Do you know how to handle Project Management Cost Planning & Control for your business?

If you’re still using excel or whiteboards you should consider that it may be time to make the switch to a project management cost planning and control software application to increase your work productivity, reduce risks, measure costs through the full life cycle of a project and consolidate data for your entire business.

The tool you choose must have at least the following features:

  • Cost estimation. One of the most important elements of a project management cost planning and control tool is cost estimation. The solution shall have at least the forecasting feature for a complete project with a defined scope. There are several types of cost estimation in project management, including fixed, variable, direct, and indirect cost estimation. Because the project scope, project schedule, or other factors can change, it’s important to update price estimates with the help of cost management software so you have an accurate idea of how much the project will cost.
  • Budgeting. The best cost management tools generate weekly and monthly reports on expenses, so you can be sure that your projects never goes over budget, which could cost you unexpected expenses. Plus, these tools allow teams to set budget limits based on time or cost. When a project budget is nearing its limit, the software will send you a notification so you can adjust the project’s scope. Having regular updates on a project’s expenses can offer you important clues about the direction your project is going and whether or not additional action is required.
  • Reporting. To keep projects running smoothly, find a cost management tool that offers a variety of easy reporting options. If building a report requires a manual or the help of an outside consultant, continue your search. Secure sharing in the cloud for total visibility is also important when it comes to reporting.
  • User-friendly interface. Cost matters and accounting are difficult as they are, so a user-friendly cost management tool is a must. A user-friendly interface can minimize project hiccups and increase your team’s productivity. If you’re struggling to use your tool, you should probably look for another one.
  • Affordability. Small businesses need functional cost accounting tools to achieve business success. Fortunately, many of these tools offer low-cost or even free options to help increase productivity while reducing costs.

While there is no perfect project cost management tool, it’s not so difficult to find one that covers the features that are important for your business.

Try Wibiway, a Business Management application which replaces in an innovative way the classical ERP, CRM and Project Management applications. Is based on Project Management Cost Planning & Control principles and can help you identify and eliminate the unnecessary expenses in order to boost the profitability of your business lines.

Create your free account at https://www.wibiway.com/

Boost your business by delegating and empowering your middle management to take decisions

Middle management is the training grounds for executive leadership and it’s no secret that executive leadership has to delegate many tasks. Delegation is a skill as much as public speaking or learning new technology and therefore it is essential. Middle management is also the level where the new managers learn how to coach their subordinates. Delegation offers managers an opportunity to learn how to coach and model.

However, many people, especially new managers, have a hard time letting other people handle work. The main objection they have is not knowing if the job is going to be done right. Often, the translation of that objection is, “I don’t know if the person is going to do it the way I would do it.” At the root of this fear is a lack of trust in your coworkers that you have to find a way to get past.

This dynamic can’t be the status quo in your company. You have to learn to delegate if you’re going to get everything done correctly and on time.

Delegation is a teachable skill. Here are a few tips to help teach managers with how to do it appropriately and effectively:

  • Delegating tasks to people means you have to trust them. Tell the person you are giving the task to that you trust them and their ability to do the job. Remember, most people will rise to the occasion.
  • Give the person very clear instructions about the project and what you expect from the project. So, what does ‘very clear’ mean? Ask yourself, do you understand your own instructions? Do you know what you want from the project?
  • Set mutually agreed upon goals and deadlines. Ensure there is a system of two-way communication so the person accepting the task can approach you with any delays or problems with the project.
  • Make sure you have given the correct and fair share of resources to the project. Go over the resources with the person so they know how to utilize them.
  • Use a dedicated apps that visually and transparently supports and track the KPIs

With delegation, a middle manager is forced to select the right person for a job by assessing their work output and ethic. Then they have to explain the project and get a grasp if the person understands it. Finally, they get the chance to coach the person through the task until completion.

By completing these tasks, middle management gets the opportunity not only to learn how to delegate but how to also coach. Setting your team up for success by providing adequate training and frontloading, which will ease your mind and help you to trust the delegation process.

Use Wibiway for free

Get in touch with Wibiway team and we will be glad to support you. We are specialists in project management, business strategy, profitability and digital transformation. Our dedicated application will lead your way to track your KPIs and provide you the means to steer your business to success.

