Business Expert

Business or organizational strategy is intended to drive all decisions within an organization. It provides a direction, a rallying point, and a litmus test for decisions at all levels. Hence, it only stands to reason that strategy would drive the projects, programs, and the project portfolio management process. Good projects map well to organizational goals. In fact, the best organizations make sure their initiatives are in alignment with their strategic plan. Whether for project initiation or for simply evaluating how the value of a project fits within the organization, becoming familiar with the strategic plan is invaluable.

Background

Here is some background on strategic planning, project management, program management, and project portfolio management.

There are many approaches to strategic planning. One approach is to think through these 5 points for the organization:

1. Vision – where the organization wants to be in the future

2. Mission – purpose, or why the organization exists

3. Values – organization’s culture and priorities

4. Goals – results that the organization desires in carrying out its mission 5. Tactics and Initiatives – actionable behaviors and initiatives supporting all above

It is important for project managers to understand where their project fits into the organizational strategy. What organizational goals does it support? Does it support the organization’s vision and mission? How are the organization’s values being expressed in the execution of the project?

It is equally important for a program manager, with responsibility for an initiative, or program, which involves several projects, to understand how the program supports the organizational strategy. The program manager needs to make sure the individual projects align to organization strategy, and that the project set as a whole that make up the program support that vision.

Project Portfolio Management is concerned with selecting the projects that best support the organization’s vision and strategy. PPM works with a list of candidate projects and assembles critical data on each, such as cost, resources, purpose or objective, expected return, risks, and more. With a formal strategy in hand, assuming there is one, the PPM process involves mapping the products to the various elements of the strategy. One of the keys with such data is to be realistic by checking assumptions versus actual on projects and programs in the portfolio over time. Establishing the appropriate parameters for this data is important to accomplishing the desired results.

What the PMI Says About Portfolio Management

“The Standard for Portfolio Management” published by the Project Management Institute (PMI) states that in order to be successful, the portfolio management team must:

1. Understand the organization’s strategic plan.

2. Establish determining factors for managing the portfolio based on the strategic plan.

3. Consider all of the organization’s projects, programs, and other portfolio components.

4. Follow agreed-upon processes.

The standard clearly articulates the importance of the relationship between strategy and project portfolio management!

Working Together By Thinking “Outside the Box”

Project managers develop plans to execute the projects in the portfolio, and then lead the effort to implement the plan. Likewise, program managers develop plans for their programs, but they do it for a higher level entity that contains many projects. In each case, the Project Manager or Program Manager “owns” his/her project or program. It naturally follows that portfolio managers “own” their respective project portfolios. The element that MUST tie the portfolio managers, program managers, and project managers together is strategy, which often requires some “out of the box” thinking on the part of the respective managers. Strategy needs to be the common thread through the project portfolio, programs, and projects.

By taking “ownership” of a portfolio, program, or project, professionals are addressing the “what”. So how can they “think out of the box” within the overall organizational context to be more effective? The answer is by being driven by the “why” by clearly understanding the link to strategy. Maintaining that tie throughout implementation is a challenge, and can be supported by devising feedback processes to ensure that everyone is aligned with strategy. Each area needs to produce metrics that map back to the stated strategic initiatives of the organization, and communicate those metrics among the project portfolio management team, project teams, and program management teams on these metrics to “close the loop”.

Call to Action

The project portfolio management team, project teams, and program management teams need to take ownership of the “why” as well as the “what” in order to ensure their actions are aligned with the strategic direction of the organization. They need to be intimately aware of organizational strategy, and if there is no formal strategy, they need to devise one and verify it as formally as possible. They need to think “outside the box” by mapping the projects and programs back to the strategy, and taking ownership of the whole process.

More than one-third of entrepreneurs in the United States are women, and the growth in the number of woman-owned firms is more than double the rate of all U.S. firms. Stay-at-home moms are multi-tasking more than ever. In between childcare, cooking and cleaning, they are cranking out inventions that are making them millions. In America, women start 424 new enterprises every day that’s more than twice as many as men. These mothers of invention have nurtured their creative ideas outside the corporate box. Knowing how to stretch a dollar, these resourceful women started simple, by keeping costs down and production up!

 

Today, women entrepreneurs employ more people than the Fortune 500 combined. Throughout history there are many successful woman entrepreneur models such as Madame C. J. Walker (born Sarah Breedlove) listed in the Guinness Book of World Records as the First Female African-American to become a Millionaire by her own achievements. Orphaned at the age of seven, Walker built a thriving beauty products business in the early 20th century, employing over 3,000 people. She was noted for working hard, honest business dealings and quality products led her to success.

 

According to a recent U.S. national poll, try to guess who was the most admired entrepreneur? Was it Bill Gates? Donald Trump? Nope — Oprah Winfrey stood out head and shoulders above the rest. The story of Oprah’s life success is truly inspiring as she overcame many challenges. Today, Oprah is admired as the most influential woman in the world. 

