Technical Project Management Made Easy: Top Skills, Books, and Tools for Success

technical project management

What do building a bridge, launching a rocket, and developing software have in common? Correct! They all require technical project management to be successful.

As a technical project manager, you’re the conductor of a symphony of engineers, developers, designers, and stakeholders, all working together to achieve a common goal.

But how do you ensure your team is in harmony and your project hits all the right notes?

You have numerous options. You can pass a PM certification, read project management books, listen to project management podcasts or master specific PM tools. But whatever path you choose, one thing is clear: you can’t do without self-education and growth.

In this blog post, we’ll take a deep dive into the skills, books, and tools in technical project management to help you master the craft of managing complex technical projects.

Ready? Fasten your seatbelt, and let’s get started!

What is technical project management

What is technical project management?

Technical project management is the process of overseeing the development and execution of technical projects. It involves coordinating the team’s efforts to deliver a product, service, or system within a specified timeline, budget, and scope.

Overall, technical project management is about ensuring the successful delivery of technical projects, from planning to execution and closure.

Software development, engineering, construction… Look carefully, and you’ll see technical project management widely used in every technical industry.

Project management vs technical project management

Technical PM is like building a bridge, while project management is like organizing a road trip.

Building a bridge requires a deep understanding of the engineering principles, materials, and construction techniques involved. The bridge must also meet specific safety and functionality requirements.

Organizing a road trip requires coordination and planning of different elements, such as transportation, accommodation, and activities. It involves coordinating and planning different elements of a project, such as timelines and budgets.

Thus, the main difference between a technical project manager and a project manager is their area of expertise. In both cases, the success of the project depends on effective management. But technical project management requires specialized technical knowledge and expertise, while project management applies to a broader range of projects.

What are the essential technical project management skills

What are the essential technical project management skills?

If you’ve decided to become a technical project manager, you need to possess a distinct skill set tailored to the demands of the role. And the list of tech PM skills goes beyond having technical expertise and good communication skills. Let’s have a look at the major ones:

Agile methodology

Many technical projects use agile methodology, which requires a different approach to project management than traditional methods. Technical project managers should be familiar with agile methodology and its principles to be able to manage project requirements the agile way.

Resource management

Technical projects often require specific resources, such as equipment, software, and technical personnel. So, it’s important to manage these resources effectively to complete projects on schedule and within budget.

Vendor management

You won’t be able to complete certain tasks without effective cooperation with vendors or external contractors. As challenging as it might be, technical project managers must ensure that all vendors deliver high-quality work.

Quality assurance

One of the pressing questions in technical project management is, “Does the project meet technical specifications”? And this question is important for a good reason. Technical projects require rigorous quality assurance processes to ensure the project performs as expected. Therefore, technical PMs must be able to design and manage quality assurance processes that meet project requirements.

Risk management

Software bugs? Hardware failures? Data security breaches? Technical project managers are the ones who should identify and manage risks to ensure project success. What’s more, tech PMs need incident management skills to handle service interruptions and outages with competence.

Top 15 technical project management books

Top 15 technical project management books

A good book is a treasure box; it can open doors to valuable knowledge and unfading inspiration. Here are fifteen highly recommended technical project management books in three different categories:

  • PM techniques,
  • Agile development,
  • Team management.

Best books on effective project management techniques (for mastering technical project management)

  1. Project Management for the Unofficial Project Manager by Kory Kogon, Suzette Blakemore, and James Wood (2015, 1st Edition). Get practical tips and tools, especially if you’re managing projects without a formal project management background.
  2. Project Management Absolute Beginner’s Guide by Greg Horine (2017, 4th Edition). This book is a beginner’s guide to project management in the IT industry. It covers the basics of project management, including planning, scheduling, communication, and team management.
  3. IT Project Management: On Track from Start to Finish by Joseph Phillips (2010, 3rd Edition). If you need a comprehensive guide to project management in the IT industry, you’ve got it. This book covers topics such as project initiation, planning, execution, monitoring, and closing.
  4. Project Management Body of Knowledge (PMBOK) Guide by the Project Management Institute (2021, 7th Edition). The must-read book, which is the official guidebook of the Project Management Institute. It’ll serve as your ultimate guide to project management principles and practices.
  5. Effective Project Management: Traditional, Agile, Extreme by Robert K. Wysocki (2019, 8th Edition). Learn about different project management methodologies. Plus, discover the strengths and weaknesses of each.
  6. Information Technology Project Management by Kathy Schwalbe (2018, 9th Edition). Some books stand out with their case studies and real-world examples. And this book is one of those guides that make everything clear with specific examples. Read it if you need a comprehensive guide to project initiation, planning, execution, monitoring, and closing.

Best books on agile software development (for rapid iteration and continuous improvement)

  1. The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries (2011, 1st Edition). Running a startup? Need an in-depth insight into lean principles? This book applies lean principles to startup companies and introduces the concept of the “minimum viable product”. Plus, it highlights the importance of rapid iteration and customer feedback.
  2. Scrum: The Art of Doing Twice the Work in Half the Time by Jeff Sutherland (2014). This book introduces the Scrum framework, which is widely used in agile software development. On the whole, this book will help you improve project efficiency and team collaboration.
  3. The Phoenix Project: A Novel About IT, DevOps, and Helping Your Business Win by Gene Kim, Kevin Behr, and George Spafford (2013, 1st Edition). Read an engaging story of a fictional IT department that transforms its operations using DevOps principles. Without a doubt, this book provides valuable insights into project management, IT operations, and organizational change.
  4. Agile Estimating and Planning by Mike Cohn (2005. 1st Edition). Struggling with using agile methods? Need expert guidance on how to estimate and plan software projects? This book will cover techniques for prioritization, story mapping, and sprint planning.

Best books on team management and leadership (for building and leading high-performing (remote) teams)

  1. Done: A Simple and Proven System to Earn More while Managing Less by Brad Callen (2023). When you set up your team for efficiency, you can deliver projects faster than traditional companies. Done is a recently published but valuable book to help you build and manage a remote team that can generate revenue.
  2. The Mythical Man-Month: Essays on Software Engineering by Frederick P. Brooks Jr (1995). This classic book discusses the challenges of managing software projects, including the concept of “man-months”.
  3. Managing the Unmanageable: Rules, Tools, and Insights for Managing Software People and Teams by Mickey W. Mantle and Ron Lichty (2019, 2nd Edition). If you lead software development teams, this book is for you. You’ll get practical tips for hiring, mentoring, and motivating your team members.
  4. Crucial Conversations: Tools for Talking When Stakes Are High by Kerry Patterson, Joseph Grenny, Ron McMillan, and Al Switzler (2021, 3rd Edition). Learn and master practical strategies for handling difficult conversations. A skill that’s vital in effective project management.
  5. The Five Dysfunctions of a Team: A Leadership Fable by Patrick Lencioni (2011, 1st Edition). A leadership fable, this book explores the common dysfunctions that occur in teams and provides strategies for addressing them.

The best technical project management tools

With more and more people shifting to remote and hybrid models of working, tech project managers are left with two options. Either they master a variety of tools and software to effectively manage their projects. Or else they find themselves out of the game.

There are many tools for managing technical projects. We’ve handpicked the best ones for you:

1. Teamly

Image of Teamly Dashboard

Teamly is a versatile project management tool that can be used for various types of projects, including technical ones. Stay organized and on top of your technical project management tasks, from planning and execution to monitoring progress and budget.

Key features

  • Organize your project tasks: Create a list of project tasks and assign them to team members. You can categorize the tasks based on different phases of the project or by specific technical areas.
  • Track progress: Keep track of how much progress has been made on each task. This will help you identify and address potential bottlenecks or issues.
  • Collaborate with team members visually: Use Teamly’s collaboration features to communicate with team members, share files, and provide feedback. With the use of screenshots and screen recordings, you’ll exchange feedback faster and without extra effort.
  • Optimize business process: Teamly provides access to SOPs, templates, and checklists to streamline business processes and establish optimal practices for your team.
  • Valuable insights: Generate reports to track project progress over time and monitor personal and employee productivity.

Pricing

Teamly is a free project management software for technical project management. If you require the tool for multiple users, you have the option to upgrade to either the Teamly Pro or Teamly Business plans. The Teamly Pro plan costs $5 per user per month, while the Teamly Business plan costs $9 per user per month.

2. Jira

Image of Jira Dashboard

Jira is a tool for managing agile software development projects. It includes features for managing backlogs, sprints, and team collaboration. Plus, it integrates with other tools like Confluence for documentation and Bitbucket for version control.

Key features of Jira

  • Create issues for technical tasks, such as bug fixes, feature enhancements, and technical debt. Assign the issues to specific team members, set priorities, and track their progress.
  • Use agile boards to manage sprints. You can use the boards to visualize your team’s workflow. What’s more, you can move issues between columns as they progress through your workflow. Finally, you can also set sprint goals.
  • Manage releases and versions. With Jira, it’s easy to create release and version issues, track their progress, and assign them to team members.
  • Customize workflows: Jira allows you to customize your workflows to match your team’s processes. Create custom workflows for technical tasks, and use them to ensure that your team is following the correct processes and procedures.

Pricing

Jira comes with four pricing plans: Free, Standard, Premium, and Enterprise. If you opt for a monthly subscription, Jira is free for up to 10 users. The Standard plan starts at $7.75 per user (estimated) and is $77.50 per month. A trial is available for the paid plans.

3. GitHub

Image of GitHub Dashboard

GitHub is a code hosting platform that enables developers to collaborate on code and manage their projects. Moreover, it provides a variety of project management tools, including issue tracking, code review, and pull requests.

Key features of GitHub

  • Project planning: GitHub provides project management tools such as issue tracking, milestone tracking, and project boards. Use them to plan and manage your project tasks, track progress, and monitor deadlines.
  • Collaborative development: This tool is great for managing your technical project with multiple team members. Collaborate on code, review pull requests, and discuss issues within the platform.
  • Documentation: Next, GitHub provides a wiki feature, which allows you to document your project, build technical specifications, and create user manuals.
  • Continuous integration and deployment: Need to streamline your development workflow? GitHub Actions and GitHub Pages are tools that can help you automate your deployment processes.
  • Issue tracking: Last but not least, you can track bugs, feature requests, and other issues that may arise during the development process.

Pricing 

GitHub keeps it simple. You have three options to choose from: Free, Team, and Enterprise. If you choose the monthly subscription, the Team plan is $4 user/month, and the Enterprise plan is $21 user/month.

4. Asana

Image of Asana Dashboard

Asana is a project management tool that allows teams to manage tasks, projects, and workflows. It includes features for collaboration, task assignments, and progress tracking. Also, Asana integrates well with a variety of tools, such as GitHub and Jira.

Key features of Asana

  • Project planning. You can use Asana’s project management features to create a roadmap for your project, track progress, and monitor deadlines.
  • Collaborative development: Assign tasks, share files, and exchange feedback within the platform. Easily discuss issues and collaborate on code with your team members.
  • Documentation. Use the file-sharing feature to keep your team members informed and up-to-date on the latest project information.
  • Issue tracking. Asana provides a feature to track bugs, feature requests, and other issues that may arise during the development process.

Pricing

Aside from the free Basic plan, Asana offers Premium, Business, and Enterprise pricing plans. If you pay on a monthly basis, the Premium plan costs $13.49 per user, and the Business plan is $30.49. Enterprise clients should contact Asana’s sales team for a quote. By the way, Asana offers a 50% discount for nonprofits.

5. Basecamp

Image of Basecamp Dashboard

Basecamp is a project management tool that allows teams to manage projects, tasks, and communications in one central location. It includes features for team collaboration, document sharing, and time tracking.

Key features

  • Centralize project information. Have all information at your fingertips: project goals, timelines, budgets, technical specifications, and any other needed documentation.
  • Assign tasks and deadlines. To keep the project on track, use Basecamp’s task management features to assign tasks to team members and set deadlines.
  • Communicate with team members: Keep team members informed and communicate about project-related issues. This can include discussing technical challenges, providing feedback, and sharing updates on progress.
  • Schedule meetings and check-ins: Use Basecamp’s scheduling features to schedule meetings, check-ins, and other important events related to the project. Now sit back and watch everyone being on the same page – all the time.
  • Manage project files: Share project-related files, such as technical specifications, code repositories, and design documents.

Pricing

You have a 30-day free trial with Basecamp. For freelancers and small teams, Basecamp costs $15 per user/month. For larger teams, Basecamp charges a flat fee of $299/month if billed annually (by the way, there is no limit to the number of users you can have).

6. Monday.com

Image represents Benefits & Limitations of Monday.com

Monday.com is a cloud-based project management tool that allows teams to manage tasks, projects, and workflows. It includes features for collaboration, task assignments, and progress tracking.

Key features of Monday.com

  • Use the Kanban view: The Kanban view in Monday.com is ideal for tracking tasks through different stages of completion. You can create columns for each stage of your technical project, such as planning, development, testing, and deployment. Then, you can create cards for each task or feature and move them through the columns as they progress.
  • Customize your boards to fit your specific needs. For technical project management, you can create custom fields to track bug status, code review status, or platform compatibility. You can also add dependencies between tasks to complete them in the correct order.
  • Use automation: You can set up automation to notify team members when a task is completed or to automatically move tasks between columns based on their status.

Pricing

Monday.com is free for up to two users. If you have more people on your team, you can choose between Basic, Standard, Pro, and Enterprise plans. The Basic plan is $10 per seat per month, Standard costs $12 per seat per month, and the Pro plan is $20 per seat per month. A free trial is offered.

Let’s wrap up!

Technical projects are complex, and they require careful planning, coordination, and execution. By implementing the skills, tools, and techniques discussed in this post, you can elevate your project management game and achieve greater success in your technical projects.