For details please visit: https://wibiway.com

Enforcing business strategy with project management

Nowadays all strategic change in an organization should happen through project and program management. Most of the time organizations leave that strategy to chance if they do not focus on benefits realization. Executives must take charge and ensure that benefits are identified, monitored, and sustained for each and every project in their portfolio.

Research shows that only three-quarters of organizations identify expected benefits before the start of a project, and only half have any idea whether or not their projects are delivering those identified business benefits. This is unacceptable in today’s business environment. It wastes money and time, and distracts from an organization’s ability to be agile, flexible, and make quick decisions to maintain competitive advantage.

A key challenge is that many companies manage projects, programs, and portfolios based on traditional, measurable outputs—such as time, scope, and budget—without consistently tracking whether they help the company achieve its larger strategic goals and adjusting them appropriately. The result is a clear gap between strategy and project management.

Management teams today must take big-picture, strategic decisions that chart a company’s course amid great uncertainty. Companies frequently have many projects underway at any given time. These projects are more complex, interdependent, and based on less-reliable assumptions than in the past. As a result, companies need to be more disciplined and adaptable in how they implement and oversee these projects to ensure strategic objectives are met.

Use Wibiway for free

Get in touch with Wibiway team and we will be glad to support you. We are specialists in project management, business strategy, profitability and digital transformation. Our dedicated application will lead your way to track your KPIs and provide you the means to steer your business to success.

For details please visit: https://wibiway.com

How project management approach increases business profitability?

As the business world is expanding and becoming more and more competitive, it is increasingly becoming indispensable to undertake a higher number of projects at any given time for better resource optimization. We all know that “Time is money” and now the question is how we translate saved time into better and more efficient utilization for more money for the organization. The answer lies in relaying on project management techniques. The equation goes like this:

Better project management — Better Execution — Higher performance of your business — Increased revenues — Increased profits

Project management techniques are essential for all the executives not just for the project managers contrary to general belief. Statistics mention that only 34% of all the projects succeed and the average product has a 43% cost overrun. There is no better way to improve these numbers than by defining clear project objectives and requirements that contribute to project success.

Here are some tips you can follow:

  • Communicate with your peers or team members – The first step is to get your peers or team members in a room and start communication in a group to make sure everyone is on the same page as far as the requirements and objectives of the project are concerned.
  • Create a project plan – This will help further in organizing your project schedule thereby maintaining cost, risks and resources required to manage these elements.
  • Use Cloud Based Project Management Tools – Improve collaboration by using cloud based project management tools. These tools are designed to promote collaboration and provide built in workflows.
  • Create a project schedule – In order to complete the project efficiently and on time, it is important to create a project schedule by pre-defining the upcoming tasks and approximate delivery date. This will help you in attaining the desired tasks on the decided dates.
  • Measure & Track the performance – For smooth running of the project, it is important to measure and track the performance of the project as per the pre-defined schedule to ensure the milestones are going to be achieved.
  • Learn from mistakes – There are bound to be complications so it is important to learn from those mistakes. Make sure to write everything down, this will help make it easier to track what went wrong and later discuss ways to improve these mishaps. Communication is key, make sure you are communicating clearly and concisely.

Lastly, remember that a business can only be successful if it delivers the results that the business has set out to achieve. Be in control of the business by managing and adjusting to the proper time and cost constraints. Nothing will improve the business more than delivering projects that allows to realize strategic benefits.

Use Wibiway for free

Get in touch with Wibiway team and we will be glad to support you. We are specialists in project management, business strategy, profitability and digital transformation. Our dedicated application will lead your way to track your KPIs and provide you the means to steer your business to success. For details please visit: https://wibiway.com

What is business strategy?

Business strategy can be seen as the course of action or set of decisions which assist the managers in achieving specific business objectives. It is something like a master plan that the management of a company implements to secure a competitive position in the market, carry on its operations, please customers and achieve the desired ends of the business.

In business, it is the long-range sketch of the desired image, direction and destination of the organization. It is a scheme of corporate intent and action, which is carefully planned and flexibly designed with the purpose of:

  • Achieving effectiveness
  • Perceiving and using opportunities
  • Mobilizing resources
  • Securing advantageous positions
  • Meeting challenges and threats
  • Directing efforts and behavior
  • Gaining command over the situation.

