All posts containing money


Prevent Project Failure with this Free Statement of Work Template (SoW)

SoW

I once lost $45,000.

What makes it worse (or perhaps better?!) is that it wasn’t my money.

It was my previous employer’s.

I was managing a website build for a big client and was under huge pressure to meet a tight deadline. So, as many do, I decided to start the project before the Statement of Work (SoW) was signed by the client.

This was a big, expensive, mistake to make.

It cost an additional $45,000 to re-work parts of the build that the client had verbally approved, but hadn’t legally signed off.

Ouch.

(Despite what you might think, this isn’t the reason I don’t work there anymore!)

According to research, 37% of projects fail due to a lack of defined and approved project goals and objectives, which come with a Statement of Work (SoW). This causes around 80% of organizations to spend at least half their time on expensive rework.

Not using a Statement of Work – SOW during the project initiation is a major cause of project failure” – 4PM, Statement of Work – SOW

But what is a Statement of Work (SoW) and how do you create one?

All will be revealed in this Process Street post, as we go through:

If you’re in a hurry, grab this free Statement of Work Process Template now, and catch up with the rest of the post when you can:

Click here to access the Statement of Work (SoW) Process Template!

Otherwise, keep reading and we’ll go through this template, in a little more detail, later.

Let’s get into it!

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Business Requirements: How to Create a Business Requirements Document (Free Template)

Business Requirements How to Create a Business Requirements Document (Free Template)-Rev01-01

Tom: “I need a new warm, down jacket for my next trip.”

Me: “Great, I would opt for Patagonia or Arcteryx.”

Why did I recommend these brands to Tom and these brands only?

It is due to brand trust. I know these brands deliver exactly what I want consistently.

As consumers, Tom and I are Patagonia and Arcteryx stakeholders. We have expectations these two outdoor brands need to satisfy to retain our custom. These expectations translate into requirements. In this scenario, our requirements were:

  • Value for money
  • Robust, long-lasting products
  • Functional products
  • Products that deliver on their intention

Patagonia and Arcteryx meet the business requirements for their products, satisfying stakeholder and business needs. And so the brands thrive with a good reputation, brand identity, leading to a healthy bottom-line and company success.

Defining the business requirements of a new product, project, system, service, or software is vital. Without defined requirements, there is an absence of clear goals, focus, and progression measures. This doesn’t bode well for success.

For instance, a study by Pulse of the Profession reported 37% of software projects failed due to poorly defined requirements.

Because we don’t want you to fail, in this Process Street article we explain exactly what business requirements are and how you can identify them for your business or line of work. We explain the benefits that come from correctly defining business requirements. We then clarify how you can document business requirements in a Business Requirements Document using Process Street’s Business Requirements Template.

Sounds like the article you need to read to succeed…right? 😉

As such, let’s jump to it. Click on the relevant subheaders below to hop-across to that section. Alternatively, scroll down to read all we have to say:

Correctly defining the business requirements for your organization or line of work starts here. Keep reading and learn how to consistently meet the needs of your stakeholders.

Ready?
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How Scope Creep Negatively Impacts Project Success (& How to Fix It)

scope creep

There’s nothing more frustrating to a project manager than witnessing the slow, painful death of a healthy project to the beast known as scope creep. When last minute changes transform their straightforward, A-to-B project plan into a sprawling mess of up-ended sprint plans and gold-plated feature requests, branching out in all directions with no concern for time or resources.

In one extreme example, the head contractor for the extension of a city library ended up actually suing their client in a scope-creep induced rage, claiming that their almost 55-week delay was a direct result of the large number of last minute changes.

In order for a project to be successfully completed on time, the project manager and their team need to agree on a clearly defined project scope before getting started.

However, life isn’t so straight forward and changes to the project will inevitably need to happen.

But additional problems can arise if the changes aren’t dealt with properly.

Scope creep can quietly sneak its way into your project and set your team down an unproductive and self-destructive path, wasting your company’s resources, missing deadlines, weakening team communication and, ultimately, ruining any chance of your project’s success.

So what can you do to avoid this fate, and overcome scope creep once and for all?

In this Process Street article, we’ll be covering everything you need to know scope creep–from what (and who) causes it, to how to manage it, even in an agile environment where change is embraced.