Don’t let the challenges of technical project management hold you back. Take the next step in your journey today, whether that’s exploring new tools or applying the skills you’ve learned. With the right mindset and approach, you’ll easily master the art of technical project management and achieve your goals with confidence.

Amplify Your Small Business Marketing: Unleashing the Potential of Storytelling, Social Media, and Video

video marketing for small business

Imagine you’re a small business owner, juggling countless tasks, and suddenly, you’re faced with the daunting world of marketing.

How can you tell the right story, leverage social media, and embrace video marketing to ensure your brand’s success? Fear not, because this guide will help you navigate these complex waters and unleash the potential of your small business marketing efforts.

As a small business owner, you know the importance of marketing. It’s the lifeblood that helps your brand grow and thrive in today’s fast-paced and competitive environment. But with numerous strategies, platforms, and tactics to consider, it’s easy to feel overwhelmed and lost.

You might have faced challenges in finding the right approach or struggled to create a consistent and authentic presence across various channels. But here’s the good news: by the end of this article, you’ll have a clear understanding of the power of storytelling, social media, and video marketing and how to use them to amplify your small business marketing efforts.

In the following sections, we’ll delve into the art of storytelling, explore the world of social media, and unlock the secrets of video marketing. By the time you finish reading, you’ll be armed with actionable insights, tips, and strategies that will bring clarity and confidence to your marketing journey. So, let’s embark on this adventure together and unleash the true potential of your small business marketing.

The Art of Storytelling in Small Business Content Marketing

Part 1: The Art of Storytelling in Small Business Content Marketing

You Are the Storyteller: Crafting Your Brand’s Unique Narrative

As a small business owner, your brand’s story is your secret weapon. It’s what sets you apart from the competition and creates an emotional connection with your audience. To tap into the power of storytelling, begin by identifying your brand’s core values, mission, and story. Enhance your narrative further by incorporating captivating video intro templates that not only grab attention but also reinforce your brand identity.

  • Core values: These are the principles that guide your business decisions and define your company culture. Ask yourself: What does your brand stand for? What do you want to be known for? Consider the qualities that make your business unique, and use them as the foundation for your story.
  • Mission: Your mission statement outlines your purpose, the reason your business exists. It should reflect your values and provide a clear, compelling vision of what you aim to achieve. As you craft your mission, consider: What impact do you want to make on your customers and the world?
  • Story: With your core values and mission in hand, it’s time to weave them into a narrative that resonates with your target audience. Reflect on the journey you’ve taken as a business owner, the challenges you’ve faced, and the successes you’ve achieved. Use these experiences to create a compelling story that speaks to your audience’s needs and aspirations.

The Anatomy of a Compelling Brand Story

A great brand story is engaging, authentic, and memorable. Here are some essential elements to consider when crafting your narrative:

Relatability: Your story should connect with your audience on an emotional level. Share personal anecdotes, experiences, and lessons learned to create a genuine connection with your readers.

Consistency: Maintain a consistent tone and message across all your marketing channels. This helps build trust and credibility with your audience.

Authenticity: Be true to your brand’s values, mission, and identity. Avoid exaggerating or embellishing your story; your audience can sense when something doesn’t ring true.

Emotion: Tap into the emotions that drive your audience. Speak to their desires, fears, and aspirations to create a lasting impact.

Tips for creating a memorable narrative:

  • Keep it simple and focused, avoiding unnecessary details or tangents.
  • Use vivid, descriptive language to paint a picture in your reader’s mind.
  • Incorporate anecdotes, quotes, and case studies to add depth and interest to your story.

Storytelling in Action: Real-Life Small Business Success Stories

There’s no better way to learn the art of storytelling than by examining real-life examples. Here are a few small businesses that nailed their storytelling strategy:

  • Warby Parker: This eyewear company’s story revolves around its mission to provide affordable, stylish glasses while making a positive impact on the world. By highlighting their commitment to social responsibility and sharing the founders’ personal experiences, Warby Parker creates a strong emotional connection with their customers.
  • TOMS Shoes: TOMS built its brand around the concept of “One for One” – for every pair of shoes sold, they donate a pair to a child in need. Their story focuses on founder Blake Mycoskie’s life-changing trip to Argentina, where he witnessed the hardships faced by children without shoes. By sharing this powerful narrative, TOMS has inspired millions to support their cause.

Lessons to learn from these successes:

  • A strong, well-crafted story can be a powerful marketing tool that sets your brand apart.
  • Authenticity, emotion, and relatability are key ingredients in a compelling brand story.
  • Consistently communicating your story across all marketing channels helps build trust and credibility with your audience.

Boosting Your Small Business Growth with Social Media

Part 2: Boosting Your Small Business Growth with Social Media

Why Social Media Is Your Small Business’s Best Friend

Understanding the power of social media for small businesses can truly change the game. With over 4.26 billion people using social media worldwide, there’s no denying the vast potential audience you can reach. By establishing a strong social media presence, you open the door to:

Increased Brand Awareness

A robust social media presence can boost your brand’s visibility, making it easier for potential customers to find and connect with you. Share content that showcases your products or services, as well as your unique brand personality.

Higher Customer Engagement

Social media platforms provide an excellent opportunity to interact with your audience. Respond to comments, share interesting content, and ask questions to encourage discussions and build relationships with your followers.

Networking Opportunities

Social media allows you to connect with other businesses, influencers, and industry professionals. These connections can lead to collaborations, partnerships, or valuable knowledge sharing.

Better Customer Insights

Through social media, you can gain valuable insights into your customers’ preferences, habits, and opinions. This information can help you make informed decisions about your marketing strategies, product offerings, and more.

Building Your Brand on Social Media: Tips and Tricks

To make the most of social media, it’s essential to consider the following strategies:

Choosing the Right Platforms for Your Business

Different platforms cater to different audiences and content types. Research and select the platforms that best align with your target audience and brand goals. For instance, if your target audience is primarily professionals, LinkedIn might be the ideal platform for your content.

Creating Engaging Content That Resonates with Your Audience

Get to know your audience and produce content that appeals to their interests and needs. Mix up your content types (images, videos, polls, etc.) to keep things fresh and engaging. For example, if you run a small bakery, you could share behind-the-scenes videos of your baking process, mouth-watering images of your creations, and polls asking your followers about their favorite treats.

Consistency and Authenticity: The Keys to Social Media Success

Post regularly and engage with your audience genuinely. Respond to comments, share user-generated content, and showcase your brand’s personality. Establishing a consistent posting schedule and tone helps to create familiarity with your audience and encourages them to trust your brand.

Leveraging User-Generated Content for Maximum Impact

User-generated content (UGC) can work wonders for your small business marketing. Implementing an intuitive UGC platform makes it easy to collect, manage and display authentic customer photos, videos, testimonials and more. Here’s why one should leverage on UGC:

Why User-Generated Content Is a Small Business Marketing Goldmine

  • UGC builds trust and credibility, as it comes from real customers who have had genuine experiences with your products or services
  • It reduces the burden of content creation on your team, allowing you to focus on other aspects of your business
  • Encourages further engagement from your audience, as people love to see their content featured by brands they admire

Encouraging and Curating User-Generated Content

Some ways to inspire UGC include:

  • Running social media contests, where participants create content related to your brand in order to win a prize
  • Featuring customers on your platforms, showcasing their experiences with your products or services
  • Using branded hashtags and encouraging their use, making it easier for you to find and share user-generated content

Integrating UGC into Your Social Media Strategy

Once you have UGC, showcase it across your social media channels, website, and even email marketing. This not only amplifies your brand’s reach but also demonstrates the genuine connection you have with your customers. Regularly sharing UGC on your platforms can encourage more customers to create and share their own content, creating a snowball effect that strengthens your brand’s online presence.

Small Business Video Marketing

Part 3: Lights, Camera, Action: Mastering Small Business Video Marketing

The Growing Importance of Video Marketing for Small Businesses

You might be aware that video marketing has become an essential part of a successful content strategy. With the rapid growth of online video consumption over the last few years, it’s crucial for small businesses to harness the power of video to engage audiences and drive growth. The benefits of investing in video marketing include increased brand awareness, higher conversion rates, and improved customer retention.

Consider the following statistics:

  • 86% of businesses utilize video marketing (Wyzowl)
  • The total time spent watching videos increased by around 249% in 5 years (Wistia)
  • 96% of consumers say they’ve watched more video content online due to the pandemic (Wyzowl)

Measuring the Success of Your Video Marketing Campaign

A successful video marketing campaign relies on setting clear goals and measuring the right key performance indicators (KPIs). Incorporating an AI video generator can offer insights into optimizing your video content, making your campaigns more effective and engaging. Here are some common KPIs to track and how they can provide valuable insights into your campaign’s effectiveness:

  • Video views: This metric represents the number of times your video has been viewed. A high number of views indicates that your video is successfully capturing the attention of your target audience. Keep in mind, however, that views alone don’t necessarily translate to conversions or engagement. It’s essential to look at other KPIs in conjunction with views to get a more accurate understanding of your campaign’s success.
  • Watch time: The total amount of time people spend watching your video is a crucial indicator of how engaging and valuable your content is. A higher watch time means that viewers are staying on your video for a longer period, which can lead to better engagement and more conversions. Pay attention to audience retention rates and average watch time to identify areas where your video content can be improved to maintain viewer interest.
  • Engagement (likes, shares, comments): These metrics reflect how your audience is interacting with your video content. A high level of engagement (likes, shares, and comments) means that viewers are not only watching your videos but also finding them valuable enough to engage with and share. Monitoring engagement can help you identify popular content topics and formats, allowing you to tailor your future video marketing strategy to meet audience preferences.
  • Click-through rate (CTR): CTR is the percentage of viewers who click on a call-to-action (CTA) or link within your video. A high CTR indicates that your video effectively motivates viewers to take the desired action, such as visiting your website, signing up for a newsletter, or making a purchase. To improve CTR, ensure that your CTAs are clear, compelling, and relevant to the content of your video.
  • Conversion rate: The conversion rate measures the percentage of viewers who complete a desired action after watching your video, such as making a purchase or filling out a lead generation form. This KPI is crucial for evaluating the overall effectiveness of your video marketing campaign in driving tangible results for your business. To increase conversion rates, leverage the best AI video editing software to create high-quality, targeted video content that addresses the needs and interests of your audience, and optimize your CTAs and landing pages for better user experience.

DIY vs. Hiring Professionals: Making the Right Choice for Your Business

When it comes to video production, you might be wondering whether to take a do-it-yourself (DIY) approach or hire professionals. Both options have their pros and cons, and the best choice for your business will depend on your budget, goals, and resources.

DIY Video Production:

  • Pros: Cost-effective, allows for greater creative control, easier to make quick changes
  • Cons: Can be time-consuming, steep learning curve, potential for lower production quality

Hiring Professionals:

  • Pros: High-quality production, access to specialized expertise and equipment, saves time
  • Cons: Can be expensive, may involve less creative control, longer turnaround time

Conclusion

As you take a step back and consider the immense power of storytelling, social media, and video marketing, it’s clear that these strategies are essential for boosting the growth of your small business. Implementing these tactics will not only help you connect with your audience on a deeper level, but also improve engagement, drive traffic, and ultimately, increase conversions.

To recap, let’s briefly revisit the key takeaways from this guide:

  • Storytelling: Crafting compelling narratives around your brand or product allows you to connect with your audience on an emotional level, fostering trust and loyalty. Remember to focus on authenticity, create relatable characters, and structure your stories to captivate and engage your audience.
  • Social media marketing: Leverage the power of social media platforms to build brand awareness, engage with your audience, and drive traffic to your website. Keep in mind the importance of choosing the right platforms, creating shareable content, and engaging with your followers to foster long-lasting relationships.
  • Video marketing: Harness the growing popularity of video content to promote your small business in a dynamic and engaging way. Prioritize investing in video marketing, measure your campaign’s success using relevant KPIs, and consider whether DIY or hiring professionals is the right approach for your business.

It’s time for you to take action and implement these strategies to ensure the continued growth and success of your small business. By embracing storytelling, mastering social media, and capitalizing on the potential of video marketing, you’ll be well-equipped to thrive in the ever-evolving digital landscape. Now, go forth and conquer the world of marketing with confidence and determination, knowing that you have the tools and knowledge to succeed.

Swishing the Three Pointers: How Story Points Allow Agile Teams to Nail Work Estimates, Every Time

agile story points

Do you ever have those days where you don’t even check one task off the to-do list, because the first item ends up being so (dang) complicated?
For most of us, it happens all the time. Take a car repair, a visit to the doctor’s office, or the first day using a new software. These sorts of things are notorious for taking way longer than they “should” or than we anticipate, then throwing off the rest of our plans.

Anytime a task or work item involves uncertainty or complications, it’s difficult to come up with a hard and fast estimate of how long it should take to complete. And with the agile methodology, story points provide a solution for navigating this messiness. They provide an approach to develop accurate estimates around work packages.

Because just like everyday life, some projects look like such a tangled mess that no one can decipher how long they will take to complete. But a company stands to lose a lot of capital when estimates are off. If a ten week project bleeds into fifteen, it’s money down the drain. So rather than sweat blood over this uncertainty, agile teams have come up with a method that solves it.

If you’re wondering what the story is with story points in agile, and the secret sauce that goes into estimating them, then this post is for you. We’re going to explain how story points benefit a team, how to go about calculating them, and more!

What Are Story Points

What Are Story Points?

Let’s start with a common conundrum that software teams often face. Say a team has two projects it’s slated to complete. The first project is fairly complex, but the team has already completed dozens of similar projects in the past. The second project is simple and straightforward, but requires using new software and engaging with a new client.

