In this time of economic uncertainty, it is more important than ever to ensure that your projects are being managed efficiently and effectively. One key tool for doing so is earned value management (EVM), which can help you to track the progress of your project and identify potential problems before they become time-consuming to fix.
What is Earned value managment?
Earned value management (EVM) is a project management technique that measures the progress of a project by calculating the earned value of work completed to date and comparing it to the actual cost of work completed. This technique helps project managers to identify potential problems early before they become too costly to fix.
EVM is based on three key concepts:
– Actual cost,
– and budget at completion.
Earned value is the portion of the budgeted cost of work completed to date. Actual cost is the actual amount spent to date on the project. Budget at completion is the total budget for the project.
To calculate the earned value, you divide the earned value by the budget at completion. This gives you a percentage that measures how much of the budget has been earned. You can then compare this percentage to the actual cost to see if you are on track or not.
If the earned value is less than the actual cost, then the project is behind schedule and over budget. If the earned value is more than the actual cost, then the project is ahead of schedule and under budget.
Examples of how EVM (Earned value managment) can be used in project management
EVM can be used in a number of ways to help manage a project. For example, you can use it to:
-Measure the progress of the project
– track the budget
– and make decisions about how to course-correct if needed.
EVM is a valuable tool for project managers and can help to ensure that projects are completed on time and within budget.
There are a number of software programs that can help you to track the progress of your project using EVM. One popular program is Microsoft Project, which has a built-in tool for EVM. Other programs, such as Primavera and ProjectManager, also have features for EVM.
Benefits of using EVM
The benefits of using EVM include:
– Improved project visibility:- By measuring the progress of the project and comparing it to the actual cost, EVM provides a clear picture of where the project is at any given time. This allows for early identification of potential problems and timely course correction.
– Increased accuracy in budget forecasts:- The use of EVM helps to improve the accuracy of budget forecasts by providing a more accurate estimate of the amount of work that will be completed by a given date.
– Improved decision making:- EVM helps project managers to make informed decisions about how to best proceed with a project based on the most up-to-date information. This can help to avoid costly delays and mistakes.
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6 Core Functions Your Small Business Should be Outsourcing Today
Currently, more than a third of small firms outsource at least a portion of their operations. And even more intend to investigate this option in 2022.
As a small business, outsourcing helps you to get more done and delegate key activities and processes to specialists without having to significantly expand your full-time crew. It allows you to keep costs under control, increase production, and focus on the elements of your business that you enjoy and excel at.
This concept may be used in a variety of business situations. Here are some of the most important aspects to examine.
1. Computer Technology (IT)
About 53% of organizations outsource at least some of their IT services, with another 26% planning to do so in the near future. Using outside vendors or cloud solutions to manage your IT functions makes you more flexible as a company and gives flexibility as your firm expands, in addition to cost savings.
Always plan ahead and try to have an entrepreneurial mindset. The task of an entrepreneur is not simple; it takes thought and strategy.
Despite the fact that payroll is the most widely outsourced service, 60% of small firms still manage it in-house. It has been proven that delegating this duty to experts or using payroll software can reduce expenses and improve compliance. Companies who outsource payroll save 18% compared to those that do it in-house.
In addition, the IRS estimates that 40 percent of small firms pay $845 in fines each year for late or inaccurate filings and payments. Sales tax can be just as taxing. According to Aberdeen Research Group, small businesses spend 24 days each year manually maintaining sales tax compliance, which costs roughly $22,000. Payroll services can assist you in meeting obligations such as pay stubs and state and local income tax withholdings. If you face an audit, your costs will quadruple. Online services and automated software can help you mitigate this danger while also saving you money in the long term.
Three out of four small enterprises in the United States claim that hiring freelancers gives them a competitive advantage. One-third of Americans increasingly prefer to freelance, contract, or consult, indicating that skilled labor is plentiful. Companies who hire freelance and contract workers receive access to talent they couldn’t otherwise afford. Virtual assistants are also in high demand, with economical administrative professionals only a click away. Outsourcing allows your company to adjust staffing levels in response to seasonality or project demands. To prevent IRS inspection and possible penalties, make sure to follow protocol for properly classifying workers.
When it comes time to grow your business, an outside marketing firm can help. They can handle ad design, content generation, and social media posting so you may focus on your company’s internal operations. Furthermore, these organizations are typically staffed with specialists who can help you generate novel ideas and practical strategies that you would not have had access to otherwise.
For small businesses, ecommerce and social selling have made internet marketing, web storefronts, and social media more important than ever. However, having full-time PR, social media, and site design tasks in-house is neither financially practical nor the greatest use of resources for most companies. According to a survey, small company owners spend around 33 hours each week on marketing. A large percentage of this group (76%) said they don’t have enough time in the day to get everything done.
Outsourcing logistics allows retailers to concentrate on selling and merchandising. Having third-party companies manage fulfillment, warehousing, and shipping reduces overall costs while also improving customer service. These service providers are industry professionals. As a result, they can respond faster and scale to meet demand than you can.
Which fulfillment, warehouse, and delivery activity providers you select is highly dependent on the size of your company and the products you offer. Let us know which applications or integrations you use and why they work (or don’t) for you in the comments.