A business strategy is a set of competitive moves and actions that a business uses to attract customers, compete successfully, strengthening performance, and achieve organizational goals. It outlines how business should be carried out to reach the desired ends. Business strategy equips the top management with an integrated framework, to discover, analyze and exploit beneficial opportunities, to sense and meet potential threats, to make optimum use of resources and strengths, to counterbalance weakness.

Use Wibiway for free

Get in touch with Wibiway team and we will be glad to support you. We are specialists in business strategy, profitability and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success. For details please visit: https://wibiway.com

How cost management creates strategic competitive advantage for companies

In an attempt to minimize the damages caused by financial crises and the use of company resources, managers apply strategies that only work on short term, but that in the medium and long term can pose serious risks to the survival of the business. Given this, it is necessary to view the strategic cost management as a competitive advantage in companies.

This is a matter of survival in the market, since processes that are poorly thought out and not prepared by analyzing the data and the entire value chain end up becoming villains rather than tools that ensure the operation and health of corporations.

What is strategic cost management?

Strategic cost management has emerged with the technological innovation of companies. Before using software that automate and manage a good part of the financial processes, the management was directed only at the reduction of expenses, in a way that it was possible to decrease the prices of products or services and, thus, allowing the company to continue to stand out.

However, business models have changed, and strategic cost management is seen as a competitive advantage for companies. This is because, currently, this control takes into account the relationship between the expenses of a product or service and the financial management of the business.

In other words, the strategic cost management starts to study the entire consumption process, from internal to external factors.

Therefore, this concept has more importance than many companies believe, as it is responsible for placing the organization in a strategically competitive position without regarding the costs only as numbers, but as a chain of financial resources.

After all, with the changes in the market and the consumption habits of the population, price is no longer the only relevant factor for companies that want to have brand authority and competitiveness.

In moments of crisis, for example, a company that has a good strategic cost management end up having enough resources to overcome the situation and do not come out of it very fragile, mainly due to the control of wastes and failures.

Use Wibiway for free

Get in touch with Wibiway team and we will be glad to support you. We are specialists in business strategy, profitability and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success. For details please visit: https://wibiway.com

Why is a business strategy important?

A business strategy is about actions and decisions that a company takes to reach its business goals and be competitive in its industry. It defines what the business needs to do to reach its goals, which can help guide the decision-making process for hiring and resource allocation. A business strategy helps different departments work together, ensuring departmental decisions support the overall direction of the company.

There are several reasons why a business strategy is important for organizations:

  • Proper planning: A business strategy helps you identify the key steps you will take to reach your business goals
  • Identify strengths and weaknesses: The process of creating a business strategy allows you to identify and evaluate your company’s strengths and weaknesses, creating a strategy that will capitalize on your strengths and overcome or eliminate your weaknesses
  • Drive efficiency: A business strategy allows you to effectively allocate resources for your business activities, which automatically makes you more efficient
  • Enhanced control: It gives you more control over the activities you’re performing to reach your organizational goals, as you understand the path you’re taking and can easily assess whether your activities are getting you close to your goals
  • Grant competitive advantage: By identifying a clear plan for how you will reach your goals, you can focus on capitalizing on your strengths, using them as a competitive advantage that makes your company unique

Some key components of a business strategy are:

  • Vision
  • Values
  • Tactics
  • Plans
  • Continue measurement

Use Wibiway for free

Get in touch with Wibiway team and we will be glad to support you. We are specialists in business strategy, profitability and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success. For details please visit: https://wibiway.com

How leverage on digital technology can increase revenue

Technology in the hands of businessmen

In this era of digital transformation, new technologies have opened up opportunities for businesses and created new challenges. At present, advanced technology has also become more accessible to a wider audience. In a recent past, only big companies had access to the latest technological developments. Now, digital technology is reachable to businesses of all sizes. Such accessibility allows the growing of digital culture which can bring many advantages across all business functions. Studies reveal that more than half of start-ups have already adopted a digital business strategy compared to a third of traditional enterprises and start-ups increase revenue by 30% when they rely on digital-first strategies.

