As an entrepreneur, you probably already have noticed that your business is built on different projects that you take and implement on an everyday basis. So, you already have some type of project implementation queue from where you start the first priority project.
Some project succeeds, but some are simply failure. Other projects will bring opportunity and money, but some of them simply will spend your time and money. With some of them, you are happy, but some of them can bring you in a very difficult position as an entrepreneur.
I know how frustrating are those project implementations that simply fail. I felt this on my own skin. However, on the other hand, I think that the experience and knowledge gained from the projects that become failures make me stronger to sustain on the planned trajectory to the final goals.
My brain, every day, every hour and every moment comes with too many ideas for different projects that I can start. However, they go into the folder for future analysis. This is my project implementation queue.
The process of analysis that I use is simple. It makes an assessment of various characteristics of the project in order to make a final decision, whether the project deserves to be implemented now or not.
Here are the features that I use in the analysis process:
1. Project Potential
What is the potential of the project? Is it something that will contribute to the wealth of my business in the future? Is it something that will increase my business potential energy? Or, is it something that will bring more profit to my business?
You need to answer these questions in order to be able to analyze your future project on the basis of project potential.
2. Project Implementation Time
How much time is required for the full implementation of the project? How much time is required to achieve the first results? Or, how much time is required to feel the benefits of the implementation?
These are important questions because time is money and money is time. You want to prioritize projects that will be implemented in the shortest possible time and achieve the first results as soon as possible.
Also, you need to think about the benefits after the implementation of the project. You can feel some of the benefits of some projects quickly than from others. So, this will also be part of your prioritization process.
3. Project Implementation Urgency
Is it urgent for implementation? Is it making the difference if you start the implementation today or after some period of time?
Urgency is important when you decide which project to start implementing. So, responding to these two questions will tell you something about the urgency.
4. Easy of Implementation
Is it easy to be implemented or is something that will need more efforts from your side?
It is important to evaluate the efforts that you will need to put for the project implementation. You want to start with the projects that will bring you the highest level of satisfaction from the results and will require the lowest level of your efforts.
5. Costs
How much will cost the implementation process? Is it worth being implemented?
The last thing you want to evaluate in order to make a prioritization of the project implementation is the costs. Simply, you want to see what will be cost-benefits ratios, because you want to give priority to the projects with the biggest benefits you will get for the minimal costs you need to spend.
These 5 features simply give me enough information for my decision about what’s next with a certain project from my folder for future analysis. If they passed the tests, then they are ready for implementation. However, if they failed the test, they go in another folder something that is not appropriate for implementation, at least not today.
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