8 Common Project Risks – and How to Minimize Them [Infographic]

Share this article...

Project risks occur when your deliverables are hit with unexpected events, most the time putting your project deadline at risk. As a Salesforce Admin or Developer, project complications aren’t anything new, but how you handle these roadblocks could determine if your project succeeds or fails. There are a few different ways deadlines get pushed and cause you to spend more than expected.

Here are 8 of the most common project risks that could threaten your project timeline, with some helpful advice to managing each and every one of them.

“Natterbox"

1.   Scope Risks

Scope risks are tasks that endanger project objectives, deliverables, or timeline. This is the most well-known project risk of entrepreneurs. Even though there are various steps to be taken to avoid the odds of this happening.

Create consistent concrete goals and task dates for each phase and team member working on a given project. This will ensure your team doesn’t try and add additional tasks or take up any extra free time on tasks for any given project.

2.   Cost Risks

This type of risk is the most common as it shows the biggest threat to businesses and their financials. Staying within budget is crucial for business owners to make a sufficient profit of their client’s projects while still making them happy.

To avoid going into the red, have your team stagger their work by moving non-essential tasks to different weeks, months, or years to best suit your businesses project focus. Along with that, stay in touch with your expenses by tracking them on an app or spreadsheet to double-check your project’s finances are still in the green.

3.   Time Risks

If you and your team think there is enough time to complete your project comfortably, or even with a touch of time to spare, you most likely aren’t scheduling your tasks effectively.

Have you or your management team take on a couple more projects or simply wrap up projects sooner rather than later if you think there is too much time to put towards one given project. That way, if something were to take a turn for the worse on a deadline, you were allocated enough time to take control and get it back on track.

4.   Technology Risks

Technology can get confusing and frustrating at times. Studies even show that only 30% of IT project implementations are successful. Keep your projects in the green by scheduling extra time to brace yourself for implementation delays.

If you have the budget for it, or are wanting to take out a small business loan, hire an IT team that could easily fix any complications that may occur along the way.

5.   Resource Risks

Your team is one of the key factors in getting your business goals met, but they aren’t in control of the resources that are provided to them or what life may throw at them. Make sure you are able to provide what is needed for your team’s job and satisfaction. Here are just a few ways you can show your team and clients you are thankful for all their hard work and dedication.

6.   Communication Risks

In a world filled with technology, sometimes effective communication gets put to the side. Make sure your team is communicating any delays or shifts in any given project to ensure the reallocation or changes are being made to best suit your deliverable. Along with that, foster a positive team working environment.

7.   Procurement Risks

You most likely are relying on other businesses to meet their goals too, in turn, helping you meet yours. To meet your deadlines and get the most out of your investment into another company, make sure you are checking references and listening to the good and bad before signing a project contract with another company.

8.   Miscellaneous Risks

There are many different things that could happen through the pipeline of any project conducted. Whether that be natural disasters or legal risks, always take extra precautions with a disaster recovery plan or attorney one phone call away if needed.

Summary

If you are a small business owner, taking risks can be fun as long as you learn more from your own actions rather than being told what to do. In these cases, make sure you are ready to take on anything that might be put in front of you when promising a client’s specific deadline.

22 Common Project Risk Examples and How to Minimize Them

Leave a Reply