Digital transformation can improve cost efficiency and make your company stand out from the competition, At present, the collaboration between technology and business processes is no longer optional, but a must-have.

Digital transformation is the deep transformation of business activities, competencies, and business models to leverage the opportunities of digital technologies. It is about using digitalization to transform a business unit or an organization approach to business. This concept marks a profound rethinking of how an organization uses technology and resources to change business processes and performance.

There are many operational benefits of digital transformation:

  • Improved efficiency
  • Better customer experience
  • Informed decision making
  • Boost profitability
  • Improved market penetration

The businesses can leverage on digital transformation to:

Use information to optimize business operations

Success does not depend on how much data you can collect but on how quickly you can analyze and act on that information. Digitalization can help you to turn data into instant insights, to optimize processes and to eliminate unneeded costs. Streamlining business operations and reducing operational costs will help you to increase worker productivity and improve business alignment.

Create value from data

Companies that use big data effectively could generate higher revenues and develop more original ideas and competences. In the process, they create entirely new revenue streams, business units, and stand-alone businesses.

Start using Wibiway app today

Get in touch with Wibiway team and we will be glad to support you. We are professionals in digital transformation, business strategy and business profitability. Our dedicated application will lead your digital transformation way and provide you the means to steer your business to success. Please visit: https://www.wibiway.com/

10 reasons why the profit is important

Lack of proper profit has the following impact on a business:

  • Losses eat away the equity to a point where lenders feel that the business is too risky to lend additional money to.
  • Good employees leave because the company doesn’t have the money to keep the competition from stealing the good help.
  • Equipment maintenance is reduced, shorting the life of the equipment.
  • Officers are paid less because the company doesn’t have the cash.
  • Bonuses and third parties are eliminated because there is no cash.
  • Vendor terms shorten because payments are not paid according to terms.
  • Large projects are shunned because the company doesn’t have the ability to fund material or labor costs.
  • The value of the business drops dramatically.

Here are 10 reasons why the profit is important:

  1. Essential for survival – Any entity cannot spend more money than it takes in. No one works for free.
  2. Funds growth – Profit is the primary component that grows balance sheet equity.  Growth in equity allows growth in lender/vendor debt.
  3. Ability to borrow money – Lenders won’t lend money to businesses that are not profitable. Lenders look to profit to pay back the borrowed money.  No profit = no ability to pay back; therefore no new loan.  Lenders also look at profitability as a way to measure the ability of management to run the company as follows:
    • Businesses that are consistently profitable – Great management.
    • Businesses that are profitable but erratically – OK management.
    • Businesses that lose money – Poor management (run away as fast as possible).
  4. Grows market value of business – Profit is typically the biggest component of EBIDTA and businesses can obtain 2x-8x EBIDTA for valuation purposes. Profit is much more valuable than the assets of the company.
  5. Measures the effectiveness of management – Profit is one way outsiders measure the effectiveness of the management team. Lenders, investors, and vendors all use profit as a tool to measure how good management is in running their business.
  6. Ability to pay down debt – Profitability, if not used to grow assets, can pay down debt. Businesses without profit cannot pay down debt.
  7. Builds working capital – Profit is one of the elements that improves working capital. Businesses that are consistently profitable have consistent improvements in the ability to fund working capital needs, such as increased labor costs, big jobs, longer terms, etc.
  8. Attracts investors – Investors want to be on a winning team. People with money want to make more money with their money, not lose it.  Profitability is the measurement of management’s ability to operate efficiently (this is defined as making profit) and investors will typically look at the historic profitability as a reflection of management’s ability to perform in the future.
  9. Hire better employees – Profitability is one of the few things that enable businesses to hire better people. Profit creates cash. Companies that are not profitable don’t have the cash resources to pay or increase the pay of good employees.
  10. Builds cash – Profit is one of the few things that will enable a company to increase cash in the bank.

Start using Wibiway app today

Get in touch with Wibiway team and we will be glad to support you. We are specialists in tracking profitability indicators, business strategy and digital transformation. Our dedicated application will lead your way to track your profitability indicators and provide you the means to steer your business to success.

For details please visit: https://wibiway.com