2 minutes read

5 Top Tips for Better Profit and Efficiency on Projects

In the world of project/job management nothing ever runs completely smoothly. If you accept
this fact and work with it, your jobs have a better chance of finishing on time and on budget.

Here are some tips from Sam Lee (CFO On Call Brisbane) who has worked on some very
large projects in his time and gained hard won knowledge and experience in achieving
profitable and efficient project outcomes:

1. Be agile and listen to different opinions
Projects are usually in a constantly changing environment. It is important for the team to
be flexible and also rapidly react to changes. Having team members with different
backgrounds and strengths benefits the team to have different perspectives while making
decisions. Being flexible, responding quickly to the changes efficiently is the key to the
success of a project.

2. Understand the goal
A clear understanding of the goal for a team helps to avoid any confusion, which might
lead to unnecessary re-work. All team members working towards the same goal at the
same time is the key. Clear knowledge of the goal helps everyone work on the same
page and towards the same result. This helps to avoid friction if everyone understands
the ‘end game’ and theirs and everyone’s part in it.

3. Regular communication with the team
Good and regular communication is the most critical part of the successful project. The
communication doesn’t necessarily need to be a long and formal meeting. A quick
gathering for the leader and all team members to ask any questions and clear issues up
quickly before they become a problem. The meeting is:
A good time for the leader to communicate with the team about any latest
changes and explain the reasons to minimise team frustration..
A time for the leader to check what the team members are working on
Coordinate with the team if there is any challenge which requires extra help.

4. Monitor the progress and understand the risk
Closely review the progress. Work with the team to understand any unexpected
challenges or anything that could potentially delay the plan. Assess the financial impact
and prepare the mitigation plan as soon as possible. Acknowledge the potential damage
of any risk and act fast!

5. Focus on the completion
Accept the imperfection of the project. There would be areas to improve in the future.
However, considering the time frame given, it’s best to complete it in time. To deliver the
project in time also keeps the cost under the budget.

Thanks Sam for sharing these simple and straightforward tips. If your business relies on
efficient and profitable projects, Sam is happy to discuss ways to ensure you achieve your
desired outcome.