Top 4 Reasons Projects Fail.

If you look around you today you will see loads of failed and abandoned projects and often times projects bankrupt organisation, Individuals and families.

Be it Tech start ups, housing projects, change project, process optimization even to that small project in your house you think it’s not that important, they can create especially serious financial stress and frustration.

There are several reasons projects fail, but want to stress on these four(4)

1. Goal:
every project must have a goal, I mean there must be an expected final result or product or solutions that is viable or usable and the products must be worth the effort and resource’s, don’t start a project because you feel like, there must be a real need or a problem you are trying to solve that will make significant impact.
For example: Don’t start building a 5 bedroom duplex because all your friends built one, build one because your family needs it or there is a proper use or problem it will be solving.

The goal of every project is key it’s like a vision, which defines where you are going to and why you must put all the resources together to embark on that journey.

2. Planning:
every project must have a proper plan, there is this popular saying “that when you don’t plan, you are simply planning to fail”. Don’t embark on a project if there is no plan. During planning you can easily outline how you want to achieve your goals. Don’t write you plans in you head they must be on paper and they must be clear and easy to interpret.
This is one of the biggest reasons businesses fold up or become bankrupt. Don’t think you can sort it out when you have not outlined your strategy, budget, stakeholders, risk, scope etc.

Planning is the ship of any project and the compass of the Project Manager. People don’t plan because they are in a hurry to get to their goals, so don’t cut corners plan.

3. Funding:
funds is the lifeline of every project, just like blood is to the human body. You must think how the funding will come, who the sponsor of the project is, how committed the sponsors is or are. Every project that lacks the proper funding dies within a short time the project started. Before you embark on that project think of how the funding will come, don’t say we will work it out latter.

4. The Project Manager:
when you have all the 3 points I outlined above and the person managing the project is not competent enough, be rest assured the project will definitely fail. It’s people that manage projects not ghost. The Project Manager must have project management and good leadership skills, maybe with a little of technical skills. The person must understand the principles of project management.

So the next time you want to embark on a project check these four(4) things. Go and succeed.

If you need assistance or advice in your next project, just let me know I will be glad to help.

photo credit: google image

Author Profile

Lawrence Obi
Lawrence Obi
Lawrence is a Cards, Payments, Project Management and Sales Expert with over 16years in the Financial Sector. He is passionate about Excellence, Leadership and Innovation, currently chasing interest in digital Payment solutions, blockchain technology, financial Inclusion & tech startups.
Author of the book, Discover, Develop, Deploy
https://www.amazon.com/dp/B083PSNRYY

Lawrence has founded several businesses including a Licensed Fintech in Nigeria. He loves writing and sharing knowledge with his audience.
You can reach him on any of his social media handles for enquiries and collaborations.

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