What Is Quantitative Business Analysis, and How Can it Help My Business?

Quantitative Business Analysis

Every company owner wants to understand how their business is doing. And every potential investor wants to ensure they have as much information as possible about a company before they put their money into an organization. Running a company is a complicated and demanding process, and it’s not always easy to get a clear picture of the situation—especially when you’re in the middle of its affairs. Business analysis techniques provide us with a framework to ask relevant questions and understand just what’s going on within an organization.

In this blog post, we’ll take a closer look at the benefits of quantitative business analysis and the kinds of tools it brings to the table.

Let’s dive right in.

Qualitative vs. quantitative analysis

Qualitative vs. quantitative analysis

We can break business analysis into two types—qualitative and quantitative analysis. Both provide valuable insight, and using them together is the best way to evaluate a business successfully. So, before we get into the details of quantitative business analysis (QBA), let’s quickly compare the two approaches.

Qualitative analysis

Qualitative analysis involves examining aspects of the business and its market that cannot be quantified (expressed numerically). For example, we might use qualitative techniques to assess a business’s:

  • Core business model  — how does the company operate?
  • Motivation — what is the company trying to achieve?
  • Integrity and values — how does the company measure up ethically?
  • Corporate governance — do the people involved live up to the company values?
  • Target audience — what are the customers’ goals, aspirations, and fears?

Clearly, these are important factors in any business decision. They are also impossible to quantify. We can assess these aspects in different ways – many of which will be particular to us – but we can’t use them to crunch numbers and reach meaningful conclusions.

Quantitative analysis

Quantitative business analysis means using hard data to assess the health of a business and make predictions about its future. With QBA, we ask questions using specified parameters and variables and use numerical values to express the resulting data.

For example, as an investor assessing a potential investment, you might set minimum acceptable values for the following factors:

  • Earnings per share.
  • Return on equity.
  • Return on capital.
  • Free cashflow.

After analyzing the data, you would make a decision based on whether the business in question exceeds your minimum values or not.

What quantitative business analysis is used for

What quantitative business analysis is used for

Whether you’re an investor looking to assess the performance of a prospective investment, or a business owner aiming to make your business more efficient or profitable, quantitative business analysis provides you with the tools you need to make decisions. QBA techniques are often used to examine relationships between variables, such as:

  • Spending.
  • Revenue.
  • Profits.
  • Market share.

We can use QBA to assess most aspects of business performance and help us understand hidden correlations and relationships. Some typical applications are:

  • Forecasting.
  • Reducing costs and increasing profit.
  • Predicting customer behavior.
  • Understanding brand penetration.

The role of statistics

The role of statistics

Statistics often get a bad rap. You’re probably familiar with the phrase, “There are three kinds of lies: lies, damned lies, and statistics.” Although the origin of the phrase is uncertain (they’re often attributed to Mark Twain, but he attributed 19th-century British prime minister Benjamin Disraeli, and there’s no record of him using the phrase), many of us have taken the words to heart and are somewhat mistrustful of statistics.

While it’s true that statistics without proper context are meaningless and misleadingly presented statistics can be used for dubious purposes, statistical methods are the backbone of quantitative business analysis and give us powerful tools to aid our business decision-making.

Quantitative business analysis techniques

We’re not going to dig too deep into the technical side of QBA here, but it is advisable to get a basic understanding if you’re planning on combining quantitative business analysis and business decisions. There are a dizzying number of quantitative analysis methods that we can use in business analytics, but today we’ll stick to a few of the most commonly used techniques.

Break-even analysis

One of the more straightforward types of QBA, we use a break-even analysis to compare business spending with revenue over a specific time period to determine how much money the company has to bring in to cover its costs.

Regression analysis

We use regression analysis to assess the relationship between two or more variables. If there are two variables, we call it simple regression. Multiple regression involves three or more variables. An example would be identifying a correlation between how much we spend on materials to produce a product and the profit the product generates.

Time series analysis

With time series analysis, also known as trend analysis, we examine historical data to predict future performance. An example would be looking back over sales performance during past Christmases and using that data to make a forecast for the upcoming festive season. This method is best used for short-term forecasting.

How quantitative business analysis helps businesses

How quantitative business analysis helps businesses

By using verifiable, high-quality data to assess business performance and make forecasts, we free ourselves from the biases and emotional reactions that can cloud our judgment. We also find a deeper understanding of the currents and trends that shape the market but aren’t necessarily obvious.