The characteristics of each of these projects may well affect how long they take to complete. While the first project is known, it’s also complicated. The second seems simple, but it involves a lot of uncertainty.

Placing hourly estimates around each of these projects is a complete shot in the dark. How can a team precisely pin down the hours it’d take to complete work that’s fundamentally uncertain and complicated? If they tried, the estimates may well end up being several weeks off. And then how does it go about budgeting and billing clients?

Instead, the team resorts to using story points to assign estimates around projects. And these point assignments capture several components of work that an hourly estimate leaves out.

Definition of Story Points

Story points are a unit of measure assigned to individual tasks and larger projects. They evaluate several facets of a piece of work and then assign it a point value. The criteria it uses to estimate work are: the amount of work required, its complexity, the risk and uncertainty, and the team’s definition of done.

Amount of Work 

The most basic component to a story point estimate is the amount of work required. An assignment to bake two pies would have a higher point value than an assignment to bake only one.

The estimate factors in economies of scale. If all the work is identical and there’s simply more of it, then the additional work tends to be completed faster. For example, baking one pie might receive 5 story points, while baking ten might receive 40.

Risk and Uncertainty 

Secondly, story points consider the risk and uncertainty in a project or task. Maybe a job requires using old equipment that is rusty and needs repair, or working with a client who is ambiguous and demands a lot of back and forth with the team.

When uncertainty is baked into an assignment, the effort required to complete it usually is similarly unclear, and so its story point assignment is higher.

Complexity 

Thirdly, story points consider the complexity of a task or project. Take for example repair items on a car. One is to change the oil, and the other is to overhaul the engine. The second task involves far more processes, equipment and skill than the first, and this complexity is reflected in the story point estimate.

Definition of Done: 

Finally, a story point estimate considers all of the work required to bring a task completely over the finish line. Take writing code, for example. A story point estimate cannot simply consider the effort it takes to write the code. Because at that point, it still needs to be integrated, tested and then documented.

Teams come up with their own definition of done around a specific task, and considers all of the hoops it must jump through when assigning a story point estimation.

These are four criteria that factor into assigning story point values to work. If one work package receives an estimate of 2 and another 5, it means that the latter entails more complexity, uncertainty or work to complete. However, it may not necessarily take more time to complete, as story points do not correlate directly with time.

Story Points Are Relative, Not Absolute, Values

One significant characteristic of story points is that they aren’t a standard unit of measure, such as a minute or a pound. Rather, story points are relative values, and are assigned based on how one work package relates to others within the same project. A work item that is five story points doesn’t have any significance unless it’s compared with other work packages within a project.

This quickly summarizes the essence of story points. A more complete understanding of how they function requires looking at them within the context of the agile method as a whole. Let’s go there next.

How Story Points Work in the Agile Framework

How Story Points Work in the Agile Framework

Story points are one component of the agile system. In order to better understand how they work, let’s first look at an overview of agile, and then at a few components of the agile system.

Agile is a specific approach to tackling work. Fundamentally, this approach fosters autonomous teams, approaches work in small batches and embraces uncertainty.

Agile Teams Are Autonomous

The agile method believes that the best way to deliver quality work is to hand over the reins to those persons completing the work. And so agile teams receive little guidance or interference from an executive or project manager. The development team owns its own processes and works together to develop its own methods and systems. The entire agile system in fact is more of a framework than a methodology, as it aims to give teams the leeway to identify systems and approaches that work for them.

Agile Is Incremental

The agile approach is iterative; it completes work in short bursts, then takes time to evaluate its progress. Agile teams use story points to determine how much work to take on during each increment.

Agile Embraces Uncertainty

And most fundamentally with respect to the topic at hand (story points), agile embraces uncertainty. This method is most suited to a project where the outcome and the processes are unclear (when a project is fairly straightforward, the waterfall approach might be superior). As such, its approach to work is somewhat non-intuitive. Rather than plotting things out all at the beginning, it executes on a project before it has a lot of the answers. It steps into the unknown, without laying many fixed parameters beforehand.

But this uncertainty demands a method to wrangle it. Rather than write snafus off to happenstance, agile digs into batches of work to find an explanation for why things go awry. This enables it to garner accurate estimates around work.

With this simple overview of the agile theory, let’s now go over three components of agile: user stories, the backlog, and sprints, to demonstrate where story points fit into the mix.

1. User Stories

The term “story points” has its origin in “user stories.”

User stories are the “skeleton” of a project, or a collection of all the tasks necessary to bring it over the finish line. They’re composed by all the project’s stakeholders and completed during the project’s planning stage.

User stories, as the name suggests, are written from the perspective of the end user. “I want this app to notify me whenever I receive an incoming email,” is an example of a user story.

As user stories essentially become the “to-do list” for a project, they need to be written in such a way that the tasks are coherent. Many teams take the “INVEST” approach to fulfill this criterion. “INVEST” is an acronym that stands for: independent, negotiable, valuable, estimable, small, and testable.

  • Independent: A good user story can be completed on its own; it has no hard dependencies with other tasks.
  • Negotiable: The task isn’t rigid or narrowly defined but rather has room for play.
  • Valuable: The work is valuable to the end user.
  • Estimable: The risks, the uncertainty, the amount of work required and the definition of done is clear.
  • Small: Ideally, a user story involves a small amount of work. (This also makes it easier to estimate.)
  • Testable: It’s easy to tell if the user story has been completed.

2. Backlog 

When they’ve all written according to the INVEST criteria, the user stories are placed into a backlog. Although at first this backlog looks like an incoherent jumble of work, it is groomed to order the work according to importance and logical sequence. (When using the Scrum system, the backlog is groomed by the product owner.)

Many of the stories are decomposed while in the backlog. This means that a large requirement is broken down into smaller individual tasks that can be completed during a sprint, which introduces the next topic!.

3. Sprints

As mentioned, teams complete the user stories in separate bursts of work; these bursts are known as sprints. On its own, the team determines the work it can take on during a sprint.

It uses story points to evaluate the upcoming work and determine which items to take on.

The team assigns each user story in the backlog a point value, and also knows how many story points it can complete during a sprint. The work is selected in conjunction with backlog grooming; the team not only estimates how much work it can take on, but identifies those tasks that are the most critical at its current juncture.

Velocity refers to the number of points a team completes during a sprint. When a team has worked together for some time, it develops a rhythm and intuition on assigning story points and maintaining a constant velocity.
Just like story points, velocity is relative. While one team may complete 50 story points each sprint and another 30, this doesn’t necessarily mean that one is outperforming the other.

To recap, story points serve as a gauge for measuring work amidst the risk and uncertainty that’s inherent to any agile project. The agile team independently assigns these points, and over time develops an understanding of how many points it can accomplish within an iteration or sprint. A team’s intuition around complexity and uncertainty increase with time, and so its story points estimations do as well.

Now let’s get into precisely how the team goes about calculating story points values.

How to Estimate Story Points

How to Estimate Story Points

Story points are a system for measuring work that accounts for the work’s uncertainty, its complexity, and its quantity. Story points are relative and are measured against a baseline or benchmark.

In order to capture these elements of complexity and uncertainty, story points are estimated using the Fibonacci number sequence. Oftentimes, the story point values are assigned using a method called planning poker.

Fibonacci Numbers

This Fibonacci sequence helps to capture the complexity or risk involved in a work package or project.

Fibonacci numbers are a rapidly increasing number sequence that reflect a pattern that frequently occurs in nature, such as in snail shells, pinecones and hurricanes. The values in the sequence are determined by adding the two previous numbers; 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, etc.

Rather than use values that increase numerically for assigning story points, the rapidly increasing component of the Fibonacci sequence effectively measures complexity and risk. A task with many unknowns receives a high value, of say 55, whereas a task with little uncertainty or unknowns receives a much lower value, of either 5 or 3. (Again, the amount of work is also always factored in, and determines the final story point value).

Planning Poker

Planning poker is one popular method agile teams use to assign story point values (which are Fibonacci numbers) to items of work in the backlog.
In this activity, team members individually assign story point values to tasks, and then the team coalesces to settle on a final estimate for a task.

In order to arrive at accurate estimates, the story points must reflect the collective perspective of all team members. “Anchor bias” might skew these estimates. For example, if one piece of work is presented and one member says “this looks easy,” the other members are more likely to assign it a lower point value. However, each individual member brings a particular perspective and skill set to a task, and so what is easy for one member may not be easy for another. And so the individual estimates are provided without input from other members.

Briefly, here is a summary of the steps to planning poker:

The Equipment:

A deck of cards with numbers from the Fibonacci sequence.

The Players:

The participants in planning poker are those persons who are actually doing the work. So in a software project, this would be the development team.

The Rules of Play:

  1. Each player receives a stack of cards with the Fibonacci numbers.
  2. The team establishes a “baseline” story value using a simple user story. (As story points are relative, this step serves to provide a benchmark to compare other work against.)
  3. The facilitator presents high-priority work from the product backlog.
  4. With each item of work, the team members place their story point estimates face down, without consulting with other members.
  5. The members turn over their cards at the same time and compare estimates.
  6. In the instances of disparities, the team members take turns sharing their rationale behind their story point estimate, outlining the uncertainty and complexity they see in the task.
  7. The team continues the voting process, in the same manner above, up to three more times until it arrives at a consensus around the story point value to assign the work item.

And this summarizes how teams calculate story points. As requirements evolve, the estimates evolve as well. Planning poker becomes fairly fluid with teams who have worked together for some time. The baseline gauge is understood and so all of the relative values are accurate.

This all may seem fairly complex to anyone new to story points, and one common question is, “Why not just assign hours?” This question deserves some attention, so let’s focus on that next.

Why Story Points, Not Hours

Why Story Points, Not Hours?

Story points are a fairly complex idea to wrap one’s head around, and so why not estimate using hours, the method generally employed for estimating work? Wouldn’t it be easier if teams simply looked at work packages, assigned each an hourly estimate, and then selected enough work for each sprint to fill a 40-hour work week?

Theoretically, the business benefit of using hours over story points is abundantly clear. It’s far easier to bill for a job that’s going to take 100 hours to complete than for one that requires 100 story points.

However, agile teams have found that this logic only applies in theory, not in practice. For several reasons, they find that story points are really the superior method.

Absolute Estimates Are Difficult for Us

The principal reason teams utilize story points over hours is that they’ve found that story point estimates are far more accurate than hourly estimates.
Humans, as it turns out, don’t excel at absolute estimating. But we’re fairly proficient when it comes to relative sizing.

With respect to work packages, it’s easy to look at several alongside each other (with a benchmark) and size each up relatively, rather than look at each item individually and estimate how many hours it’d take to complete.

Story Points Account for Uncertainty

Story points gauge for uncertainty, which is fundamental to any agile project. In the same way that a trip to the grocery store takes 25 minutes on a Monday but 50 minutes on a Saturday afternoon, the same amount of work takes longer depending on who is doing it, when it’s being done, and how external factors impact the work.

A work package with high risk and uncertainty may be assigned a Fibonacci value of 21 or 33. This forces it to be decomposed into smaller work packages that are easier to scrutinize and estimate. Hourly estimates, however, increase numerically, and so don’t readily capture uncertainty.

Story Points Account for Risk

Again, hourly estimates that increase numerically don’t readily capture risk. Hourly estimates might cram high-risk work into a fixed time slot, forcing it to be completed sloppily and with many defects.

The rapidly increasing Fibonacci numbers, on the other hand, cushions for this risk by assigning a high value to high-risk work packages.

In many respects, then, story points work much better than time for estimating work in agile.

How to Estimate Cost With Story Points

How to Estimate Cost With Story Points

In the real world, where money is measured in time, story points are meaningless. Yet in order to create competitive quality products, a team must utilize story points. This conundrum may well have the business owner pulling his hair out. How does a business address it?

An experienced agile team offers a simple solution. Story points needn’t be a total departure from the real world of time and money. Teams have discovered that although they cannot directly correlate individual story points to a given number of hours, they can over the space of a week or two (a sprint) come up with a reliable estimate of how many points it can complete. In a strong agile team, this velocity remains constant from sprint to sprint.

This consistent velocity then, provides a reliable gauge for evaluating a project with respect to time. It allows a team to assign a story point value to an entire project, then accurately estimate how long it takes to complete.

Say a team is assigned a project to design a website. After user stories have been written and assigned estimates, the team determines a story point value of 144 for the entire project. Assuming the team has a velocity of about 30 points per sprint, then the time to complete the project is simply 30 into 144, or about five sprints.

Although this is a viable solution, it hinges on two assumptions: that the initial story points estimates are accurate and that the team has a consistent velocity. If either of these assumptions prove false, then the time estimate is way off. Here are a two ways to mitigate against this risk:

1. Keep Agile Teams Together

Story points are relative. From team to team, the benchmarks vary and velocities are different.

A team that’s experienced, however, works at a consistent velocity. This known velocity, as well as data gathered from historical projects, makes it possible to gauge the team’s production capacity.

For example, if a team costs $20,000 a week and it can complete work at a velocity of 30 story points, then a project that’s 144 story points (an estimate supported by similar projects in the past) will take five weeks and cost roughly $100,000.

2. Decompose High Level Requirements

As a rule, story points with low values are much more reliable than those with high values. Similar to a work breakdown structure, accurate estimates entails breaking down high level requirements into smaller, simpler work packages.
Although it takes some finagling and translating, it is possible to incorporate story points into a “real world” system where time is money.

Conclusion

Uncertainty and risk are implicit in any task, and estimating within them is a challenge. Sometimes we block off an entire afternoon for a doctor’s appointment, but we’re in and out in under an hour. At the other extreme, a simple pitstop at the morning coffee shop that should take just a few minutes might take 35 minutes on a busy day.