We’ll be covering:

If, however, you’re struggling with planning your own projects and want a quick solution, grab our free Project Request Form Template below!

So, let’s get started with the basics!

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Beat Bottlenecks, Remove Redundancies & Cut Costs with Process Analysis

process analysis
Want to lose weight? Shape up? Get fitter? Gain muscle?

If you do, I have one thing to say to you:

If you always do what you’ve always done, you’ll always get what you’ve always got” – Henry Ford

To get better, improve, and achieve your goals, something needs to change.

But this concept doesn’t only apply to people who want to lose weight, get fit, or become stronger.

It applies to businesses too; to keep improving, businesses need to keep changing.

Businesses can typically find between 50 to 75 improvement opportunities when they go through process analysis. This can result in anywhere from a 10% to an 80% reduction in costs.

Aha! Thought that might get your attention! Interested in finding out more?

This is what you’ll learn by reading this Process Street post on process analysis:

Ready to take the first step towards new and improved processes?

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Free Meeting Minutes Template and Top Tips to Effectively Record Your Meeting Minutes

Free Meeting Minutes Template and Top Tips to Effectively Record Your Meeting Minutes

Following a pre-planned meeting agenda can decrease meeting time by 80%.

Despite this, less than half (37%) of U.S. meetings follow a set agenda.

Why, when the time savings of doing so are substantial? When time = money, it doesn’t take a genius to visualize the knock-on effects this has to an organization’s bottom-line.

Using a Meeting Minutes Template will establish processes to clearly define and set the meeting agenda before the meeting has begun, saving you both time and money.

In addition, a Meeting Minutes Template offers legal protection, provides meeting structure, documents state ownership, drives action, serves as a reference point, helps avoid repetition, and offers a platform for open communication.

Sounds good right?

So good that the content creation team here at Process Street give you this comprehensive guide, so you can effectively record meeting minutes in your business and line of work. You are provided with our free Meeting Minutes Template, to be used in conjunction with 3 more top meeting process templates.

Click on the relevant subheader below to hop to that section. Alternatively, read all to discover our secrets for how you can become a pro meetings note taker 🤓.

Let’s get stuck in!
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Work Breakdown Structure: How to Cut Stress & Save Time on Important Projects (Free Template!)

work breakdown structure

The excitement around a new project is intoxicating.

After all, it’s an opportunity for your team to collaborate and put their well-honed skills to use.

But with important projects, excitement can easily turn into dread. Especially considering that 70% of organizations have failed one or more of their projects in the last 12 months, with a lack of clear goals being the main issue.

So how can everyone involved know what’s expected of them? What deliverables they must bring to the table? How their actions figure into the bigger picture? And how can you, the project manager, break the project down into manageable segments?

While The Beatles professed that “love is all you need”, what’s going to be more useful in this scenario is a work breakdown structure.

That’s why, in this Process Street post, you’ll learn what the work breakdown structure is, why it’s so useful, different examples of it, and tips on how to create a work breakdown structure yourself. To boot, you’ll even get your hands on our easy-to-use Work Breakdown Structure Template!

Read through the following sections to get clued-up:

Or, if you’re eager to get the template already, here it is:

Click here to get the Work Breakdown Structure Template!

Let’s break it down. 🔨

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How to Build the Perfect Product Roadmap (Free Template + Extra Tips!)

product roadmap

Product roadmaps are an essential part of understanding how to align your product to a long-term vision for product-market fit. They are also one of the key deliverables for product managers and are useful to almost all teams and stakeholders.

What the product roadmap should provide:

  • Clear overview of key launch dates and milestones
  • Clearly communicate which teams are responsible for what
  • Clearly communicate important deadlines and time allocation
  • A beacon to align different teams to core company goals and objectives

What the roadmap shouldn’t include:

  • Goals and objectives unrelated to the product
  • Overload of information about specific product features and specifications for development
  • Big Surprises
  • Too much data without clear association with company goals or objectives

In this Process Street article, we’ll be looking at:

First off, here’s a template you can use to get started building your own product roadmap.

Product roadmap process

For those of you who came just for the template, here it is:

If you’re interested in the why behind this template design, and more insight into an effective product roadmap approach, read on!

