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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How to Use a Project Tracker to Keep Projects Profitable

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🟢✅ 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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How LA Creative Technologies Uses Process Street to Streamline Client Onboarding, Offboarding and Project Management

How LA Creative Uses Process Street to Streamline Client Onboarding, Offboarding and Project Management-10

LA Creative Technologies uses Process Street to streamline operations, with particular focus on (but not limited to) client onboarding, offboarding, and project management procedures.

With process automation and cloud process documentation solutions, Process Street has allowed LA Creative Technologies to productively, effectively and efficiently manage their remote team, and complex procedures.

We spoke with LA Creative’s Founder and CIO Josh Weiss to find out how they are using Process Street for client onboarding, offboarding and project management. We then opened the floor, accepting questions brought forth by our webinar listeners. Here’s what we found out.

Click on the relevant subheader below to jump to that section. Alternatively, scroll down to find out all Process Street and LA Creative Technologies have to say.

Let’s get started.
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14 Best Online Team Management Tools for Productive Teams

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This is a guest post by Nandini Sharma, an Assistant Marketing Manager at ProofHub – a leading collaboration software. With years of experience in marketing, she has found some amazing ways to reach a large audience and create a connection.

Boosting team morale and productivity could be considered as the number 1 goal for every project manager.

The term team management isn’t just about allocating tasks to be checked off by your team before the end of the day. Key factors that contribute to the concept of effective team management are teamwork, collaboration, and recognition. Without them, a company’s overall performance is at risk. This is where team management tools come into play.

Unfortunately, no matter how hard a project manager tries or how many expensive tools she/he invests in, something or someone is often left behind. And here in-lies our problem…

…and where there is a business-related problem, there is a Process Street solution.

You see, not all team management tools are meant for you. Without the right approach and the right tool, your chances of keeping each team member productive and satisfied, are next to impossible.

You need to find a tool that works best for you and your team and you need to find it soon.

In this article, we will explain the importance of effective team management. We will then present you with our 14 top team management tools so that you can find the right one for you.

Click on the relevant subheader below to jump to that section. Alternatively, scroll down to find the information you need to evaluate the best team management tool for you.

We’ll start with the basics of team management.
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