Failure to Plan
CAUSES
Many project teams are so eager to get on with the “real work” that they short change the planning phase.
Managers that lack experience leading process improvement projects often underestimate the planning effort.
Many leaders fear that a realistic plan won’t fulfill a mandated deadline or expected budget so they simply don’t plan.
Sometimes plans are incomplete because they do not include the implementation phase and training effort. These critical phases are not started soon enough and often under-funded, undermining the over all success of the project.
Many plans do not take into account activities outside project team that must happen in order for project to be successful.
REMEDIES
Plan early, thoroughly, and be sure to revisit the plan often. Good planning requires devoted effort and thorough research. By devoting time upfront and one avoids heroics and histrionics later.
Skilled leaders educate themselves about similar projects: Which other companies have done this before? What made them successful? What were their challenges? Find other companies that have attempted similar projects at industry meetings, through the Association for Financial Professionals (AFP), vendor white papers, consultants, industry publications, blogs, etc. Learn from others and plan accordingly.
Plans must include roles and responsibilities of project team members as well as other parties that may be involved on an ad hoc basis.
Finally, recognize that business today is highly dynamic and include contingencies in the plan. Expect changes and be prepared to adapt the plan.
During her time at Glenbrook, Erin focused on client engagements in business payments, cross-border transactions, bill payment, and the intersection of corporate finance, banking, and ERP/accounting. She has nearly twenty years of experience leading increasingly complex payment initiatives for corporate clients and advising financial institutions and payment technologists on the development of their payment capabilities.
Erin is also the founder of Forte Financial, a consulting firm focused on corporate finance efficiency, technology, and process improvement. She is a past president of the Financial Women’s Association of San Francisco and also a two-term past president of the San Francisco Treasury Management Association. Erin is no longer with Glenbrook, but contributed greatly during her time at the firm.