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Sales Processes: 20 Checklists to Increase Sales in Your Business and Perfect Your Sales Process

9 checklists sales processes

For sales professionals today, only 34% of their time is spent selling.

This begs the question, what are they doing for the remaining 66% of the time?

Sales teams struggling to keep up with data entry, quote generation, and other tasks drag sales reps away from potential leads. As such, 54% are expected to miss their quotas every year.

What you need are optimized sales processes that outline the best sale practices drawing from up-to-date research and findings.

This is where Process Street comes to save the day.

In this article, you’ll find 20 structured sales processes based on industry best practices which you can access for free. Simply click Edit Checklist to add any process to your Process Street account, so you can start supercharging your sales process today!

For a quick taster, check out our MEDDIC Sales Process Checklist Template below:

Click here to get our MEDDIC Sales Process Checklist Template!

You can click on the relevant link below to jump to your template of choice.

Click on the subheader below to jump to the relevant section, alternatively scroll down to find out all we have to say and perfect your sales processes.

With that said, let’s get started!
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How to Use a Project Tracker to Keep Projects Profitable

project tracker

🟢✅ Bonus material: Project Management Template + Checklist to keep on top of your projects

I’ve got bad news.

Statistics show that no matter how hard you try, your project is probably going to fail.

To be a little more specific, only 2.5% of companies complete their projects 100% successfully.

Failure is an unavoidable part of any project process” – ProjectManager, 5 Notorious Failed Projects & What We Can Learn from Them

Yet the cost of project failures is staggering. Failed IT projects alone cost the United States around $150 billion in lost revenue and productivity. And it’s frightening! Failure scares us all.

But, the good news is, failure, and how it affects you and your project’s overall success and profitability is controllable. If you can catch, or even predict, failures early enough, you can execute damage control measures and prevent them from completely derailing your project and its profitability. You can even use them to improve your project.

How can you catch or predict failures early?

By using a project tracker.

A project tracker is a snapshot of your entire project. It gives you and the project team a clear picture of how the project is performing, where the weak spots are, and which areas need the most attention.

Let me explain this concept further by taking you through the following topics in this Process Street article:

Let’s get going!
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22 Self-Care Plan Checklists & Printables for a Happier & More Productive You

22 Self-Care Plan Checklists & Printables for a Happier & More Productive You

How do you feel about your life?

A deep question to kick-off this article, especially considering we hardly know each other. However, when it comes to self-care and designing a self-care plan, it is a question of great significance.

According to the 2018 Organization for Economic Cooperations and Development (OECD) report, 18% of U.S. citizens live in relative income poverty, despite a general trend of citizens working longer and longer hours. In addition, factors such as housing affordability, household wealth, and overcrowding rate are showing signs of consistent deterioration.

It doesn’t take an expert to infer that these trends aren’t improving the average life-quality. As such, the 2019 World Happiness Report ranked the U.S. 19th, a decline from previous surveys.

To jump to the point, over the past ~10 years, U.S. citizens have become less, and less happy.

A concerning trend that diminishes societal resilience to crises, as we witnessed with COVID-19.

Something needs to be done!

Swinging for change to steer those depressing trends around, the team here at Process Street have created quality, effective and actionable free self-care resources, ready for you to hop in and use right away.

Use our self-care checklists as part of your own personal self-care journey, or distribute these checklists throughout your team to create strong, employee-focused organizational support.

These resources are carefully crafted, drawing from novel and up-to-date research into human happiness, indicating the best habits and self-care behaviors you should adopt for a better quality of life. Check out our Daily Self-Care Checklist below for a taster.

Click here to access our Daily Self-Care Checklist!

Click on the links provided below to jump to the relevant template.

To begin this article, we will explain what a self-care plan is and the perks that come from having one. We will explain how you can design a personal and printable self-care plan that will give you benefits such as improved productivity, enhanced self-esteem, better physical and emotional health, and all-in-all a better life quality.

There is nothing to lose, so what are you waiting for?

Click on the relevant subheader below to jump to that section. Alternatively, scroll down to find out how you can be happier and improve your wellbeing.

Let’s set a new trend, for a happier and healthier society.
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