 

Today, over 11-million creative woman entrepreneurs are using their ingenuity to fill niches on their own terms. The reasons women start their own company varies but research shows 46% want more control over their schedules, 23% were frustrated with the corporate environment, while 24% saw a niche and filled it. These successful woman entrepreneurs all share a common characteristic: they think outside the box.

 

The Small Business Administration’s Women-21.com or EthosMentor.com both one-stop shop resources centers for woman entrepreneurs; the fastest growing group of business owners. An explanation for why women have emerged as an important entrepreneurial group and why they have moved beyond traditional sectors can be found in examinations of changes in women’s human capital-especially their educational access and occupational representation.

 

Several online social networks offer support for woman entrepreneurs of all backgrounds such as; MillionaireMoms.com, MomInventors.com, BlackEnterprise.com, Woman’sWork.com, BlackBusinessWomanOnline.com, and HomeBasedWorkingMom.com . Today, woman entrepreneurs are the first generation from the cross platform, device agnostic, multimedia world in which we live in. Now, they take cues from both to put a personal stamp on business. They don’t just tap the insight of other women entrepreneurs, but encourage networking and support their success. 

 

Here’s some popular networking techniques used by woman entrepreneurs:

 

Keep It Small: Networking at the executive level is rarely done via big parties or industry mixers, regardless of gender. Woman entrepreneurs mainly connect through one-on-one meetings or small, exclusive dinners and get-togethers giving everybody a chance to relax. It fosters a great climate for brainstorming and meeting new executives.

 

Keep It Selective: One of the key elements to networking isn’t just how but who. It’s most advantageous to connect with like-minded individuals and coordinate dinners or drinks with an eye on synergy between attendees. It can also help guests feel more comfortable in sharing insight or contacts.

 

Keep It Consistent: They regularly make an effort to connect with fellow women in business to put heads together and conjure new ideas. It’s done via a variety of ways, from email, to cell texting to instant messaging to in-person meetings, but most importantly, it’s constant.

 

Keep It Focused: While gatherings are often in a social or relaxed environment, make no mistake – it’s all about business. Networking can be fun, but keep it productive as well.

 

The success of women entrepreneurs is a dynamic trend. Perhaps a hybrid of Baby Boomer work ethic, 70s freedom, and the great women in business boom of the 80s and 90s, they’re an inspiration of drive, ambition and an anything-is-possible mindset. What’s interesting is that it goes beyond the business world into every corner of their lives. They have rich social lives and good friends, husbands, great families, and live comfortably. They love style, looking good, support social change, and most of all, are happy.

 

Now it’s your turn to take the steps to achieving your dream and go for the gold waiting for you at the end of the finish line.  For more information visit:  www.ethosmentor.com

Take a moment to think about your life. Look at it from all angles. Step away for a bit and check in on yourself. Pay attention to how you see your life. Are you satisfied or dissatisfied?

Imagine as you watch yourself that you have a clipboard with a check list. This check list is meant to be a self evaluation. You scan the list of questions.

I am happy with who I am? — Are my relationships the way I would like? — Which things work or don’t work well? — Am I having a good day or a bad one? — How often to I feel frustrated? — What makes me scared? — What makes me happy?

You try to answer the questions thoughtfully. You may think of the past or the present. You may think of the future you’d like to have. You could perhaps become grateful for what already do.

At this very moment the thoughts you are having and the way you evaluate your life is a perception. It is a specific point of view that only you have. You can be certain that no one else will see the world exactly the same way as you do.

Your perceptions are affected by all the events in your life. The past has a tremendous impact on what your life is right now. Who you are or think you are depends on those experiences as well.

You are always defining every moment. You are sorting each one as you create a memory of it. It is interesting that your evaluation process automatically routes an experience into the “good” box or the “bad” one. You commit to this filtering process all day long. For example: You get promoted at work = good. You are cut off in traffic = bad.

You create a set of predefined filters throughout your life. Every moment becomes subject to them. You will place each moment in one category or the other.

Your filters communicate to you the inherent value of an occurring moment. Whatever the value it has will affect your feelings about it. You will experience everything that happens in your life whether it’s career, relationships, finances or leisure in a particular way. This defined viewpoint is your perception.

Everyday this evaluation process will create the positive or negative perceptions you have. Does all of this mean you are an automated robot that only processes data? No.

With your perception comes the ability to make “free will” choices. Those choices then help to create your reality.

Have you ever been with someone in the same event and have them describe it differently than you would? How can entirely different people experience the same exact situation but have two different stories? The answer is that every single person has a unique perception. This means that all versions or perceptions of events are true. If everyone was aware of that fact, there would be a lot less arguments. To create a more positive reality, be conscious of your perception of things. Is it good or bad? Mastering an awareness about your perceptions can help you change your quality of life.

Once you know your perceptions, you have the power to change you reality. Remember just because a perception begins negative, YOU can change it.

You can be the magician in your life. You can wave a thought and transform a dark and cloudy day to one filled with brilliant sunshine! Your perception is a decision you make between past events and what is truly going on in the moment. There are always different ways to look at something, don’t limit yourself to the past.

Let your perception become flexible! As you do, you will see a positive shift in the reality you create each and every day.

YOU have all the power!