Although indefinites are never really quantifiable, story points provide a method to establish accurate estimates around work. Although the concept is tricky to grasp at first, it’s a method that’s been proven effective for many agile teams and is a sure go-to for any project with high risk and uncertainty.

If you’re an agile team and looking to make accurate work projections, consider Teamly. This robust project management software provides a one-stop solution for remote teams.

Managing Risks in Business: A Guide for Entrepreneurs

business risk management

Projects, by their very nature, involve a degree of uncertainty and inherent risks. Every business needs appropriate risk management in place to make sure projects not only meet their objectives but are also completed on time and within budget.

Risk management empowers project managers to spot potential issues and roadblocks ahead of time, giving them a chance to make well-informed decisions and take the necessary steps to reduce or eliminate those risks.

With a proper approach to risk management strategies in place, organizations can better anticipate, plan for, and respond to various challenges, ensuring that their projects have a higher probability of success.

In the context of project management, risk management helps to ensure that resources are used efficiently, stakeholder expectations are managed, and the risk of project failure is kept to a minimum.

This article will serve as your guide to risk management in business and help you and your team devise your own risk management tolerance. Keep reading for examples of risk management in business and best practices for creating your strategy.

What is Risk Management in Business?

What is Risk Management in Business?

Risk management is about proactively identifying, evaluating, and addressing potential threats that could impact a business’s ability to reach its goals.

It’s an ongoing process that helps protect a company’s assets, reputation, and financial health while seizing growth opportunities.

Spotting risks:

The first step is to identify possible risks by examining internal and external factors, such as market conditions, regulations, or tech advancements. Tools like SWOT or PESTLE analysis can help with this.

  • SWOT Analysis: stands for Strengths, Weaknesses, Opportunities, and Threats
    • Strengths: Positive attributes, resources, and capabilities within the organization
    • Weaknesses: Internal limitations, vulnerabilities, and areas for improvement
    • Opportunities: Favorable situations or trends in the external environment that the organization can leverage
    • Threats: External challenges, risks, or obstacles that could negatively impact the organization
  • PESTLE Analysis: stands for Political, Economic, Sociocultural, Technological, Legal, and Environmental factors
    • Political: Government policies, regulations, political stability, and trade policies
    • Economic: Economic growth, interest rates, exchange rates, inflation, and unemployment
    • Sociocultural: Demographics, social trends, consumer attitudes, and cultural factors
    • Technological: Technological advancements, innovation, automation, and digitalization
    • Legal: Laws, regulations, and legal requirements affecting the organization’s operations
    • Environmental: Ecological and environmental aspects, such as climate change, sustainability, and resource scarcity

Assessing risks:

Once potential risks have been identified, they need to be assessed in terms of their probability of occurrence and potential impact on the organization. This can be done using qualitative or quantitative methods, such as risk matrices, risk scoring, and probability-impact assessments.

Developing strategies:

After assessing and prioritizing risks, organizations must develop appropriate risk response strategies to mitigate, transfer, accept, or avoid the identified risks. The chosen method will depend on factors like the organization’s risk appetite, the cost of implementing the strategy, and the potential benefits of addressing the risk.

We’ll be discussing methods for developing strategies for risk management in business more in another section, but first, we need to look at what kind of risks exist for businesses, so keep reading for more.

Understanding Business Risks That Could Affect Operations

Understanding Business Risks That Could Affect Operations

Business risk refers to the potential threats, uncertainties, and challenges that could negatively impact an organization’s ability to achieve its goals and objectives.

These risks can arise from various internal and external factors and can manifest in different forms, such as financial losses, operational disruptions, or reputational damage.

Let’s take a look at the types of risks that businesses may be exposed to:

  • Strategic risks: These are risks associated with an organization’s overall direction and decisions. Strategic risks can result from poor planning, inadequate market research, or changes in the competitive landscape.
  • Compliance risks: These risks arise from the failure to adhere to laws, regulations, and industry standards. Non-compliance can lead to fines, penalties, or legal action against the organization.
  • Operational risks: These risks are associated with the day-to-day operations of an organization, such as equipment failures, human errors, or supply chain disruptions. Operational risks can impact productivity, efficiency, and the overall performance of a business.
  • Financial risks: Financial risks are related to the organization’s financial stability, including factors like currency fluctuations, interest rate changes, credit risks, or liquidity issues. These risks can affect a company’s profitability and financial health.
  • Reputational risks: Reputational risks involve threats to an organization’s reputation or public image. This can result from negative publicity, customer dissatisfaction, or unethical practices. Damage to a company’s reputation can lead to loss of customers, partners, or investors.

Identifying potential risks in project management

In the context of project management, risks can arise from various sources, such as scope changes, resource constraints, technical challenges, or stakeholder expectations.

To identify potential risks, project managers should:

  • Collaborate with stakeholders to gather their insights and concerns
  • Review project documents, such as project plans, schedules, and budgets, to identify potential problem areas
  • Conduct risk assessment workshops to encourage team members to share their perspectives on potential risks
  • Monitor project progress regularly and proactively identify new risks as they emerge
  • Use risk identification tools and techniques, like SWOT or PESTLE analysis, to examine both internal and external factors that could impact the project

In a perfect world, everything would go to plan every time, but that’s a far cry from reality. Problems will happen, sometimes entirely out of your control, but the good news is that each issue that arises is a learning opportunity.

And each learning opportunity can inform your risk management strategies.

Developing a Risk Management Plan

Developing a Risk Management Plan

Developing a risk management plan is crucial to any successful project, as it ensures that potential risks are proactively identified, assessed, and addressed.

A well-structured plan enables organizations to navigate uncertainties, make informed decisions, and minimize the likelihood of project failure.

Let’s take a look at the steps involved with creating your plan for risk management for business:

Key components of a risk management plan

  • Risk context: A comprehensive description of the project’s scope, objectives, stakeholders, and risk appetite, as well as any external factors that could influence risk exposure. This provides a clear understanding of the project environment and helps ensure that risks are assessed and addressed in alignment with the organization’s overall strategy and priorities.
  • Risk identification: A thorough list of potential risks that could impact the project, categorized by their sources (e.g., operational, financial, strategic, etc.) and accompanied by a brief description of each risk. This helps create awareness of potential threats and enables the project team to effectively prepare for and address these risks.
  • Risk analysis: A detailed assessment of the likelihood and potential impact of each identified risk, taking into consideration factors like the project’s complexity, available resources, and the organization’s risk tolerance. This process allows project managers to prioritize risks and allocate resources accordingly, focusing on the most significant threats to the project’s success.
  • Risk evaluation: A systematic prioritization of risks based on their likelihood, impact, and the organization’s risk tolerance, resulting in a ranked list that helps guide decision-making and resource allocation. This step ensures that the project team focuses on the most critical risks while maintaining a balanced approach to risk management.
  • Risk treatment: A set of well-defined risk response strategies and action plans for addressing significant risks, including specific actions, resources, timelines, and responsibilities for each risk. This component also involves contingency planning, which outlines alternative courses of action.
  • Risk monitoring and review: A set of processes and tools for regularly tracking risks, evaluating the effectiveness of risk response strategies, and updating the risk management plan as needed. This includes performance indicators, risk audits, and lessons learned reviews to ensure continuous improvement and adaptation to changing circumstances.

A well-prepared risk management plan helps the teams involved with decision-making, improving communication among team members and stakeholders and promoting a culture of risk awareness and proactive problem-solving.

Strategies for Managing Risks in Business

Strategies for Managing Risks in Business

Effectively managing risks involves employing a range of strategies tailored to the specific threats and challenges that an organization faces.

In this section, we’ll explore various strategies for managing risks. A mixture of these methods can inform your tolerance risk, allowing your teams to operate more freely while protecting the business.

Engaging independent experts

Hiring external experts to objectively assess a project’s risks can be a valuable strategy. Independent experts can offer specialized knowledge, experience, and insights that may not be available within the organization.

They can help identify potential risks, recommend best practices, and provide guidance on risk mitigation strategies.

Example:

  • Large-scale infrastructure project hires independent experts to assess geological, environmental, and regulatory risks
    • Experts provide recommendations to proactively address potential issues, ensuring project completion on time and within budget

Obtaining insurance

Insurance is a common risk management strategy to transfer certain risks to a third party. Organizations can protect themselves against potential financial losses from natural disasters, accidents, or legal claims by obtaining insurance coverage.

Insurance can help ensure business continuity and financial stability in the face of unforeseen circumstances.

Example:

  • Manufacturing facility faces risks related to equipment failure and supply chain disruption
    • Comprehensive insurance coverage protects against financial losses resulting from equipment breakdowns, natural disasters, or other events

Establishing limited liability

Creating a limited liability entity, such as a corporation or a limited liability company (LLC), can effectively manage risks by separating an individual’s personal assets from the business’s liabilities.

This legal structure can protect owners and investors from being personally liable for the company’s debts and obligations, thus limiting their financial exposure in case of a lawsuit or bankruptcy.

Example:

  • A group of entrepreneurs decides to launch a new business venture in the retail sector. The potential risks associated with the business include lawsuits, debts, and financial obligations
    • The entrepreneurs establish a limited liability company (LLC) for the new venture to protect their personal assets and limit their financial exposure. By creating the LLC, the entrepreneurs’ personal assets are protected from any debts or legal claims related to the business, effectively managing their risk exposure

Diversification

Diversification is a risk management strategy that involves spreading investments, resources, or activities across a range of areas to reduce the potential impact of any single risk.

This can be applied to various aspects of a business, such as product offerings, supply chain partners, or revenue streams. By diversifying, organizations can minimize the potential negative effects of a single event or risk on their overall performance.

Example:

  • Technology company primarily focused on a single product line recognizes risks associated with overreliance on one revenue stream
    • The company diversifies its product portfolio to spread risk and reduce the impact of market changes or product failures on its overall performance

Risk avoidance

In some cases, the best risk management strategy may be to avoid the risk entirely. This approach involves choosing not to engage in an activity or pursue a project that carries significant risks.

Risk avoidance may be appropriate when the potential negative consequences outweigh the potential benefits or when an organization lacks the resources or expertise to manage the risk effectively.

Example:

  • A healthcare organization identifies a high-risk project with potentially harmful consequences that outweigh the potential benefits
    • Decision made not to pursue the project, effectively avoiding significant risks

Establishing contingency plans

Developing contingency plans is a proactive approach to managing risks by preparing alternative courses of action in case the primary risk response strategies fail, or new threats emerge.

Contingency planning involves:

  • Identifying potential scenarios
  • Outlining the steps to respond to new threats
  • Assigning responsibilities to team members

These plans can help organizations respond quickly and effectively to unexpected events, minimizing disruptions and maintaining project momentum.

Example:

  • An agriculture company identifies potential scenarios where primary risk response strategies may fail, or new risks could emerge
    • Contingency plans developed, outlining alternative courses of action and assigning responsibilities to team members

By employing a combination of these risk management strategies, organizations can better navigate uncertainties, protect their assets, and ensure the success of their projects.

Best Practices for Risk Management

Best Practices for Risk Management

Adopting best practices in risk management helps organizations create a systematic approach to identifying, assessing, and mitigating risks throughout the project lifecycle. Here are some key best practices to consider when implementing a risk management plan:

Develop a risk management culture

  • Encourage a culture of risk awareness and proactive risk management within the organization
  • Foster open communication and collaboration among team members, promoting the sharing of information, concerns, and insights related to potential risks

Establish a clear risk management process

  • Implement a well-defined, systematic risk management process that aligns with the organization’s objectives, priorities, and risk tolerance
  • Ensure that the risk management process is consistently applied across all projects and activities

Involve stakeholders in the risk management process

  • Engage stakeholders, including team members, clients, and partners, in the risk identification, assessment, and mitigation process
  • Seek diverse perspectives to gain a comprehensive understanding of potential risks and opportunities

Continuously update and refine the risk management plan

  • Regularly review and update the risk management plan to reflect changes in the project environment, progress, and emerging risks
  • Learn from past experiences and apply lessons learned to improve the effectiveness of risk management strategies

Implement effective risk monitoring and control

  • Establish clear risk monitoring and control mechanisms, including performance indicators, risk audits, and progress reporting
  • Regularly evaluate the effectiveness of risk response strategies and make adjustments as needed to ensure that risks are effectively managed throughout the project lifecycle

Integrate risk management with project management processes

  • Incorporate risk management considerations into all aspects of project management, such as planning, resource allocation, and performance monitoring
  • Ensure that project managers and team members are equipped with the necessary tools, knowledge, and support to effectively manage risks

By following these best practices, organizations can create a robust risk management framework that minimizes the likelihood of project failure, maximizes the efficient use of resources, and supports achieving project objectives.

Conclusion

Eliminating all risks is, unfortunately, a daydream that’s unlikely to happen for any business, no matter the industry.

Being prepared with a strategy for risk management in business is the only way to get out in front of potential issues. With the situation constantly changing, including external factors like consumer demand, political concerns, and supplier issues, it is essential to stay adaptive and vigilant.

Embracing a proactive approach to risk management helps entrepreneurs and organizations to identify, assess, and address risks before they escalate into significant problems.

10 Super Effective Strategies for Managing Cash Flow in your Small Business

small business cash flow management

Small business owners know being an entrepreneur is a journey of highs and lows. When you’re closing a funding round or launching something your team has spent countless hours on, being an entrepreneur can feel like the best job in the world. But there are other times when you feel the hard parts of entrepreneurship. This is especially true regarding money – and small-business cash flow management can be the make-or-break factor for many small businesses as they navigate challenging times.

Wondering how to improve your small business’ cash flow management? Below, we’re covering what cash flow management is, how to calculate cash flow, and sharing our ten best tips for cash flow management for small businesses.