We can use QBA not only to assess business performance, but improve it. By implementing plans based on the result of our analyses, we can see improvements in areas like:

  • Cost efficiency.
  • Team performance.
  • Sales forecasting.
  • Brand recognition.

How to implement quantitative business analysis

While you can utilize QBA techniques yourself, unless you’re a statistician or data scientist, it’s going to be a challenge with a steep learning curve. If the business you want to analyze is small, or you only want to answer one or two simple questions, a DIY approach could work. There are plenty of courses available online to help you learn the skills. Beware though, because poorly designed or implemented analysis is at best a waste of time and could cause damage if you make business decisions based on inaccurate data.

For most people, employing a professional is the best way to get reliable, meaningful results. An experienced business analyst will work with you to determine what data you want to gather, the most appropriate methods to collect them, and which techniques should be used for the analysis.

Whichever route you decide to take, the process will go something like this:

  1. Define the questions — what exactly are you trying to learn about the business? It’s vital to be as precise as possible.
  2. Determine which analysis technique to use — this will depend on what you’re trying to get out of the analysis.
  3. Decide how you’re going to collect the data — for example, will you conduct an email campaign? Use a crowd-working platform? Physically ask people questions as they leave a store?
  4. Implement the data collection methods — get the infrastructure in place and conduct any necessary staff training.
  5. Gather the data — remember, the data needs to be high quality and relevant.
  6. Perform the analysis — apply your chosen technique to crunch the numbers.
  7. Use the findings to take action — once you have your results, do something with them. If you find yourself dismissing or ignoring the results, ask yourself why. Did you ask the wrong questions? Make mistakes with the data? Or are the results telling you something you’re reluctant to admit?

Things to remember

Things to remember

Before jumping into your analysis, make a plan. Lay out exactly what you want to achieve and how you’re going to achieve it. Here are a few things to bear in mind:

  • Ask the right questions — it’s crucial to ensure that the data you’re gathering is relevant and usable.
  • Use high-quality data — faulty data leads to false conclusions, so gather your data carefully.
  • Keep it simple — don’t try to analyze too much at once – you’ll run the risk of confusing the results.
  • Context is key — no business exists in a vacuum, so make sure to include competition and the broader market in your analyses.
  • Bad analysis is worse than no analysis — if in doubt, hire a professional!

The bottom line

Quantitative business analysis allows us to dig deep into data to understand business performance, identify patterns that might not be immediately obvious, and make reliable forecasts about the future. We can use QBA techniques to inform our business decisions and improve performance within our organizations.

QBA can be used alongside other types of analysis to form a complete picture of a company’s health. Because the methods involved are complex, it’s a good idea to consult a professional business analyst before you get started. Understanding the process is valuable, though, so it’s worth getting to grips with the terms and various techniques involved.

How to See the Forest and the Trees: Setting Short Term and Long Term Goals

Short Term vs Long Term Goals

Do you set New Year’s resolutions? Life feels like a clean slate on January 1st, and it’s so exhilarating to pursue something you’ve always wanted. Maybe it’s to lose weight, develop a new skill or finally get out of a dead end job.

But then, it’s so often the case that once the Superbowl party rolls around, all the goals go kaput. It’s so discouraging to watch dust collecting on the new treadmill, to have new books sitting unopened on the coffee table, and to face the same long commute to a boring job, with no end in sight.

Chronically setting goals and never achieving them makes it feel pointless to set them at all. Why try if you’ll only feel like a failure in the end?

What if goal setting was tantamount to being granted a wish that’s certain to come true! What would you ask for? A house? Better health? A brand new car?

The truth is, you really can achieve “impossible” visions. Goal setting isn’t about falling short and always missing the mark. It’s about putting a plan in place to realize wonderful things in your life.

In order for goals to be effective, you need to pan in and pan out at the same time. In this post we’re going to look at how achieving goals requires the right mix of long term and short term goals…and a few strategies for keeping yourself on track!

The Myth of Overnight Success

The Myth of Overnight Success

Do you ever read those “40 under 40” articles about really young people who seem to have it all? They’re successful, bright, wealthy and it all apparently happened overnight.

If you dig a little deeper, however, you’ll realize that it isn’t like that at all. In her reality show “My Life on the D-List” comedian Kathy Griffin points out that achieving success is about slogging through the muck of hard work for years and years. And she’s not alone. Most anyone with a success story has had to grind away for years, to no acclaim.

To make an analogy, achieving a huge milestone is like a dam breaking. Over a long period of time, water gradually builds up, and then finally one day the dam gives way to one epic splash. That is to say, success doesn’t just happen. It’s the result of continually pounding away at a vision.