6. Customer service
You can outsource your customer care strategy to an outside call center or chat service for organizations that deal with clients primarily online or over the phone. To do so, you must first establish protocols and ensure that the company that will be interacting directly with your clients receives clear instructions.
Having trained or dedicated customer care staff isn’t always a practical choice for smaller businesses. This frequently implies that office workers or salespeople are responsible for this duty, spending their time between acquiring new customers and maintaining existing ones. Outsourcing to a contact center might provide you with the additional labor you need to manage consumer calls.
Companies should understand the advantages of outsourcing individual projects or sectors of their organization to improve productivity and overall efficiency.
Choosing your business location: our advice
Are you starting your business? Wondering how to choose your business location?
Where you are going to set up your business will greatly influence its development. To ensure the growth of your business, you must set up your activity in a place conducive to its success. It is therefore important to carefully study the criteria relating to location, cost, and facilities when choosing your business location.
To help you in your search Vacation Rentals for Remote Work, here are 4 tips and things to consider when choosing the best location for your business.
What are your business needs?
This first question is essential. Depending on the sector of activity of your company, your location needs will change significantly. You could consider shared offices in city centers as well as more spacious premises in the regions. You must therefore start by establishing a list of essential criteria for the development of your business.
Depending on your activity, you might need:
- Storage spaces
- Accessibility for deliveries
- Quiet offices
- A busy area
Meeting or conference spaces
Many other criteria can be taken into account. The key is to identify which ones will meet your business needs. After clarifying your business needs, the next step is to consider the needs of your customers and employees.
Needs of your customers
The good development of your company obviously requires its customers. Most of the time, you have to choose your business location based on its visibility, to attract new customers. Your workplace must therefore be strategically targeted according to your clientele and their needs.
If you are a merchant, it is interesting to choose shopping centers or busy streets to guarantee more visits and notoriety. Your customers will travel to certain specific sectors to find what they are looking for. Plus, your competitors are probably there. Place yourself according to them!
Conducting market research will help you learn more about your customer base, as well as your competitors. In addition, the neighborhood with other companies in sectors complementary to yours could be conducive to the development of your company. You could create new partnerships, make yourself known and attract more customers!
Needs of your employees
A growing company needs to recruit labor to support its growth. One of the first selection criteria is therefore your need in terms of manpower. Where is the skilled labor you will need?
For example, you are creating an interior design agency. But you decide to settle in an area more than an hour from the city. In this context, there is little chance of finding sufficient qualified professionals. In addition, you will not have the necessary visibility and accessibility with your target customers.
The following aspects must therefore be considered when choosing your business location:
- Does the region have qualified professionals in your field?
- Would the workplace be within a reasonable distance for your employees?
- Is the site easily accessible (parking, transport, etc.)?
In addition, you must consider the attractiveness of the location you choose. You get significant benefits for your employees if the workplace is close to:
- grocery stores
- Daycare centers
Once these first aspects have been clarified, you can identify the precise geographical area where you are going to set up your business.
To start, think big. Think province, city, neighborhood … and ask yourself which area would be most conducive to your growth. You may choose to locate near your competition to attract more customers, but perhaps not next door.
The address of your location speaks for you. Installing a digital marketing agency in the industrial areas of Montreal does not have the same impact as having its address in the city center or in the Old Port. Although costs vary by location, location influences your business image.
Once you have clarified these points. You can focus on the practical aspects of the areas you are targeting such as:
- Proximity to public transport (metro, bus, shared bikes, etc.)
- Nearby parking
- Accessibility for people with reduced mobility
Keep a list of several location choices for your business, then you can evaluate the possibilities based on market prices and your resources.
Remote Worker vacation rentals – Rent is a significant part of your business expenses. The cost of your rent must be adapted to the potential and the financial capacities of your company . Choosing your business location involves finding a balance between desires and possibilities.
In addition to the basic cost of rent, you must consider the hidden and extra costs that would not be mentioned in your lease such as:
- Cleaning fee
- Hospitality or security costs
- Parking costs
- Additional charges
Also, remember to find out about business taxes to add to your installation costs. The total cost of your rent includes all these aspects, so avoid surprises!
- The building
Finally, the building infrastructure must meet your needs. You must therefore inspect the entire building to ensure that it corresponds perfectly, or almost, to your search before signing a lease.
Some buildings can hide certain disadvantages. When it comes to choosing your business location, you want to find a place that’s as comfortable as it is practical. For example, consider checking whether:
- Heating is working
- There is air conditioning
- The insulation is well done
The size must also be adapted to the potential expansion of your business. Moving several times in a few years is undesirable and can be expensive. Building efficiency is also important. There must be all the necessary facilities for the operation of your business. Especially:
- Internet and telecommunications installations in general
- Conference rooms
- A reception or/or a waiting room
- The needs and wishes of your employees
Depending on your abilities, you could afford certain extras that will increase the quality of life at work for your employees. Some offices have extras such as:
You now have the various selection criteria to choose the ideal location for your business. So, start your research and propel your business in the best conditions with a location of choice!
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