Michael Wood | 15 February 2013
How does PRINCE2 benefit small business owners? Cash flow is the lifeblood of any small business, it is therefore vital that any project work that a small business undertakes is done for the right reasons and as efficiently and effectively as possible. PRINCE2 can help this happen in many ways
nvironment) is a
project method designed to deliver change across all sizes of
organisation. It contains toolsets for managing most aspects
of project management including risks, change, quality and
planning. It also includes tools for managing the process of
project management including getting a project started, delivered
The business case
The PRINCE2 business case tests the viability of the project, consequently the business is less likely to waste money if the project has had to justify itself in the eyes of the organisation's management
Starting up and initiating a project
These processes will ensure that any project is planned thoroughly and assessed in terms of risks and benefits to ensure that all project work starts off on the right foot, ensuring that the money spent is spent well
In a small business it is vital that the organisation understands the full extent of what they are taking on, including what could happen if it goes wrong, and the opportunities that may arise from any venture. PRINCE2 provides tools to assess the level of risk on a project to ensure that as far as possible any eventuality is assessed and catered for.
There is nothing that is as certain as change, but if the business applies the change control procedures detailed in PRINCE2 they can ensure that any changes to the original plan mean that the project still remains a viable and attractive proposition.
A business' reputation can make or break it, one important way to enhance a business' reputation is for it to deliver the right product first time. PRINCE2's quality tools will ensure that all the necessary processes are carried out to ensure that quality control and quality assurance are effective.
As the business progresses through the delivery of the project, it is important that it continuously assesses whether the idea is still sound and that the approach to delivering it is valid. This should be done throughout the work, but it can be particularly useful to create "gateways", moments where everyone stops and takes a deep breath and look at what they are doing to decide if it is still right. In this way work that has been slowly wandering off course can be assessed and brought back in line if needs be.
A small business can't afford to waste money. A project will always represent a risk in that the money needs to be spent, but the returns are not guaranteed. Using the PRINCE2 method will greatly increase the chance that the project will be delivered on time and to budget, whilst delivery the necessary level of quality.
Find out more about PRINCE2 at QA .