Capitalize on Strengths More Effectively with Project Portfolio Management
Project Portfolio Management Makes Expertise-based Growth Easier
There are a number of growth strategies that a company can pursue, and selecting the right avenue to growth requires understanding current markets, the product or products’ room for development, and the firm’s areas of expertise. For many firms, analyzing all these factors, developing the ideal growth strategy based on them, and carrying out that strategy will require project portfolio management to ensure that actual strengths stand out and resources are not wasted getting the growth strategy started. Good PPM, in turn, often stems from successful PMO services. Whether getting these management practices in place requires outside help or not, it may be helpful to visualize the types of growth strategies and how they relate to different company and market scenarios.
One way to break down potential growth strategies is into the five components of a company: markets, products and services, organization, people, and finances. If already in place, effective project portfolio management should have, in the process of creating reproducible practices and strategies to apply across projects, identified where the firm is strong and has opportunities to improve in terms of these five components. Choosing a strategy and type of growth would then rest upon the ability to actually carry out the improvement in a profitable time frame. Three of the most popular areas for growth are markets, products and services, and organization.
Growth strategies, which target the company’s relationship with its customers and potential customers, are perpetually being followed by most companies. Whether this means using or improving mailers and advertising, reconstructing consumer profiles based on new research, finding new markets, or some other strategy, this is often most effective when supported by the relevant market expert.
Improving products and services to cut costs, improve quality, or develop new products to meet an unsatisfied need is sometimes more expensive. It can entail a significant undertaking if it requires implementing new technology and modifying practices. Robust project portfolio management can be conducive to carrying out precise improvements, which may provide the “leg up” needed to increase sales and stimulate growth without a major capital outlay.
Improving internal organization often relies on conducting and acting based on the results of project management maturity assessment, and can result in a new project management office, better project portfolio management, and organizational restructuring, among many other benefits. This strategy tends to target increasing efficiency and eliminating waste to improve performance.
Each growth strategy has clear benefits and costs, which will be more specific when considered in terms of a firm’s strengths and weaknesses, which project portfolio management can help to identify and streamline during the growth project. Please contact us for more information; we are available by phone at 425.284.7800, or email us at adainfo@adaquest.com.
