Capital is money. In finance, capital is money that a company has, such as earnings or credit, which it can spend or invest on assets. Figuring out what to spend its capital on, such as capital spending on long-term assets,…
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Businesses aren’t projects but they share many commonalities. While businesses run projects, they also have strategies and objectives that must be met. All of these things and more make them a perfect candidate for business project management. Let’s first explore…
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One of the measures of a successful project is not often talked about. Most know of the project management triangle of scope, time and cost. There’s also quality. But few mention the importance of having project alignment. What Is Project…
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Businesses are always looking for ways to improve their practices. But is it possible to structure a process of continuous improvement at your company so that it aligns with your preferred management tools, team morale and overall objectives? In other…
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What Is Logistics Management? Logistics management is the process of managing the activities that are required to transport goods from its source to the final customer. That process involves a series of logistics activities such as order processing, material handling,…
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Contingency plans are used by smart managers who are aware that there are always risks that can sideline any project or business. Without having a contingency plan in place, your organization won’t be well prepared for risk management. What Is…
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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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