If you don’t set goals, you’ll still make decisions about how you spend your time. But the decisions are made without a lot of reflection. It’s really easy, for example, to develop a habit of eating out most nights of the week…and then at the end of six months wonder where the money is for a summer vacation.

Not setting goals is a bit like driving a car with no destination in sight. You’ll end up somewhere eventually, but it may not be anywhere you wanted to go!

Goal setting is about taking the macro view of your life, or one area of it, and getting deliberate about the choices you make. It’s about determining the direction you want to head in, and looking at the steps needed to get you there.

Tips on Goal Setting

Tips on Goal Setting

We set goals for all areas of our life. Maybe you’re looking to budget for retirement and a vacation at the same time. Or maybe an organization has the objective to create a culture with more transparency.

When shaping goals, a good starting place is to unpack everything related to the topic.

If it’s a financial goal, outline all your financial obligations, both short and long term. This may include a college fund, a summer vacation, a new car, groceries, monthly bills, house payments, and retirement.

Or with a goal related to company culture, consider all of the factors that shape the culture: communication tools, recruitment methods, rituals around meetings, project planning procedures, and policies around work life balance. There’s really a lot that goes into company culture, so this takes some real brainstorming.

The next step is to look at all of these pieces and develop the goal. Crafting the right goal per your situation is central to achieving it. Let’s look at characteristics of a good attainable goal.

Set Goals, Not Desires

Set Goals, Not Desires

A goal is measurable, and focuses exclusively on work you can control.

Maybe you’d like to have a transparent company culture. At first blush, this seems like a perfectly appropriate goal. However, changing a culture has a lot to do with things completely out of your control. It’s dependent on the cooperation and behavior of other people within the organization.

Having a transparent culture, then, is really a desire and not a goal.

Developing a goal around this entails doing specific things that might bring about more transparency. These could include things like sharing the long-term strategy with the entire team, soliciting feedback from everyone at the end of a project, or regularly scheduling skip level meetings with the team.

Incorporating these practices would hopefully bring about transparent company culture. If not, it’d be necessary to shore up a new set of goals.

Set Motivating (not Demotivating) Goals

The way we frame a goal affects the level of enthusiasm we bring to it.

Consider these goals around weight loss: “I want to get out of my oversized clothing” and “I should start eating better” and “I want to look great this summer.”

Although each of these goals achieves the same end, the last one looks at the desired result and is far more aspirational. The first two focus on the problem, and feel discouraging.

Or within a company, setting a goal of “figure out what went wrong with the failed products from last year” may well bring about dissension within the team. Rather, a goal to “design innovative products that serve customer needs” keeps the team forward looking and thinking creatively.

When framing goals, it’s best to get away from “should” language and an emphasis on failure. In order to make the goal aspirational, focus the goal around the desired objective.

Make Trade-offs

We live in a world with finite resources, including time, labor, and money. This means we can’t achieve everything. If a company, for example, sets a quarterly goal to start a new podcast, then the time and money dedicated to this takes away from another desirable objective of, say, starting a newsletter.

A realistic approach to goal setting means accepting trade-offs. In order to determine the supreme objectives, it’s good first to lay out all possibilities onto the table to evaluate them.

The MosSCoW Method of Prioritization effectively helps with this process of sorting through various goals. It’s about identifying the musts, shoulds, coulds and won’ts of a project or objective.

By identifying things that “must” happen, it’s easier to then decide areas that can slide down on the priority list.

In sum, setting good goals makes it easier to achieve them, so take some time to craft good goals. You may find that in achieving one goal, others fall into place as well!

Setting Long Term Goals

The Macro View: Setting Long Term Goals

We all have a fantasy of where we’d like our lives to be, and each of ours is a little different. If you could have a completely different life in ten years, what would it look like? Maybe you’d have an entirely different career, or even be working for yourself. Maybe you’d live in another place, and own your own home. Or maybe you’d achieve a huge physical milestone, such as climbing a mountain or deadlifting 200 pounds.

Tony Robbins has been known to say that “We overestimate what we can accomplish in a year, and we underestimate what we can accomplish in ten years.”

Goal setting oftentimes is focused on the short term: the ten pounds we want to lose, the savings for a vacation this summer. And we get discouraged when we don’t achieve these, as we may have set our sights too high.

However, the fact is, when we set our minds to something, we can shift our lives 180 degrees within six to ten years.

Long term goals aren’t achieved linearly. We only cross the finish line after a lot of hiccups, setbacks, detours and roadblocks. And so be sure to anticipate them!