What is cash flow management

What is cash flow management?

So – what do we mean by cash flow management? If your cash flow is the money coming in and out of your business, cash flow management is how you manage that money – how you track it, spend it, save it, and invest it.

A cash flow statement shows a company’s ability to operate, both long and short-term, based on the cash flowing in and out of the business. And a cash flow statement typically includes three sections:

  • Operating activities
  • Investing activities
  • Financing activities

The critical difference between your other financial statements – like a balance sheet or income statements – is that your cash flow statement will help you track your cash receipts and payments during a period.

That means it’s possible for a business to be profitable and still have a negative cash flow (or the opposite).

How to calculate cash flow

How to calculate cash flow

There are three main formulas used to calculate cash flow. Let’s walk through each cash flow formula below.

Free Cash Flow

Free Cash Flow = Net income + Depreciation/Amortization – Change in Working Capital – Capital Expenditure

Free Cash Flow is the most common cash flow formula. A cash flow statement will offer you a snapshot of your cash at a given time, but it doesn’t necessarily help you plan for the future. Free Cash Flow enables you to understand what money you have available to spend.

Operating Cash Flow

Operating Cash Flow = Operating Income + Depreciation – Taxes + Change in Working Capital

Operating Cash Flow helps you understand your day-to-day cash flow. What we mean by this is that it ignores any irregular cash coming in or out of your business (significant expenses, income, or investments) and instead offers a realistic picture of how much money your business has regularly.

Cash Flow Forecast

Cash Flow Forecast = Beginning Cash + Projected Inflows – Projected Outflows = Ending Cash

As the name suggests, a cash flow forecast is used to anticipate your available cash flow in a future period (month, quarter, year, etc.). This can be helpful to project what money is available to spend if you’re considering a significant investment or trying to anticipate the impact of increased expenses.

10 Tips for Small Business Cash Flow Management

10 Tips for Small Business Cash Flow Management

Now that we’ve covered why it’s is so important for small businesses, let’s get into some actionable cash flow management tips for small businesses.

1. Create a Cash Flow Statement

The best cash flow management strategy for a small business owner is to have a comprehensive and reliable understanding of your business’ cash at any period. That’s where your cash flow statement comes in. A cash flow statement is one of the three primary financial statements for small businesses. It considers your operating, investing, and financing activities to understand your cash on hand. Luckily, many accounting softwares can generate these reports for you!

But what is healthy cash flow? A positive cash flow is when a business takes in more than it spends. With positive cash flow, you can pay expenses, make investments, or save money for the future. A negative cash flow, on the other hand, is when the business spends more than it takes in. Companies with negative cash flow may want to evaluate their revenue collection or expenses to ensure they can meet their obligations. A note: while negative cash flow can be problematic for an established company, it isn’t always cause for concern. New businesses with high-startup costs or going through a growth phase commonly have negative cash flow.

2. Forecast income and expenses

With a clear picture of cash flow, business owners can better forecast their future income and expenses. This means more proactive (rather than reactive) decisions on managing your cash on hand and more realistic planning. The Cash Flow Forecast formula can help with this.

For example, let’s say your business needs to invest in a piece of equipment with monthly payments or hire a new employee. While you might have positive cash flow now, forecasting helps you understand how these expenses will impact your cash flow at a point in the future.

What do you do if the forecast isn’t adding up? We’ll get more specific below, but you might consider delaying certain payments where interest is lower, negotiating with suppliers, leasing equipment, or seeking financing if you believe the investment will ultimately result in positive cash flow.

3. Managing expenses or optimize accounts payable

Everyone’s heard the advice about cutting your daily coffee to save money. Of course, no guarantee cutting your latte budget will bring a business positive cash flow, but it does illustrate the most known and most straightforward way to have more cash – cut your expenses.

You might start by evaluating your big expenses when managing your cash flow. Consider which costs can be replaced with a more affordable alternative or canceled altogether. But let’s say you’ve done that and don’t find any significant opportunities to save. Another method to better manage your expenses better is to optimize your accounts payable. That might mean prioritizing invoices based on their due dates, paying off invoices with the highest interest first, or negotiating with vendors for a more flexible payment schedule. Of course, this might mean not always paying invoices as received, so this approach should come with other processes that ensure you don’t miss payment deadlines!

4. Collect receivables promptly

Taking in money is the easy part, right? That’s not always the case!

The other part of cash flow management is the cash coming into your business. If you’re experiencing negative cash flow, an impactful place to start is improving your process for collecting receivables.

This might look like collecting deposits before beginning projects – the amount will vary by industry. You can also consider updating your invoicing cycle (how often you issue invoices and when payments are due) or creating incentives for clients who pay early or penalties for those who pay late.

5. Inventory Management

One of the most significant inefficiencies for small businesses is excess inventory. This might be final products taking up shelf space or raw materials that went above what was required for the project. The cost to your business is not just the materials themselves but often the storage space they occupy.

Effective inventory management means having better tracking in place over your production process. Categorize your inventory based on its value and how quickly it turns over to help determine where to invest limited resources. When in doubt, follow the 80/20 rule, where 80% of profits come from 20% of your stock.

You should also regularly audit your inventory and suppliers to ensure any inefficiencies in the production process are smoothed out. There are softwares that can help with that!

6. Lease equipment or payment plans

Most of us have been taught that owning is better than renting and debt is bad. A big part of being an entrepreneur is unlearning these things! Sometimes they’re the solutions that make the most sense.

As outlined in the cash flow formulas above, having the cash on hand now doesn’t always indicate future cash flows or money available to invest. When it comes to equipment or other significant investments, renting or leasing can be more affordable and a way to ensure you have access to the most updated technology. You also might consider payment plans for larger purchases – even if the total amount owed is greater.

7. Borrow money before you need it

Many business owners turn to loans only at a critical moment. But with better forecasts and planning, you can identify funding needs before the situation becomes dire.

Planning allows you to spend more time finding a loan with favorable terms or flexibility. It also communicates to potential creditors or investors that you’re thinking ahead and planning to avoid future issues. Implementing a robust loan management system can significantly enhance your business’s financial management capabilities, ensuring more efficient handling of loans and repayments.

8. Working with the best

While optimizing your receivables is one way to ensure you have cash on hand, there are often other parties involved that impact when you receive your payments. For example, if you rely on a merchant services provider, you want to consider payout timelines or processing fees. This also trickles into your vendors and suppliers – aim to work with companies that deliver quality, are on-time, and are efficient in invoicing and collection.

Relationships are everything when it comes to this aspect of business. If you get to a point where you need extra time to pay an invoice or updated terms, having a solid relationship with your vendors can ensure more flexibility and less stress in the process.

9. Prevent fraud

Even with a great team or positive cash flow business, protecting yourself against fraud or other vulnerabilities is a smart idea for any small business. This starts with day-to-day things – it might make sense to have a culture with more oversight over personnel expenses (overtime, business expenses, etc.) to ensure that your estimates and forecasts of costs are reliable. If you notice a department or team member whose expenses are deviating, you can be more proactive in understanding why this is happening.

On a higher level, fraud can mean inaccurate reporting or theft. To protect your business (and your cash flow) from fraud, at a minimum, you should carefully limit permissions on financial data and accounts to those who need it. Additionally, even small teams should have at least two people overseeing finances to ensure checks and balances.

10. Choosing the Right Software

Software has now automated or streamlined what used to be manual processes. Small business owners will find software products for accounting, payroll, time tracking, expenses, etc., that can make complex and time-consuming processes easier.

Automated reporting and detailed record keeping is one reason why working with software is better than the old-fashioned way. But if it ever gets too overwhelming, software doesn’t necessarily replace a financial or accounting professional who can better leverage the software to fit your business needs and interpret the data to inform future decisions.

How to Design a Marketing Organization Structure for More Effective Teams

marketing organization structure

When starting out as a business, organizational hierarchy can be straightforward. Things like who’s reporting to who, team responsibilities, and the division of tasks are usually quite straightforward for a small team! But as a team grows and becomes more specialized, creating an organizational structure can be the thing that keeps growing teams aligned and working towards the same goals.

Your organizational structure is the structure of your team, but today we’ll talk specifically about marketing organization structure. Do you have questions about what it is, different marketing org structure examples, or how to choose the proper marketing organization structure for your business? Then let’s take a closer look at marketing organization structure.

What is a marketing organization structure

What is a marketing organization structure?

A marketing organization structure (or marketing organizational structure) is the structure of your marketing department. It’s often visualized as a hierarchy chart and includes what roles are available on your team, their responsibilities, and who they collaborate with or report to.

With a solid marketing department organization structure, teams can be more effective and better hit their goals. But choosing the right marketing organizational structure for your business will depend on various factors. So before deciding on a structure below, start by asking yourself…

  • How big is the team? How many unique job roles or departments are there? Some marketing org structures lend themselves better to small and straightforward teams, while others are adaptable to enterprise teams that may be highly specialized or geographically dispersed.
  • How much control or oversight do you want? Some reporting structures have all levels reporting back to the CEO, while others empower team leaders to take in information and make decisions. While there are benefits to both ways, you’ll want to consider how crucial centralized decision-making is for your business – will it drive you forward or slow you down?
  • How much agility does your business require? Some industries require more adaptability and ability to pivot than others. Consider your product in the market before deciding the best way to organize your marketing team.
  • Any other factors? For example, geographic location might be the most crucial deciding factor in making a marketing organization structure for an international team.

When you understand your priorities, you’ll be better able to choose a marketing organization structure that yields the greatest agility, effectiveness, employee empowerment, and focus.

Want to learn more about why team structure matters? Give this a read.

6 Marketing Organization Structure Examples

6 Marketing Organization Structure Examples

1.  Functional Organization Structure

Let’s start with the most conventional structure – the functional marketing organization structure. Employees are organized by focus, skill, or job positions in this structure. For a large organization, this might look like a marketing leader – let’s say a VP of Marketing – that oversees different functional teams – digital marketing, product marketing, etc. But, of course, the size and complexity of the organization will change what this looks like.

A functional organizational structure benefits because teams are more specialized, so they can be more efficient and expert in their work. On the other hand, a functional organization usually runs into communication breakdowns because of information silos. There’s also a loss of creativity and flexibility that comes with such a structure.

2. Segmented Marketing Organization Structure

A segmented marketing organization structure is one where teams are organized around the target audience. For example, if your organization has B2B and B2C clients, you might have two marketing teams – one dedicated to B2B and one to B2C. Each team would be responsible for all marketing duties related to their target audience.

Segmented marketing is beneficial for large businesses with complex or very distinct audiences. This marketing organization structure typically drives the highest customer engagement since it focuses on their specific frustrations and directly addresses their needs. And because it’s so customer-focused, teams with a segmented marketing organization structure are usually quite agile – they can quickly identify trends and respond to customer needs more efficiently.

The big drawback of segmented marketing is that it can be expensive. Rather than having a specialist – say, a content marketer – that creates content for all audiences, segmented marketing typically requires each team to have a person capable of doing that work. This can also mean less specialization and duplicate work since teams have less communication across audience groups.

3. Product Marketing Organization Structure

As the name suggests, a product marketing organization structure is when marketing teams are organized around different products or product groups. With this structure, each product or product group has its own marketing team.

Each team is responsible for all parts of the marketing for their product – from paid marketing to content creation to reporting. For large organizations, this might mean that every team has a specialist for each task, but it can also mean that a team of generalists is responsible for a broader range of marketing activities.

Why might an organization go with a product marketing structure? For one, it’s super flexible. Product marketing organization structures can quickly respond to trends and introduce products according to customer needs without requiring approval or assets from other departments. On the other hand, this structure can be complicated and a bit clunky. It might lead to duplicate roles or double work that could have been eliminated if you were working with a functional marketing structure.

4. Linear Marketing Organization Structure

A linear marketing organization structure is one where everyone reports to one centralized leader. The simplest of all the structures, linear is a common structure for small businesses where one person needs all information to make decisions. Since it’s so simple, it works well for small teams where everyone wears many hats. This means tight control of information where the CEO calls the shots and decides how information is presented and shared.

The drawback of a linear marketing organization structure is that it relies on oversight. This limits communication across departments and between employees.

5. Geographical Marketing Organization Structure

For multinational companies or businesses with teams widely dispersed, a geographical marketing organization structure can be a great solution. Teams are determined based on the region or district where those employees are physically located.

With an ongoing shift to more remote work, there’s still an advantage for businesses working in similar time zones or with shared language or background. A geographical marketing organization structure can be advantageous as it helps organize and connect teams over their shared geography. That can help with localized marketing or other marketing functions impacted by region or culture.

The greatest challenge with the geographical marketing organization structure is that it can take time to track and effort to organize across teams. While the local teams might benefit from the shared geography, it also means that teams in different regions will be more out of touch. Less communication can lead to problems like miscommunication, inconsistencies, double work, etc.

6. Hybrid Marketing Organization Structure

Once you’ve gone through this list, you might find that your team would most benefit from a hybrid marketing organization. This structure combines both functional and divisional marketing organization structures. When you create a hybrid marketing organization structure, you have the benefit of being more agile and empowering teams to make decisions on a local level while also benefiting from the expertise of a functional marketing organization structure.

For example, your team might be organized into functional departments – finance, marketing, operations, etc. – but with a hybrid structure, someone from each functional team might contribute to a project overseen by a second department head. Of course, the drawback of this structure is that it’s complicated. It can often lead to coordination issues or duplicate work.

Some Examples of Marketing Roles

Some Examples of Marketing Roles

With a clear marketing organization structure, you’ll be better able to define the roles of your marketing department. For example, your team might be organized by outbound vs. inbound, functional expertise, regional expertise, etc. Your marketing organization structure, as well as the size of your team, will also impact whether your team is made up of more generalists or specialists.

