Every business, even a not-for-profit business, needs a budget. A business budget can be looked at as the fuel that drives the business. To understand what that means, we first have to define what a business budget is, which we’ll…
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There’s one thing that all businesses have in common with project management: money. Without funding and the proper budgeting process, projects in any industry grind to a halt. Budgeting is how those funds are spent. But first, let’s define what…
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An operating budget is a tool that helps business owners and project managers alike to look at the long-term financial needs of their organization or project. It’s instrumental in forecasting the budget needed to run your business or project. That…
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A vision statement almost sounds mystical. But it’s not supernatural, far from it. Rather, a vision statement is a foundational business document. There’s a lot of paperwork that clutters the office of any organization, but the vision statement is unique…
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People often think of productivity on an individual scale: how can I be more productive? But most of us work for organizations, and if the organization isn’t productive, then you can’t be productive either. Can there really be a magic…
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Every company needs a plan to determine how it will operate and position itself in the market. This is known as a business plan, which is one of the most important business management documents. What Is a Business Plan? A…
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As a business grows, it needs to look at new processes or ways to improve the processes it has in place. Maybe the company wants to scale and sustain its growth or increase productivity and efficiency. Whatever the objectives, process…
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Businesses need all the help they can get. These 15 free Word and Excel templates for business help with everything from cost-benefit analysis to timesheets. Business templates are a great way to work consistently and not have to reinvent the…
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Issues arise in almost every project. But knowing there’s an issue is one thing; figuring out its cause and how to solve the problem is another. If you’re missing deadlines and the quality of your product or service is suffering,…
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Strategic planning is key for success in business. By planning strategically for the future, a business can achieve its goals. It’s easier said than done, but the more you know about strategic planning, the better chance you have at succeeding….
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Let’s face it, you want to execute your project well but you don’t want to spend a lot of money doing it. That, in a nutshell, is value engineering. It’s a way to look at your project, whether it’s project…
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What Is a Business Case? A business case is a project management document that explains how the benefits of a project overweigh its costs and why it should be executed. Business cases are prepared during the project initiation phase and…
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Businesses go through a lot. Managers must always be aware of the internal and external factors that can impact their business growth such as economic fluctuations, new competitors, new market trends and more. One of the most common threats to…
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