And sometimes, your final objective isn’t crystal clear at first. But that’s ok.
Maybe you’ve quit your job in search of “something else” that you can’t define precisely. Just by outlining some of your musts (I want more freedom, I want more independence, I want more work life balance) provides direction. Clarity comes from taking steps in the direction of these musts.

Here are three pointers to keep in mind when setting long term goals.

1. Ask Questions to Clarify

When you have a lot of uncertainty around a long term goal, it’s good to ask questions to arrive at a better understanding of where you want to be.

A good set of questions clears away some of the brain fog. If you’re setting goals around a career, ask things like “What kind of environment do I want to be working in?” “Where do I want to live?” “What do I value most in a company culture?” “What skills do I want to utilize?” and “In what situations do I feel the most energized?”

Taking the time to answer a good list of questions allows imperatives to surface. It creates priority and some “musts” start to emerge. From there, it’s easy to chart a path toward making a long term goal a reality.

2. Pick One (or Two) North Stars

Generally speaking, long term goals are huge milestones. When you have a list of five or ten, it’d take a superhuman to achieve them all. Simply attempting them leads to burnout.

And, by making everything important it means that nothing really is important.

Limiting long term goals to only one or two makes them much more achievable.

Narrowing goals down also gives your ship a clear direction to sail in. In letting the North Star be your guide, you may find that many other things fall into place as well.

3. Seek Out Resources and Experience

Oftentimes, embarking on a vision is a step into the unknown. Maybe you’re considering diving into a career you know nothing about. Although this is exciting, it also begs the question, “Am I suited to this type of work?”

Determining whether or not you really want to achieve your goal entails seeking out educational resources, as well as having some hands-on experience.

For example, when embarking on a new career, materials such as the career-change workbook “What Color is Your Parachute,” personality tests and internships all serve to let you understand if you’re headed in the right direction.

In sum, it really is possible to change your life. Long-term goal setting entails embarking on a path, and learning as you go along. Oftentimes, along the way you achieve greater clarity as to where you ultimately want to be headed.

Setting Short Term Goals

The Micro View: Setting Short Term Goals

“Every action that brings a company closer to its goal is productive. Every action that does not bring a company closer to its goal is not productive,” says the character Jonah in Eliyahu Goldratt’s bestselling book, The Goal.

When you’re in a situation you don’t like, it’s easy to have a myopic focus on a short term goal. Maybe you’re stuck in a job where every day is the same and there are no opportunities for growth, and so you decide that you will take any other job opportunity you can find.

Or maybe you really want to lose some weight, and so go on a crash diet to lose it all in just six or eight weeks.

But this narrow focus doesn’t always pan out. Often, the next job is just as bad as the first, or you gain all the weight back right away.

Effective short term goals are about alignment. It’s a two step process of first identifying where you want to be in five or ten years, and then working backwards to see how to get there.

As Brian Tracy, author of Eat That Frog, 21 Great Ways to Stop Procrastinating and Get More Done in Less Time, says: “In your work, having a clear idea of what is really important to you in the long term makes it much easier for you to make better decisions about your priorities in the short term.”

Oftentimes, the long term goal is the big, glamorous achievement, such as a new career or a new home. The short term goals, however, are like the back end work which no one but you notices. These, however, are critical to achieving the big vision.

In order to keep on track, here are three pointers for succeeding in short term goals.

Break Work Down

1. Break Work Down

When setting short term goals, it’s hard to gauge how long some things take. Maybe we take on a quarterly goal to run a half marathon, and find that it’s way out of our reach.

In order to achieve the short term goals we set, it’s good to break a larger task down into smaller tasks that can be completed in just a week or two.

So something like “go out for three five-mile runs” might make a better short term goal, as this can be accomplished in just one week.

And of course, it’s always good to celebrate your wins, no matter how small.

2. Be Willing to Pivot

Progressing with short term goals is like taking a journey toward a final destination. As you progress, it’s good to pause and reflect on how things are going.

Are the action steps you’re taking moving you closer to your long-term goal? And does that long term goal still look like a worthy endeavor?

It’s ok to pivot based on the feedback. Maybe you headed back to school to study law, and discover that it’s just not at all what you had in mind.

Our long-term goals aren’t set in stone. They’re malleable, and depending on what we learn along the way, we can move the goal post and change the North Star.

3. Take One Step at a Time

When working toward a long term vision, it may feel like you’re moving at a snail’s pace. But a glacier doesn’t melt overnight.

