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.
(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.
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:
- What a Statement of Work (SoW) is
- Why bother with a Statement of Work (SoW)
- How to create a Statement of Work (SoW)
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:
Otherwise, keep reading and we’ll go through this template, in a little more detail, later.
Let’s get into it!