what to do if a risk becomes reality.
*Identify the likelihood and consequences of each risk. Discover the risk trigger--the sign that the risk event is likely to happen. Prioritize the risks from most to least significant.
*Find ways to mitigate a risk by reducing its likelihood or its consequences.
*When things go wrong, ask, "Why?" and "Can it happen again?" Some of the trickiest risks are small problems that happen over and over again.
*Watch out for little things that go wrong again and again. They will snowball out of control and bury the project.
*Manage risk throughout the project by making it part of the regular status meeting. Reduce risk through good communications, especially with outside vendors and customers.
Good risk management lets a team know when it's off course, so it can get back on course before the project fails. Unexpected disasters are no match for a well-planned project.
For more information, check out www.entrepreneurpress.com.

Sid Kemp, Project Management Professional, is an author, trainer, consultant and executive coach. He specializes in adapting the best practices in project management for the unique challenges of small businesses and non profits. He is the director of professional development for the Alamo chapter of the Project Management Instate. He is the author if Ultimate Guide to Project Management and five other business books.

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