It takes patience to press on, trusting you’ll reach the finish line eventually. By focusing on small wins and celebrating them, it’s easier to stay on track.

In sum, short term goals are often the somewhat tedious, back end work that you need to do in order to achieve a larger goal. But short term goals give you a boost of momentum. These small successes motivate you to achieve the big victory. And don’t be afraid to adjust course as you continue along.

Strategies for Staying on Track

Strategies for Staying on Track

Achieving goals is a journey. At some turns, you experience exhilarating, expansive views. However, at other times you feel like you’re stuck in the badlands, making very little discernible progress with no end in sight.

It takes some stamina and finesse to press on and navigate these inevitable ups and downs. Here are a few strategies for staying on track.

1. Remember the Why

Glamorous goals all entail boring work such as writing code, doing the books and cleaning up messes. These things take time, and they all need to get done.

It’s a real slog getting through “meaningless” tasks, and so make an effort to maintain focus on your “why.” What’s the overall goal you hope to achieve? What’s the dream?

A vision board with the goal clearly displayed keeps you mentally aligned to your long term objectives, even amidst the daily grind. Placing a vision board in sight of your work area keeps you thinking big during all the mundane tasks of your day.

2. Use Metrics

Some goals have a clear and definite finish line. Say something like completing a book: once you’ve finished the last page and closed the cover, it’s definitely completed.

Other goals, however, are far more nebulous. Consider a goal such as “increase marketing efforts.” Although this is certainly a worthy goal, it’s such a huge, broad topic that it’s hard to define when you’ve “completed” the goal and can cross it off your list.

In these sorts of instances, it’s helpful to set clear metrics around the goal, so that you can know when you’ve given it a good faith effort and can move on.

With a goal to increase marketing, for example, both time or quantity metrics provide appropriate limits. Maybe the goal is to spend five hours each week marketing. Or, another might be to send out one newsletter a month and ten social media posts each week.

When a goal feels seemingly endless, metrics allow you to shut down the laptop at the end of the day and move onto something else.

3. Use Mental Agility

Achieving goals is a psychological challenge. You’re stretching yourself and possibly doing things you’ve never done before.

Long term goals present surprise detours as well. Maybe late in the game, you find that you want to change course.

Rather than becoming disheartened, however and getting derailed, mental agility allows you to keep your head in the game, and acknowledge that roadblocks and detours are part of the process.

In sum, achieving short term and long term goals is no piece of cake. From time to time, it feels like a real grind, and it requires strategy to keep you pressing through to the end.

One Brick at a Time

One Brick at a Time

To an onlooker, achieving huge milestones may look effortless, but the fact of the matter is that they’re really a lot of hard work.

Effective goal setting entails taking a micro and macro view to one area of your life, and aligning short term goals to the long term vision. Many short term goals aren’t glamorous at all, and it requires strategy to achieve them.

No one’s goals look exactly the same. Everyone has their own special set of factors and desires that determine the direction they choose to take.

If you’re in a difficult or seemingly inescapable situation, it lifts your spirits to set goals and take steps toward a way out. The more steps you take, the clearer your vision for the end goal. And when all of your efforts culminate, and you cross the finish line, you receive a badge of honor that no one can take from you!

How Level 10 Meetings Can Enhance Leadership Meetings

Level 10 Meetings

Meetings are a frequent occurrence in the workplace no matter what industry we work in. If conducted well, meetings designed with strategic structure and lead with purpose can be some of the most productive sessions of collaboration, inspiring new ideas, aligning perspectives, and moving forward as a cohesive unit with powerful and focused momentum.

If meetings are not conducted well, the result can be an unmotivated team, uninterested and confused by the necessity of the meeting. In worst-case scenarios, unproductive meetings can lower morale, cause disruptive tension between team members, and stunt creativity and the ability to think proactively. There are a number of ways to stay ahead of these pitfalls, especially with meetings involving leadership. Asking the right check-in questions or being strategic with timing and frequency can make a big difference in the workplace.

However, if you’re looking to engage the attendees in a meaningful way, have them understand what makes a meeting effective (and what makes an inefficient meeting), and capture any relevant issues that need solving with a structure that keeps the team on task and communicating consistently, a level 10 meeting might just be with what you’re looking for.

Where Did The Level 10 Meeting Come From

Where Did The Level 10 Meeting Come From?

The Level 10 Meeting is one of the most important tools used in the EOS, the Entrepreneurial Operating System. The EOS is a highly effective business model that looks at the business as a whole in order to strengthen core operating procedures, improve leadership techniques, provide better control of the business, gives you clarity on the vision for the business, and creates the values that act as the foundation for the organization.

