Delivering a successful business project relies on a number of factors, many of which will be out of your control. Uncertainty is part of every project, so you will need to be flexible and able to react under pressure. No two projects will be the same, given the number of variables involved – for instance, different team members, stakeholders, clients or budgets. However, following these basic rules will ensure you are as prepared as possible to deal with whatever a project throws at you, and deliver it successfully.

Get professional training

Understanding budget control, task delegation, managing stakeholders, team management, and project scope is vital to running a successful project, and the best way to master these skills is to understand the numerous methodologies that are prevalent in the world of project management. The industry standard, both in the UK and internationally, is PRINCE2, which is a process-based approach that, when applied properly, can save you time and effort when overseeing a project. PRINCE2 training in Bristol is available from Simetral, a professional accredited training organisation that operates in the project management sphere.

Plan ahead

Make sure you understand what ‘success’ would look like at the end of the project, and have a clear idea of the budget and the timescale you have to achieve it. As Ruth Spellman writes for the Telegraph, “Detailed, team-involved planning is the single most important thing that project managers do.” Try to account for risks or difficulties that might occur during the project as part of your planning – this will make them easier to react to if they do come up.

Communicate effectively

Whether it is establishing the scope and schedule of the project before it begins, liaising with stakeholders during the project, or managing your team, effective communication is key to running a project successfully. Effective communication is not just about what you give out, but also what you take on board – it is as much about listening as it is about telling. It could be taking on the opinions of your team, or making sure you fully understand the clients’ wishes, keeping open a channel of communication is vital, even if it involves breaking bad news.

Don’t be overconfident

While you have to demonstrate leadership and initiative when running a business project, having the humility to take on board the suggestions of others shouldn’t be forgotten. Overconfidence in your own ideas at the expense of listening to others can lead to resentment in the project team, especially if they feel they are being ignored or underutilised, so make sure you allow people to offer suggestions – even if you ultimately choose not to act on those suggestions.

Understand your team and what they offer

Delegation is a skill. Knowing when and what to delegate and who to assign what responsibilities to is an essential part of project management, so getting to know your team and their skills is vital. It takes hard work and planning, but a well-run team will result in a project that is delivered quicker, better and successfully.

Efficiency and productivity are essential for businesses. It is why the traditional picture of an office is defined by rigidly laid out workstations and rows of glowing computer screens. It shows that, for a long time, productivity has been equated primarily with stamina and how long employees can work, rather than what they can produce.

Companies have restricted their best and brightest talents to drab workspaces, with rigid schedules and rote learning. They have closed off opportunities for creativity and collaboration because they are afraid of distraction. However, recent studies are proving that open and cooperative environments foster hard work, greater commitment, and better results.

Keep reading to find out how you can use the power of collaboration to maximise the potential of your office and employees.

Think About Going ‘Virtual’

The popularity of flexible office solutions is only set to increase, both in Southeast Asia and across the world. It is because they provide a level of independence and control that cannot be enjoyed with any other arrangement.

They are perfect for remote teams – employees who work off-site – and suite smaller ventures which like to mix it up with their work routines. Visit us to find out more about the virtual office solutions available in Bangkok right now.

Make Room for Collaboration

Multiple studies have shown that collaboration is an invaluable asset for modern businesses. It really is true what they say – many minds are better than one. So, don’t be afraid of coworking spaces and public environments. They are hives of creativity and innovation.

The secret to making remote teams successful is to stop worrying about distractions. If your workers are off site, you cannot monitor their activities, but you can set firm targets and progress measures. Use the conferencing spaces in virtual facilities to meet with remote employees on a face to face basis.

Recognise the Value of Agility

With a flexible office lease, you do not have to worry about getting tied into unsuitable terms or conditions. This is a valuable asset because markets change fast. Economic conditions can rise or fall with one word from the right (or wrong) politician or celebrity.

The key to surviving is staying flexible. Choose a virtual or serviced office provider, which won’t make you commit to a 2-5 year lease. While serviced suites are available on a rolling, month by month basis, virtual workspaces are even more negotiable. They can be accessed on a ‘pay as you go’ basis, so you only invest in the features you need.

Invest in Back Office Support

One of the most easily overlooked benefits of a virtual office is access to instant support and advice. The best providers offer IT, secretarial, receptionist, and other forms of administrative assistance. Having support so close by and so readily available is a guaranteed way to save time and minimise wasted hours.

It is also an excellent way to save money because rather than outsourcing and spending lots of cash for assistance that you do not completely need. You can access it on your own terms. ‘Pay as you go’ usage means no waste and highly efficient, economical expenses. The fact that they are all on-site means that your employees can focus on getting the job done, instead of searching for essential resources.

Why Productivity Is Easy with the Right Tools

To make sure that your team is working as efficiently as possible, you need to provide them with the right tools. This is true whether you are directing a remote team out of a virtual facility or an onsite workforce from a private office. The real secret is to ensure that you are worker smarter and not harder. High-quality onsite resources – fast broadband, receptionist support, corporate mailboxes, and boardroom spaces – are a fast way to a more productive company.

1. Know yourself and your personality: Making sure your trading philosophy matches your money management philosophy and your personality is key to making your trading plan work.  If your trading plan doesn’t suit your patience level, or your comfort with risks, you are bound to deviate from the plan.  This puts you at risk for making off the cuff, mood based decisions that will most likely be detrimental to your portfolio.  When you know yourself and you strategize accordingly, you are more likely to stick to your plan which gives you much better chances of success.

2. Learn as much as you can: Make sure you understand exactly what you are doing. Study the mistakes and successes of other before you.  Learn what the charts represent and understand what they are indicating and how that will help you.  Understanding the possible outcomes of your decisions is essential to Forex success. There are numerous resources both online and in print for you to educate yourself.  Educated decisions are much more likely to be profitable than decisions made on rumors or gut feelings.

3. Choose the right broker: There are thousands of brokers to choose from all over the world. Many are not carefully regulated.  Unfortunately, the Forex industry has been victim to many scams.  Read reviews, check out how regulated and how well insured a broker that you are interested in is.  Check their track record.  Make sure the withdrawal process is smooth. Then, examine what the account choices are. Different brokerages allow for many different size accounts.  Each of these account types have advantages and disadvantages.  The account types might have different leverage amounts, minimum deposits, and levels of customer support.

4. Choose a strategy and make a trading plan: You don’t have to invent something new. There are well tested, established strategies.  Each strategy starts with knowing how much time a trader has to devote to trading. The different strategies are based on trading philosophy, ability to handle risk, and what your goals are.  Once you know which strategy you are using for your trades, you can make a plan.  Plan your stop losses, the amount of leverage you will use, the currencies you will be trading and how often you will be trading.  Make this plan according to your expectations and habits so that you will stick to your plan.

5. Test and tweak your plan: Use a demo account to test your plan. Trade using that plan and see what works and what doesn’t.  Learn from the successes and from the losses.  Tweak your plan to use more of what is going well and less of what is not.  Keep trading using your demo account until you are completely confident in your trading plan.  Make sure your plan withstands the test of time.  See how your trading plan would have performed over a long period of time in the past.

6. Start Small: You can always increase your portfolio but once you lose large sums it can be difficult to bounce back. Once your account grows organically from your profits, you can reinvest those profits without increasing your deposit.