While there are dozens of marketing roles and titles, below is a list of some of the more common ones…

  • Chief Marketing Officer
  • Director of Marketing
  • Marketing Coordinator
  • Marketing Manager or Specialist
  • Marketing Assistant
  • Brand Manager or Specialist
  • Social Media Manager/Coordinator
  • Email Marketing Manager
  • Product Marketing Manager or Specialist
  • Brand Specialist
  • Search Engine Optimization (SEO) Strategist
  • Paid Search Engine Advertising (PPC)
  • Graphic Designer
  • Head of Content
  • Video Producer or Photographer
  • Copywriter or Content Writer

What’s the difference between a Coordinator, Manager, Director, VP, CMO

While we’re on the subject, there’s some difference in what each of these terms at the end of a job title mean. Typically jobs with words like “coordinator,” “specialist,” or “assistant” are at the bottom of the reporting structure, and they report to “managers.” “Managers” report to “directors,” who report to “VPs,” who ultimately report to the “CMO.”

While the complexity of your marketing organization structure will vary based on the size of your organization and the number of roles on your team, understanding these terms can help with hiring and recruitment to ensure that experience and expectations are clearly understood.

If you’re still looking for guidance, read more in this article on defining team structure.

Final Thoughts

Ready to introduce a marketing organization structure for your team? With an understanding of your team size, your industry, and geography, you can choose the structure that will work best for your team. Whether your team is just starting out, or you’re working as part of a much larger organization, we hope you’ll find a clear marketing organizational structure can be the foundation needed to make your team as effective and successful as they can possibly be.

7 Ways Remote Work Tools Simplify Administrative Tasks

Image represents Remote Work Tools for Administrative Tasks

Picture this: You’re sitting at home, sipping on a hot cup of coffee, and basking in the comfort of your cozy pajamas. Your laptop is open, and you’re working on an important project for your company. Sounds like a dream, right? Well, welcome to the world of remote work!

Remote work has taken the world by storm for all the right reasons. It offers unparalleled flexibility, increased productivity, and reduced overhead costs. But let’s not forget the elephant in the room—administrative tasks. They are crucial to remote work, but can be incredibly time-consuming and challenging to manage.

Thankfully, the best tools for remote work have come to the rescue! These technological superheroes are here to simplify administrative tasks and make remote work more manageable than ever before. So, grab another cup of coffee, sit back, and let’s explore seven ways remote work tools are transforming the world of administrative tasks.

Centralized Communication Tools

According to a 2023 Buffer study, 71% of businesses now operate with remote work setups. It has become a big challenge to keep everyone on the same page. Here is where centralized communication tools can help. These tools allow remote workers to communicate with each other, share files, and collaborate on projects.

Centralized communication tools such as Slack, Microsoft Teams, and Google Hangouts simplify administrative tasks by reducing the need for email, phone calls, and in-person meetings.

A most useful feature of centralized communication tools for remote work from home jobs is the real-time chat function. For example, Teamly is an app that offers real-time chat features that support open communication and simplify administrative tasks. With Teamly’s chat feature, remote workers can communicate with team members in real time, ensuring everyone is on the same page. Real-time chat also eliminates the need for lengthy email chains and reduces the risk of miscommunication.

Image represents Cloud-based Project Management Tools

Cloud-based Project Management Tools

Another challenge of remote work is managing projects. Keeping track of project timelines, deadlines, and progress can be challenging when working remotely. Cloud-based project management tools like Trello, Asana, and Monday simplify administrative tasks by allowing remote workers to manage projects from anywhere. These tools provide an easy way to keep track of project timelines, deadlines, and progress.

Another must-have project management solution in your toolbox is Teamly. Teamly also offers comprehensive workflow and task management features. With Teamly, remote workers can create and organize tasks, assign them to team members, and track their progress in real-time. The app’s visual timeline and calendar view provides an intuitive overview of project deadlines and deliverables, making it easy to prioritize tasks and manage workload effectively.

Moreover, Teamly’s integrations with other project management tools, like Trello and Asana, enable seamless collaboration and communication within remote teams. With Teamly, remote workers can streamline their project management workflows and ensure their projects are delivered on time and within budget.

Image represents Time Tracking and Monitoring Tools

Time Tracking and Monitoring Tools

Time management is a critical part of remote work. With proper time management, staying productive and meeting deadlines can be easy. Time tracking and monitoring tools simplify administrative tasks by allowing remote workers to track their time accurately. These work from home tools help remote workers stay productive, ensuring they meet deadlines and get work done efficiently.

Teamly offers powerful time tracking and monitoring features. With Teamly, remote workers can easily track their time across different projects and tasks, gain insights into their productivity patterns, and use AI-powered suggestions to optimize their schedules.

The app’s automatic time tracking eliminates the need for manual time entries and ensures accurate and transparent time reporting. Moreover, Teamly’s real-time dashboards and reports provide managers with a clear overview of their team’s workload, progress, and performance, enabling them to make data-driven decisions and improve team productivity.

Online Collaboration Tools

Collaboration is essential for remote work, and online tools can help make teamwork easier. Tools, like Miro, Figma, and Mural, simplify administrative tasks by allowing remote workers to collaborate on projects in real time. These tools provide an easy way to share ideas, make changes, and work together on projects.

In addition to those mentioned, Teamly’s robust chat features allow remote workers to collaborate seamlessly on projects, share ideas, and provide real-time feedback. The app’s collaborative project views enable users to see what others are working on and coordinate their efforts effectively.

Team members can discuss project details and ask questions in real time, ensuring everyone clearly understands project requirements. Moreover, Teamly’s chat feature allows remote workers to share files, images, and links, making collaboration easier and more efficient.

Image represents Virtual Meeting and Webinar Tools

Virtual Meeting and Webinar Tools

Meetings are essential to remote work, but they can be challenging to manage. But with virtual meeting and webinar tools, a 2021 Owl Labs report found 70% of employees consider online meetings less stressful than physical meetings.

Virtual meeting platforms like Zoom, Skype, and GoToMeeting simplify administrative tasks by allowing remote workers to attend meetings and webinars from anywhere. These tools provide an easy way to communicate with colleagues, attend meetings, and collaborate on projects.

Likewise, Teamly’s screen recording tool enables remote workers to record meetings, webinars, and other virtual events. These capabilities make it easier to review important information and share it with team members who were unable to attend the live event. The screen recording feature is a valuable tool for remote workers that can encourage virtual meeting participation and help improve collaboration and productivity.

Additionally, screen recording features can help remote workers capture visual aids, presentations, and other content shared during the meeting or webinar, which can be useful for reference or training purposes. You can integrate Teamly with your talent management platform to use the screen recording feature in recruiting, onboarding, and training new employees.

Document Management and Sharing Tools

Managing documents is an essential part of remote work. Managing documents and files without a physical office can be challenging. Document management and sharing tools like Google Drive, Dropbox, and OneDrive simplify administrative tasks by allowing remote workers to access documents from anywhere. These tools provide an easy way to share files, collaborate on documents, and manage files, ensuring everyone has access to necessary documents.

In addition to the mentioned tools, the Teamly app also offers powerful screen capture, video, and audio recording features. With Teamly, remote workers can capture screens and record videos and audio to create tutorials, demos, and presentations. The app’s advanced editing tools enable users to trim, cut, and edit their recordings, making it easy to create professional-quality content.

Furthermore, Teamly’s cloud-based storage ensures all recordings are safe and easily accessible from anywhere. With Teamly’s screen capture, video, and audio recording features, remote workers can create engaging content, collaborate more effectively, and streamline their workflows.

Image represents Security and Privacy Tools

Security and Privacy Tools

Security and privacy are essential for remote work, particularly when it comes to sensitive information. Security and privacy tools like LastPass, 1Password, and NordVPN simplify administrative tasks by providing an easy way to protect sensitive information. These tools provide an extra layer of security and privacy, ensuring remote workers can work safely and securely.

These tools can also include anti-virus software, firewalls, and encryption tools. They help protect remote workers from cyber-attacks and data breaches, which can have serious consequences for individuals and companies. With the increasing reliance on remote work, it is important to take proactive steps to ensure the security and privacy of sensitive information. By using security and privacy tools, remote workers can have peace of mind knowing their data is protected and secure.

Simplify Administrative Tasks with Remote Work Tools Today

In conclusion, remote work is here to stay, and the best remote work tools for 2023 are making it easier than ever to work remotely. Whether you are a remote worker, a team leader, or a business owner, remote work tools can help you simplify administrative tasks, save time, and increase productivity.

With the right remote work tools at your disposal, you can work from anywhere, collaborate with anyone, and achieve your goals. Why not give robust remote work tools like Teamly a try and see how they can simplify your administrative tasks today?

How to Create Engaging Social Media Content: Proven Examples

how to create engaging social media content

Boosting your online presence through social media content is essential in today’s digital landscape.

Like a recipe that requires the right ingredients and cooking techniques to make a delicious dish, creating engaging social media content involves careful planning and execution. But the results are worth it. Powerful social media content can help businesses build brand awareness, increase engagement, generate leads, and drive conversions.

In this blog post, we’ll explore seven techniques and ten real-world examples of what captivating social media content looks like. By learning from leading businesses, you’ll discover the secrets of how to create engaging social media content that resonates with your target audience.
So, grab a cup of coffee or tea, and let’s dive in.

Using the power of storytelling

1. Using the power of storytelling

The power of storytelling lies in its ability to create an emotional connection between the reader and the storyteller. When a story is well-crafted, it can evoke strong emotions, trigger memories, and inspire action.

Moreover, stories have the ability to communicate complex ideas in a way that’s easy to understand and remember.

Pro tip: Paint a vivid picture of your story with descriptive language and visuals (such as photos, videos, or graphics). Incorporating visuals into your storytelling will bring your narrative to life and make it more memorable.

Example: Patagonia tells the story of Afghan women who started a new chapter in their lives.

Patagonia is a clothing and outdoor gear brand. It demonstrates how to create engaging content on social media using the storytelling technique.

They frequently share stories of real people who use their products to connect with nature and live an adventurous lifestyle. These stories not only showcase the brand’s products but also tap into the emotions and values of their target audience.

Patagonia Instagram page

Image source: Patagonia Instagram page

The screenshot above showcases a story about Afghan women who started learning rock climbing and eventually found their lifeline to escape the Taliban. It’s a story that can create an emotional connection with their followers and make their brand more human.

2. Unlocking the potential of user-generated content

Worried about creating social media content that feels forced or salesy? You’re not alone. Today’s consumers are savvy and can spot inauthentic marketing from a mile away. That’s where user-generated content (UGC) comes in.

By harnessing the power of UGC, businesses can create authentic, trustworthy content that resonates with their audience.

For instance, if you have a makeup brand, encourage your followers to share photos and videos of themselves using your products. To keep track of all posts, ask them to include a unique hashtag created specifically for your campaign. Examples of such campaigns are #PutACanOnIt from Red Bull and #TweetFromTheSeat by Charmin.

Another form of user-generated content can be sharing your customers’ testimonials and reviews about your products or services.

Pro tip: Before sharing UGC, always ask the original creator for permission to use their content. This not only shows respect for their work but also protects you from any potential copyright issues. Additionally, using tools to watermark photos can protect the originality of user-generated content, ensuring credit is given where it’s due.

Example: GoPro brings together individuals who share a passion for adventure.

GoPro is a camera brand that encourages its followers to create and share their own content using their cameras. They often feature user-generated content on their social media accounts, showcasing the adventurous lifestyles of their customers.

GoPro Instagram page

Image source: GoPro Instagram page

GoPro may share customer-submitted images and videos depicting people conquering difficult routes, riding waves, or skydiving. This content showcases both the quality of GoPro’s cameras and their ability to evoke an emotional response from their audience.

Example: Glossier prefers heartwarming shots (instead of expensive models and staged photo sessions)

Glossier, a beauty brand, relies on customer-generated visuals to promote its products. Instead of expensive models, they showcase real people using their products. Thus, they make their customers feel beautiful and confident again.

Glossier Facebook page

Image source: Glossier Facebook page

A case in place: when they launched their Mega Greens Galaxy Pack, thousands of consumers shared photos using the #MaskForce hashtag. Glossier reposted these photos, leading to even greater user engagement.

3. Sharing before-and-after photos

Who wants visual evidence of the benefits your brand provides? Everyone does!

Before-and-after photos can be a great example of how to create content for social media. They easily highlight the benefits of your products or services and inspire potential customers. These photos also help build trust and credibility with potential customers by highlighting the transformation people strive for.

Pro tip: Use captions and visuals to highlight the change shown in the photos. For instance, a skincare brand shares before-and-after photos of a customer who struggled with acne. The caption might highlight the specific changes in the customer’s skin. Alternatively, you can include customer testimonials to provide context and add credibility to the transformation shown in the photos.

Example: Havenly makes the transformation visual

Havenly makes the transformation visual

Image source: Havenly Instagram page

An online interior design service, Havenly often features before-and-after photos on its social media pages. With this, they showcase the dramatic transformations they can create.

In the example above, Havenly shares a set of before-and-after photos of a bathroom makeover, highlighting the changes made to the room’s layout, furniture, and decor. The photos showcase the effectiveness of the company’s service while also evoking the aspirations of its target audience. Definitely, a good example of how to create engaging content on social media.

4. Injecting a touch of humor into content

Spice up your content with humor and have fun with your followers.

By using humor, you can create social media content that helps your brand stand out in a crowded marketplace. Why? Because it reinforces your positioning as a fun brand. Plus, it helps to add a playful, lighthearted tone to your content which creates a positive connection with your followers.