Introduced by Gino Wickman, countless businesses around the world have adopted this model into their own operations. Driven by the desire to drastically improve the way they run their business, the EOS introduces fundamental tools that are easy to integrate into their workforce.

Alongside the Level 10 meeting, other tools include Kolbe, Rocks, 5-5-5-, and the Accountability Chart. This extensive toolkit is designed to directly impact the six core areas of business according to the EOS model:

  1. Vision – The ability to have everyone on the team see and share the same vision for the company.
  2. People – Having the right people in the right seats, performing at their best.
  3. Data – Being able to measure performance.
  4. Issues – Identifying, discussing, and solving the various issues that need to be fixed in order to avoid repetition and move forward.
  5. Traction – Everything from accountability and ownership of work to execution of the final result to achieve intended outcomes.
  6. Process – Having the best processes in place documented so that they may be followed consistently.

These six areas that comprise any business must be running smoothly in order to find success in their specific markets. A Level 10 Meeting is one way to make this happen.

What is a Level 10 Meeting

What is a Level 10 Meeting?

A Level 10 Meeting is designed specifically for leadership meetings in order to keep the meeting productive and on-task. At the end of the session, the facilitator asks the group to rate the meeting on a scale from 1 to 10. These ratings are also shared out loud to their peers based on their experience of the meeting itself. This technique can admittedly be awkward when the team puts this into practice for the first time, with many individuals unsure of what components determine the makings of a “good” meeting.

Normally, when asked to rate the success of a meeting, participants often aim for a number that isn’t the perfect 10, but nothing too low, such as a 6 or 7, to avoid creating moments of tension. Some common issues that arise with this method include employees not wanting to be punished for providing a low score, embarrassing the facilitators of the meeting, or being seen as complaining or unsupportive.

The purpose, however, for a Level 10 Meeting is to keep the participants active throughout the session, making them think of the factors that contribute to a productive meeting. It’s important to encourage the team that their answers are here to help improve the company’s processes, to ensure that their time is being used efficiently, and to create platforms where problem-solving and teamwork are firing on all cylinders. It needs to be clearly communicated that providing a rating they’re not completely honest about won’t actually improve anything. If there’s a problem, but no one on the team feels comfortable sharing their thoughts, the problem simply remains (and has the potential to get worse). Everyone on the team must be open to change and accept that there’s always going to be room for improvement. Honesty will be rewarded. And most importantly, bad scores are not a reflection of anyone in particular. It’s a reflection of the process and how it can be better for everyone involved.

In order to help the team get a better idea of how to truly rate a meeting at the end, here are some questions they can ask themselves to formulate their score:

  1. Did I come to the meeting prepared?
  2. Was there an agenda provided?
  3. Was the agenda easily accessible?
  4. Did we follow the agenda?
  5. Did the team engage in the discussion?
  6. Did everyone get a chance to voice their concerns or ideas?
  7. Did I feel comfortable sharing my thoughts, opinions, and questions?
  8. Did the team feel comfortable being honest with their thoughts, opinions, or questions?
  9. Did we identify the issues we needed to?
  10. Did we have a thorough discussion about the issue and addressed all points? If not, is it clear that we will revisit the topic at the next meeting?
  11. Did we solve the issues on the agenda? If not, is it clear when we will address the remaining agenda items?
  12. Do we have clear next steps?

The goal is to have these meetings be at that perfect 10—or at least be a score of 8 and above.

Why Does a Level 10 Meeting Work

Why Does a Level 10 Meeting Work?

A Level 10 Meeting works well in teams because of a few key reasons:

  • Keep your participants engaged – Meetings without structure and a focused agenda can have a negative impact on the participants. It gives them an opportunity to be passive observers, rarely contributing to the discussion or engaging in higher-level thinking. With a Level 10 meeting, however, and the knowledge that by the end of the discussion they will need to give a score they feel is appropriate along with justification to support their rating, this keeps your team constantly alert. They are actively observing what’s working for the meeting, and what isn’t. Level 10 meetings put them in a position to be solution-focused, thinking about the outcome and the most efficient ways to get there. With a carefully crafted agenda to guide the conversation, all participants will be able to not only get most if not all their questions answered, but provide their own insights into the different areas of the business in hopes of further improvement and heightening motivation.
  • Retain your top talent – It can become easy for employees to jump into a scheduled meeting, take notes, ask questions, and receive updates before quickly logging off (or leaving the conference room). In fact, most employees would probably prefer the quickest discussion possible in order to save time and get back to their main assignments for the day. While this may seem like the more expedient option, Level 10 meetings can provide a level of clarity that’s important for professional development. The way leadership runs meetings can be a preview of how business is conducted in general. Managers that possess more skill in this area and lead with purpose, giving their team clarity on the next steps and proposed solutions, have a higher chance of retaining their top talent. High-performers can certainly recognize when meetings are unproductive and a drain on resources. Because Level 10 meetings are a way to align the team, everyone can move forward productivity and maintain solid momentum in the workplace.
  • Provide a clear and expected meeting structure and agenda – Over the year, meetings have earned a reputation for being largely disjointed, pointless, and a waste of time (if not facilitated well). Level 10 meetings have a strict agenda that the team adheres to on each occurrence. It’s reliable, with designated spots for a warm-up, Q&A, discussion, and next steps. Employees want clarity in the workplace as it improves morale and gives them an opportunity to voice their concerns and thoughts. A Level 10 meeting can provide this very structure a team needs in order to thrive, using resources wisely.
  • Motivates the team to be better, every time – When first rolling out the concept of a Level 10 meeting, the team should be aligned in this one fact: there’s always room for improvement. With this in mind, the structure of these meetings (and the rating portion at the end) should be an easier transition for all relevant parties. Level 10 meetings teach the team to continuously seek improvement. How can the next meeting be better than the last? What made it successful? And how can we capitalize on those factors to make our next one more effective? What parts of the meeting felt slow? What didn’t work and why? The goal is to improve these discussions, seek a rhythm that works for the team, and develop easier ways to increase engagement and problem-solving.

Level 10 Meetings can provide a plethora of benefits in the workplace. As its basic outline provides a clear and focused agenda for the team to discuss and resolve, Level 10 meetings prioritize tasks, get to the solution faster, and avoid having additional, unnecessary meetings about the same topic.

Who Should Attend a Level 10 Meeting

Who Should Attend a Level 10 Meeting?

Level 10 meetings should generally be for senior leadership. This ensures that all the important topics are being identified and resolved so that the rest of the team can work on implementation and roll out. While Level 10 meetings, in principle, can definitely be rolled out to the remainder of the team, the most effective use of this technique is done at the leadership level, ensuring that business operations continue to run as smoothly as possible and all high-level matters are being addressed.

How Long Does a Level 10 Meeting Last?

A Level 10 meeting lasts a total of 90 minutes and is held weekly on a day chosen by the participants. For example, many companies like to use Monday for Level 10 Meetings as it’s a good way to start off the week. 90 minutes can definitely seem like a long time, but with the typical structure of this type of meeting, it ensures that the most amount of time is used to reach effective outcomes. This also gives ample time for participants to think about their assessment of the meeting and provide their ratings. Each individual will be given a chance to provide a score and then a brief explanation as to their reasoning. All feedback will be taken into consideration.

Example of a Level 10 Meeting Agenda

Example of a Level 10 Meeting Agenda

Now that we understand the benefits of a Level 10 meeting, who is usually involved, and the frequency of these discussions, let’s take a look at an example of a Level 10 agenda. Keep in mind, you can make this available in a shared drive or part of the calendar invite so that participants have easy access to the information and can anticipate the topics for discussion:

  • Intro (3-5 minutes) – You have a couple of options for the first few minutes including a positive focus for the week, an icebreaker, or a recitation of the company’s core values. No matter what you choose as the intro for the meeting, always lead with positivity or good news.
  • Review of the scorecard – A review of the previous scorecards from the past meeting to seek continuous improvement and review any scorecards from clients that factor into the business metrics.
  • Objectives/Rocks – A brief discussion on the projects that are on track, progressing on time, or in delay. This is also an opportunity to review upcoming milestones and ensure the team is meeting respective deadlines and objectives.
  • To-do list – Another brief discussion on the topic of work that needs to be completed or addressed in the IDS meeting.
  • Identify, Discuss, and Solve (IDS)– The bulk of the meeting happens here, discussing essential matters that need further guidance and input.
  • Summary of next steps – No more than 5 minutes should be designated towards this task as the participants should have been assigned their roles in the IDS portion of the meeting. The facilitator can give a quick, high-level summary of the next steps for the team.
  • Score – Each participant provides a score at the end for review at the next meeting.