Go creative. Use puns and jokes to create clever, memorable content. For example, Dollar Shave Club had a memorable slogan, using the wordplay “Shave time. Shave Money.

Pro tip: Make sure your humor is appropriate. What might be funny to one group of people might not be funny to another. For example, a fast food chain might use humor to appeal to a younger demographic, while a financial institution might use a more subtle, sophisticated type of humor to appeal to an older, more professional demographic.

Example: Have a good laugh with Old Spice

Have a good laugh with Old Spice

Old Spice is a men’s grooming brand that has become well known for its humorous ad campaigns. They often use humor in their social media content, creating engaging posts that easily go viral and get a lot of ha-ha reactions.

Example: Zendesk makes the serious world of B2B more lighthearted.

Zendesk Instagram page

B2B companies often struggle to strike the right balance between professionalism and humor on social media. However, Zendesk has managed to master this art.

Their social media team knows how to create social media content by using humor. They have fun by adding value to their message, distinguishing their posts from competitors, and injecting a touch of playfulness into a typically serious B2B environment.

5. Hosting competitions

Hosting competitions is a great way to create social media content and drive engagement. You must consider three things to have successful contests.

One, offer a prize that’ll motivate your audience to participate. This could be a product, service, or experience that’s relevant to your brand.

Two, create clear rules. Make sure the rules of the competition are easy to understand. This will prevent confusion and ensure that everyone has a fair chance to participate.

Three, follow up. Once the competition is over, follow up with the winner and announce the results on social media. By the way, you can use this chance to thank everyone who participated.

Pro tip: Have a marketing strategy in place and determine your goal for hosting the competition. Do you want to attract more followers, increase brand awareness or drive sales? Let your goal guide the content, rules, and even the prizes of your competition!

Example: Coca-Cola encourages people to find a bottle with their name.

One example of a successful social media competition is the “Share a Coke” campaign. The rule was simple: you were supposed to find a bottle with your name on it or the name of someone you knew. Afterwards, you shared a photo on social media using the hashtag #ShareaCoke.

The campaign was a big success, generating over 500,000 photos shared on social media and increasing Coca-Cola’s sales by more than 2%. The company also created a website where people could personalize their own virtual bottles to share on social media, further increasing engagement with the campaign.

Markedly, the “Share a Coke” campaign demonstrated the power of personalization in social media marketing. And it has since been replicated by other brands with similar success.

6. Repurposing existing content

Rather than starting from scratch every time, repurposing existing content can save you time and energy. So, make the most out of content that you’ve already invested resources into creating.

You can transform a blog post into a social media graphic. A video into a blog post. Or a podcast into a series of social media posts. With the help of AI tools, you just need to pick a professional template and transform it into amazing graphics for your social media posts. Options are endless. Be creative and experiment with different approaches and formats to see what works best for your brand. Plus, when you mix up the types of content you share, you keep your audience interested and your social media channels – fresh.

Buzzfeed and the New York Times show us how to create engaging social media content and drive engagement.

Example: Buzzfeed reaches diverse audiences on multiple platforms.

Buzzfeed is a media company that creates a variety of content, including articles, videos, and quizzes. They often repurpose their content across different platforms, such as turning a popular article into a video for social media or creating a quiz based on an article. This allows them to reach different audiences and engage their followers on multiple platforms.

Example: The New York Times makes bite-sized versions of its content.

The New York Times creates a lot of long-form articles and investigative journalism pieces. They often repurpose this content for social media. Obviously, shorter versions of the content are more shareable on social media platforms. This allows the media giant to reach new audiences who may not have the time or interest to read the full article.

7. Offering a behind-the-scenes look at your company

Want to create a sense of exclusivity? Offer a backstage pass to your followers.

Offering a behind-the-scenes look at your company allows your audience to see the human side of your business. Also, it helps to get to know the people behind the products or services you offer.

Example: Slack gives a peek at their office and work culture

Zendesk Instagram page

Here’s another example from Slack. They often share photos and videos on social media that showcase their corporate values and recent updates. This gives customers a sense of the people behind the platform and creates a more personal connection.

How to create engaging social media content: a bonus tip

No matter what approach you take to content creation, there’s one critical factor that could undermine your success and leave you with nothing. It’s the time you publish your content.

For the best results, use social media analytics tools to understand the behavior of your audience. Regularly track when your audience is most active and engaged. This data can help you identify the best time to post your content.

Once done with your plan on how to create social media content and when to share it, stay consistent. When you stick to a consistent posting schedule, you easily build a routine with your audience and drive better engagement.

Let’s sum it up!

It’s essential to create engaging social media content to achieve success in the digital world. When your followers are invested in what you post, they’re more likely to interact with your content. As a result, you generate more exposure for your brand.

Moreover, engaging content can help you to stand out from the crowd. With millions of posts being shared on social media every day, your content becomes unique, attention-grabbing, and memorable.

Thus, if you create content for social media that captivates your audience, you can establish a strong online presence and drive real results for your business.

A Guide to Better Budgeting & Forecasting Using Estimate at Completion (EAC) in Project Management

eac in project management

Managing a project from start to finish is a big undertaking for a project manager. One of the biggest challenges? Budgeting and forecasting! The uncertainty of costs and multiple variables can make budgeting for a project almost impossible. And that’s where Estimate at Completion (EAC) in project management comes in.

EAC is an Earned Value Management tool that can help project managers forecast future costs based on the actual cost (AC) and remaining costs to complete a project. Unlike the BAC (Budget at Completion), the EAC is updated throughout the project’s life, allowing project managers to calculate (and recalculate!) how much the project will cost when all is said and done – taking into consideration all unexpected changes along the way. EAC helps project managers identify budget issues early on and better allocate resources while keeping the project on budget.

Want to learn more about EAC in project management and how it can apply to your project? Then let’s take a closer look at EAC. How it fits into Earned Value Management, what it stands for, and why you might want to use it over other cost tools. We will also cover how to calculate EAC in project management, how it can help you with budgeting, and how it can help you manage your project more efficiently.

An Intro to Earned Value Management

An Intro to Earned Value Management (EVM)

Earned Value Management (EVM) is a project management methodology used to measure project performance more comprehensively. It focuses on cost, schedule, and cost compared to project estimates. When project managers use EVM, they’re better able to identify potential problems early on to ensure the project stays on track.

EVM considers three variables: EVA indicators, variance analysis, and trend analysis and forecasting. But what are they, exactly? Here’s a look at each of these variables.

EVA Indicators. EVA indicators are used to measure a project’s performance. They include:

    • Planned Value (PV): The budgeted cost of work to be completed by some future date.
    • Earned Value (EV): The budgeted cost of work to date.
    • Actual Cost (AC): The actual costs of completing the work so far.

Variance Analysis. Variance analysis compares EVA indicators to identify how the project is straying from the plan. There are types of variances:

    • Schedule Variance (SV): The difference between earned and planned values. This shows whether the project is tracking ahead or behind schedule.
    • Cost Variance (CV): The difference between the earned value and actual cost. This shows whether the project is over or under budget.
    • Variance at Completion (VAC): The difference between the budget at completion (BAC) and the estimated cost at completion.

Trend Analysis and Forecasting. Trend analysis and forecasting is used to predict the future performance of a project. It considers past performance to identify trends and forecast the progress of the project.

EAC is part of “trend analysis and forecasting” as it helps project managers anticipate future project costs. And now that we’ve covered EVM, it’s time to move into EAC.

What’s the difference between EAC, BAC, and ETC

What’s the difference between EAC, BAC, and ETC

You can use two key metrics in project management to track your progress: Budget at Completion (BAC) and Estimate at Completion (EAC). But what is EAC and BAC?

BAC is the original budgeted cost of the project, while the meaning of EAC is the project’s estimated cost at completion. The critical difference between BAC and EAC is that BAC is a fixed number, whereas EAC considers changes to the project’s scope, schedule, or budget.

BAC in project management is set at the beginning of the project. It represents the total cost budgeted for the project. This is usually calculated by estimating the cost of tasks and resources required. BAC later serves as a baseline for project managers to track the actual costs against the project’s progress.

On the other hand, EAC in project management estimates the project’s total cost at the end, considering actual costs so far, the remaining budget, and changes in the project scope or budget. EAC helps project managers predict the project’s total cost, which is essential for budgeting.

Estimated to Completion (ETC) forecasts the budget needed to complete the remaining work. It’s a component of the EAC calculation, so it’s important to note that the terms are not interchangeable.

An Analogy for EAC, BAC, and ETC

An Analogy for EAC, BAC, and ETC

Let’s think of your project like a road trip.

You created a plan for your destination and route and a detailed budget. But you also know breakdowns, road closures, and unforeseen costs may happen along the way. After you start driving, you find some of the motels on your route have raised their rates. The price of gas goes up, or a tire blows out. On the other hand, your map app suggests a side road that shaves a couple of hours off your journey. In addition, you’re able to rent equipment instead of buying expensive new gear. You see where we’re going with this!

With this analogy, your Budget at Completion (BAC) is what you thought the trip would cost before you started, while your Estimate at Completion (EAC) is an estimate of what you expect it will cost, kept updated throughout the trip. By checking in regularly on how you’re tracking towards the budget, you’re better able to optimize your trip (e.g., stop at the most affordable gas stations) or better allocate resources (e.g., skip a stop that’s out of the way).

Now, let’s look at a business example. Imagine you’re managing a consulting project. Your budget is $100,000 – that’s your estimated BAC. After completing 50% of the work, you do the math and find you’ve spent $60,000. With EAC, you will estimate the remaining budget based on the actual cost of work completed, the budgeted cost of the remaining work, and any changes in the project scope or budget. Based on your calculations, you find that the project will now cost $110,000 to complete. That’s your estimated EAC. In this example, your ETC would be $50,000.

Like estimating the remaining distance or fuel needed for a road trip, EAC helps project managers assess the remaining budget and resources needed to complete a project. This can help project managers identify potential budget overruns early on, allowing them to take corrective action to ensure the project stays on track.

How to Calculate Estimate at Completion

How to Calculate Estimate at Completion

You can use several variables and formulas to calculate Estimate at Completion, so let’s walk through some of the most common ones.

The Variables
Below is a key to the variables used in the EAC formulas below.

  • BAC = The budget for the project, estimated at the beginning
  • EAC = The budget for the project, estimated after the project has already started
  • ETC = An estimate of outstanding costs to complete the project
  • AC = Actual costs, how much you’ve spent at a given point in a project.
  • CPI = Cost performance index measures the cost efficiency of resources, calculated as the ratio of earned value of the work already completed to actual cost
  • EV = Earned value, the measure of performed work, calculated by multiplying the percentage completed by the total project budget.
  • PV = Planned value, usually hours or units produced compared to where you expected to be
  • SPI = Schedule performance index determines how efficiently time is being spent according to the project schedule, calculated as earned value divided by planned value

The Basic EAC Formula: EAC = AC + ETC

This EAC formula – also called the bottom-up ETC – helps you calculate EAC without BAC. This formula is most used when the BAC wasn’t well estimated. To calculate EAC, you add together Actual Costs and Estimate to Completion. While this formula looks simple, it’s one of the most time-consuming as it relies on all team members to estimate the remaining work to calculate ETC.

When calculating ETC, you’ll need to decide how optimistic you are that the rest of the project will stay with the original plan, that problems will continue at the same level, or that things will worsen.

For the sake of simplicity, let’s say a project has a BAC of $100. But you’ve already spent $90, and based on how the project has gone, it’s clear that you’ll need more than $100 to complete the project. If one team member needs another $30, and the developer needs $50, using the bottom-up EAC formula, you’d get

$90 + ($30 + $50) = $170

That means your ETC is $170.

The Optimistic EAC Formula: EAC = AC + BAC – EV

You can use this EAC formula when you assume that your project will move forward at the budgeted rate. Since this equation uses EV, it considers the past variance from the BAC, but it doesn’t predict any variance in future costs.

Before using this formula, you should have some reason to expect that the variables that affected project costs in the first part of the project have been resolved and won’t be recurring issues.

The Recommended EAC Formula: EAC = BAC / CPI

Is the project moving along relatively smoothly? This simple formula says that the best way to get EAC is to take the Budget at Completion and divide it by Cost Performance Index. Your CPI is the difference between the earned value of the project and the actual cost. Of course, this formula assumes you don’t expect any changes in the CPI.

The Least Optimistic EAC Formula: EAC = AC + (BAC – EV) / (CPI x SPI)

Finally, what happens if the project is expected to face more scheduling or expense issues? This formula starts with AC and BAC, then adds Schedule Performance Index and Earned Value into the equation. This allows project managers to consider previous and future obstructions to the project for a more reliable estimated budget.

Conclusion on EAC

Project managers know the importance of setting an accurate project budget. But you also know that an estimate is just an estimate. Staying flexible and keeping your budget updated throughout the project ensures the most efficient management of cost and resources.

When you compare EAC to other budgeting and forecasting methods, EAC can give you a more accurate forecast of the total project cost. Since it relies on historical and current project performance data, you’ll have what you need to predict future costs reliably. And since it’s so adaptable, it can be used with most project management methodologies – Agile, Waterfall, and Hybrid.

With estimate at completion – and the right EAC formula for your situation – you’ll be better able to create more reliable cost estimates for your team. As a project manager, that means informed decisions about your projects’ resources and schedule and better project outcomes. Whether you are new to project management or have been at this for a while, one thing is for sure – understanding EAC is a valuable tool in your project management toolbox.

Mastering the Art of Virtual Project Management: Create Winning Teams from Anywhere

virtual project management

In an astonishingly short five years, Upwork’s (the world’s biggest freelancing platform) study forecasts that a whopping 73% of all departments will be composed entirely of remote workers. That is almost three out of every four divisions.

As our world becomes increasingly connected, virtual project management is no longer just a trend; it’s quickly becoming the new normal. With this shift comes the need for project managers to adapt their skills and strategies to effectively manage remote teams.

Navigating the world of virtual project management can be tricky, as you’ll likely encounter unique challenges like communication difficulties and time zone differences. But don’t worry, you’re not alone! In this article, we’ll guide you on your journey to building high-performing virtual project teams that can conquer these challenges with ease.

By the end of this article, you’ll have a better understanding of the intricacies of virtual project management, along with practical tips and strategies to create winning teams from anywhere. So let’s dive in and master the art of virtual project management together!

What is Virtual Project Management

What is Virtual Project Management?

Virtual project management refers to the process of managing projects with team members distributed across different geographical locations. With the rise of remote work, virtual project management has gained significant importance in recent years.

Benefits of Virtual Project Management

There are several benefits to virtual project management, which include:

  • Cost savings: Remote teams can save companies money by reducing the need for office space, utilities, and other overhead expenses.
  • Increased productivity: When employees have the flexibility to work in their preferred environment, they are often more focused and efficient, leading to higher productivity levels.
  • Access to global talent: Virtual project management allows companies to tap into a diverse pool of talent from around the world, unbounded by geographical limitations.
  • Flexibility and work-life balance: Remote work provides team members with more control over their schedules, resulting in better work-life balance, increased job satisfaction, and improved employee retention.
  • Faster decision-making and responsiveness: Virtual teams can communicate and collaborate in real-time, leading to quicker decision-making and a more agile response to project changes or issues.
  • Reduced environmental impact: Virtual project management reduces daily commutes and energy consumption related to traditional office spaces, contributing to a smaller carbon footprint and a more sustainable work environment.
  • Scalability and adaptability: Virtual project teams can be scaled up or down as needed, making it easier for organizations to adapt to changing project demands or market conditions. This flexibility helps companies stay competitive and respond effectively to evolving business needs.

Challenges in Virtual Project Management

Challenges in Virtual Project Management

Despite its many advantages, virtual project management comes with its own set of challenges that can impact team effectiveness if not addressed properly.

Communication Difficulties

In virtual project teams, communication can be a significant challenge. Without the benefit of face-to-face interactions, misunderstandings, and misinterpretations can arise more easily. This can be exacerbated by the reliance on text-based communication channels, which lack the non-verbal cues that often help clarify intent.

To overcome communication difficulties, it’s crucial to establish clear communication protocols and make use of collaboration tools that enable seamless, real-time communication. Encourage team members to be proactive in asking for clarification when needed and to provide regular updates on their progress.

Time Zone Differences

Working with team members across various time zones can make scheduling meetings and collaborating in real-time a challenge. It can be difficult to find a time that works for everyone, and some team members may end up working outside their normal hours to accommodate others.

To manage time zone differences, consider rotating meeting times so that the burden of adjusting is shared equally among team members. Additionally, invest in asynchronous communication tools that allow team members to contribute at their own pace, reducing the need for real-time interactions.

Cultural and Language Barriers

Virtual project teams often bring together people from diverse cultural backgrounds and with different native languages. This diversity can be a strength, but it can also create barriers to effective communication and collaboration.

To navigate cultural and language barriers, promote cultural awareness within the team and provide language support when necessary. Encourage team members to be patient and understanding with one another and to ask for clarification when needed. Establishing a common language for communication can also help bridge language gaps.

Building Trust and Team Morale

In a virtual project team, building trust and maintaining team morale can be challenging. The lack of in-person interactions can make it difficult for team members to establish connections, and remote workers may feel isolated or disconnected from their colleagues.

To build trust and foster team morale, create opportunities for team members to get to know each other on a personal level. This could include virtual team-building activities, informal chat channels for non-work-related conversations, and regular check-ins to discuss how team members are feeling. Recognizing both individual and team achievements can also help boost morale and strengthen the team’s sense of unity and belonging.

Diving into the Psychology of Virtual Project Management

Diving into the Psychology of Virtual Project Management

Managing virtual project teams goes beyond just coordinating tasks and ensuring deadlines are met. You should also focus on the psychological aspects that can affect team dynamics and performance.

Emotional Intelligence: Your Secret Weapon in Virtual Team Management

Emotional intelligence (EQ) is crucial for successfully managing virtual teams. As a project manager with high EQ, you can recognize and respond to team members’ emotions, empathize with their concerns, and effectively resolve conflicts. In virtual settings, being emotionally intelligent helps you pick up on subtle cues in written communication and fosters a more inclusive team environment.

Trust Building: Laying the Foundation for Virtual Team Success

Trust is the foundation of any high-performing team, and it’s even more critical in virtual settings. Building trust in virtual teams starts with being transparent about goals, expectations, and progress. Encourage open communication and make a point of addressing concerns or issues as they arise. By demonstrating consistency and reliability, you’ll cultivate an atmosphere of trust and collaboration.

Open Communication: The Key to Virtual Team Collaboration

Open communication is vital for virtual project management. To promote open communication, establish clear channels for team members to share their ideas, concerns, and feedback. Encourage everyone to participate actively in discussions and make an effort to listen and respond to their input. This will create a supportive environment where team members feel valued and engaged.

Acknowledging Achievements: A Simple Way to Boost Morale and Motivation

Recognizing team members’ achievements and contributions is essential for maintaining motivation and boosting morale. Make a habit of acknowledging individual accomplishments during team meetings or consider implementing a system for peer recognition. This will help foster a positive team culture and reinforce the value of each team member’s work.

Team Bonding through Virtual Activities: Strengthening Connections and Trust

Team bonding is an important aspect of virtual project management, as it helps to build connections and trust among team members. Organize virtual team-building activities such as online games, trivia sessions, or virtual coffee breaks. These activities will provide opportunities for team members to interact on a personal level, strengthening their relationships and sense of camaraderie.

Keeping Morale and Motivation High: The Virtual Project Manager’s Challenge

Keeping team morale and motivation high in virtual settings can be a challenge. Regular check-ins, acknowledging achievements, and providing support are all essential components of maintaining morale. Additionally, setting clear expectations and providing team members with the tools and resources they need to succeed can go a long way in ensuring that motivation remains high.

Feedback: An Essential Ingredient for Growth and Development

Regular feedback is crucial for team members’ growth and development in a virtual setting. Schedule one-on-one meetings to discuss their progress, provide constructive feedback, and collaborate on setting goals for improvement. By offering consistent feedback, you’ll help team members develop their skills and feel more confident in their abilities.

Support and Resources: Empowering Your Virtual Team

As a virtual project manager, it’s important to offer support and resources to help team members navigate the challenges of remote work. This might include providing access to training materials, sharing tips for managing time and productivity, or simply being available to listen and offer advice when needed. By offering support and resources, you’ll create a more resilient and capable team.

Celebrating Milestones: Fostering Unity and Pride in Virtual Teams

In a virtual project team, it’s essential to celebrate milestones and successes together. Schedule virtual celebrations or informal gatherings to acknowledge the team’s hard work and accomplishments. Celebrating together not only boosts morale but also fosters a sense of unity and pride in the team’s achievements.

Mastering Virtual Project Management

Mastering Virtual Project Management: The Essential Toolkit

Successfully managing a virtual project calls for the right tools at your disposal. Ranging from project management software to communication and collaboration tools, there is an array of options available to keep your team organized and efficient.

In this section, we will explore essential tools for virtual project management and introduce you to Teamly, an all-in-one solution designed to streamline team collaboration and boost efficiency.

Project Management Software: Streamlining Tasks and Deadlines

Project management software can significantly simplify your life as a virtual project manager. These platforms assist you in organizing tasks, deadlines, and resources, enabling your team to stay on track and focused. A good project management software is essential as it offers features tailored to specific team needs and preferences, ensuring a smooth workflow.

Communication and Collaboration Tools: Connecting Your Team

Effective communication and collaboration are crucial to virtual project management. Tools such as Slack, Microsoft Teams, and Google Workspace provide channels for real-time communication, file sharing, and collaborative editing. By choosing a communication tool that aligns with your team’s needs, you can make sure everyone stays connected, informed, and engaged.

Time Tracking and Productivity Applications: Gauging Performance and Efficiency

Tracking productivity and time spent on tasks can be challenging in virtual settings. Time tracking and productivity applications like Time Doctor, Toggl, and Clockify help you gain insights into your team’s performance and identify areas needing improvement. These tools enable you to track time spent on tasks, generate reports, and set benchmarks for productivity.

Selecting the Right Tools: Addressing Your Team’s Needs and Preferences

When picking tools for virtual project management, it’s essential to consider your team’s specific needs and preferences. Experiment with different options to see which ones fit best with your team’s workflow and gather feedback from team members to ensure the tools selected are user-friendly and effective in supporting their work.

Introducing Teamly: Your Comprehensive Solution for Virtual Project Management

Teamly is a revolutionary platform designed to facilitate remote collaboration with features that boost team productivity. A few of the key components of Teamly include:

  1. Real-Time Chat: Improve collaboration and fuel productivity with instant chat. Keep your team connected and engaged, fostering a collaborative environment that drives success.
  2. Workflow Management: Teamly’s user-friendly Kanban boards make it easy to track team progress. Visualize your team’s workflow, monitor project status, and ensure timely completion of tasks.
  3. Screen Capture Recording: Screen capture videos are the best (and fastest!) way to get your point across. Share visual explanations, provide feedback, or demonstrate complex tasks without wasting valuable time.
  4. Time Tracking: Teamly’s built-in timer tracks time to the second, giving you insights into how your team spends their work hours. Use this data to optimize productivity and make informed decisions about resource allocation.
  5. Payroll: Streamline the payroll process by integrating Teamly’s time tracking feature with your payroll system. Ensure accurate and timely payments, boosting employee satisfaction and retention.

7 Pro Tips for Building High-Performing and Highly Connected Virtual Project Teams

7 Pro Tips for Building High-Performing and Highly Connected Virtual Project Teams

1. Set crystal-clear objectives and expectations

As a virtual project manager, it’s crucial to ensure everyone on your team is on the same page. Establishing well-defined goals and expectations from the outset is key. This way, team members will know precisely what they need to accomplish and what’s expected of them.

For example, a marketing team working on a virtual product launch campaign should have a clear understanding of campaign goals, target audience, and expected outcomes. Transparency is vital when it comes to virtual teams, and alignment helps avoid confusion and misunderstandings.

2. Adapt your leadership style for virtual project success

Managing a virtual team requires adjusting your leadership style to accommodate the unique challenges remote work presents. To make this transition, consider adopting a more democratic approach, empowering team members to take ownership of their tasks and make decisions.

For instance, a team leader working on a software development project might establish a weekly video call for team members to discuss their progress, share ideas, and collaborate on solutions. This kind of approach fosters a sense of autonomy and allows your team to thrive in a remote environment.

3. Striking the balance between flexibility and structure

One of the greatest advantages of virtual project management is the flexibility it offers, but finding the right balance between flexibility and structure is crucial for success.

Encourage team members to work during their most productive hours, but also ensure that there are dedicated times when everyone is available for meetings and collaboration. A healthy mix of flexible hours and a structured schedule can help maximize productivity and keep your virtual project on track.

4. Master the art of managing cross-cultural virtual project teams

Diversity can be a significant asset to virtual project teams, but it can also present challenges. To effectively manage a cross-cultural team, take the time to learn about the different cultural backgrounds of your team members.

This understanding will help you communicate more effectively and foster an inclusive work environment. For example, if you’re working with team members from a culture that values hierarchy, you might want to adopt a more formal communication style to show respect.

5. Overcoming language barriers

Language barriers can be a challenge in any team, but they’re even more pronounced in virtual project teams.

To overcome these barriers, encourage team members to communicate in a common language and use tools like translation apps when necessary. Additionally, consider providing language training for team members to help them improve their communication skills.

6. Sensitivity to cultural differences

Being aware of and sensitive to cultural differences is vital when managing a virtual project team. Differences in communication styles, work habits, and attitudes can lead to misunderstandings if not addressed.

By being open to learning about and embracing the unique aspects of each culture, you can create a more cohesive and effective team.

7. Foster cultural exchange and learning

Finally, encourage team members to share and learn about each other’s cultures. This can be done through virtual team-building activities, such as cultural presentations or themed virtual lunches. By fostering a sense of curiosity and understanding among team members, you can create an environment where everyone feels valued and respected.

The Essence of Virtual Project Management Mastery

Wrapping It Up: The Essence of Virtual Project Management Mastery

As we come to the end of our virtual project management journey, let’s take a moment to reflect on the key ideas we’ve covered. Remote work has transformed the way we manage projects, and virtual project management has become an essential skill for the modern professional.

Remember the importance of psychological aspects in managing virtual teams. Emotional intelligence, trust, and open communication play a vital role in fostering a healthy team environment. Celebrating milestones and successes helps maintain team morale and motivation.

Equipping your team with essential tools is crucial for efficient virtual project management. A comprehensive solution like Teamly can streamline your processes, from real-time chat and workflow management to time tracking and payroll. Choose the tools that suit your team’s needs and preferences.

Finally, we explored tips and strategies for building high-performing, highly connected virtual project teams. Set clear objectives, adapt your leadership style, and balance flexibility with structure. Embrace the challenges of managing cross-cultural teams by overcoming language barriers, being sensitive to cultural differences, and encouraging cultural exchange and learning.

As you apply these principles to your virtual project management, you’ll be well on your way to building strong, resilient teams that can thrive in the remote work era. Stay curious, keep learning, and remember that the most successful virtual project managers are those who continually adapt and grow with the changing landscape. Embrace the journey, and watch your team reach new heights.