An effective facilitator for Level 10 meetings can help the entire group achieve success and stay on track during the discussions. It’s also important to have someone assigned to take notes and another to keep an eye on the time, which can also be noted in the agenda for the meeting.

In Conclusion

Level 10 meetings provide a structure for leadership to follow so they can achieve the best possible outcomes after a meeting instead of wasting precious time. It’s a critical tool in every business’s toolbelt and helps the team continuously strive for improvement in the workplace.

How To Build And Manage A Winning Project Team In 5 Steps

How to build and manage a winning project team

Building a successful project team isn’t something that just happens; it sits on a foundation of high-quality management skills and includes some essential rules for each project it takes on. It’s intentional choices and procedures that create consistent, long-term success for your project team.

Designing a high-caliber project team – and leading it to success – can be a complex undertaking. However, with the right knowledge and planning, you can make the process easier to navigate.

Steps To Build A Highly Proficient Project Team

5 Steps To Build A Highly Proficient Project Team (and their benefits)

A strong project team can be the deciding force behind the productivity of your company and the quality of their work. While there are many ways you can create a project team that performs well, there are five essential elements to its success.

1. Set Clear Goals

Goal setting is something that is included in most project planning, however, the detail included in these goals is what’s most important. When you begin planning for a new project with your team, ensure you follow a strict system to help you define your goals and help your team meet them consistently.

Clearly defined goals increase the rates of project success because they provide your team with a way to plan how they will achieve them. They also provide you with a way to assess the tasks needed to successfully complete the project and assign them in the most efficient way.

One of the most common ways to create clearly defined goals is through the SMART method:

S: Specific
M: Measurable
A: Achievable
R: Relevant
T: Time-Bound

Goals that are created following this method have high rates of success. Not only do they define the goal in distinct and precise terms, but they also ensure you’re planning within your capabilities. The SMART method also provides a predetermined way to measure the progress and success of a project, and how to measure the success of the team as a whole.

2. Have Effective Communication

How a team communicates is directly related to their success. It affects every area of your team ranging from understanding their individual roles to maintaining positive relationships with their colleagues.

Effective communication can:

  • Increase employee engagement
  • Boost employee morale
  • Reduce conflict
  • Build a healthier workplace
  • Increase productivity

Communication extends past how your team interacts with one another. It also includes how they understand their job roles, expectations, and their knowledge of the project as a whole. It also is directly connected to their awareness of communication standards and mediums across the workplace. If effective communication is lacking, both your team and the project will be negatively affected by it.

Assign Tasks Based On Skill Set

3. Assign Tasks Based On Skill Set

A high-performing team includes a balanced skillset, which should be planned for in advance while you build out your team (we’ll get to that in a minute). A team that is well-rounded and provides a wide array of abilities will find higher rates of success while also providing a better quality project altogether.

As you break down the project into individual tasks, it is essential to pair those tasks with those members that are best suited to tackle them. If your employees are expected to complete a task outside of their skill set, it can cause additional workplace stress and be detrimental to the project. This can include:

  • the project falling behind schedule
  • individual tasks not aligning, leading to a clumsy final product
  • tasks simply being left incomplete.

When you work to match your employees with tasks that reflect their abilities, you create a healthier workplace where everyone can thrive. Your employees will feel both understood and valued, leading to increased productivity and quality of work.

4. Encourage Collaboration

Collaboration in the workplace can provide your team with a wide range of benefits. It provides a way for your employees to naturally learn from one another, offering growth opportunities through the combination of skills needed to complete a task. It also gives them a better understanding of the team as a whole and helps them understand the value of their role in a deeper way.

Some of the most notable benefits of collaboration in the workplace include:

  • Higher productivity
  • Increased quality of work
  • Develops employee creativity
  • Creates high rates of group responsibility
  • Promotes better problem solving

5. Have High-Quality Standard Processes

The standard processes of your company set the foundation for every project your team takes on. These standards reflect both the company’s values and long-term goals – and they can change as the company grows.

A company that has a strong set of standard operating procedures and processes they’ve developed, will have a higher rate of success due to the consistency it provides their employees and their projects. This consistency builds repeatable success across all project teams and outcomes. Standard processes ensure everyone has the same understanding of the company’s expectations and provide them a starting point for any undertaking.

Additional benefits of implementing quality standard processes include:

  • More efficiency
  • Increased accountability
  • Improves clarity
  • Higher levels of workplace organization
  • Creates reliability both for the company and employee

Essential Management Skills To Increase Project Team Success

Essential Management Skills To Increase Project Team Success

While the steps you take to build a strong project team are important, how you manage that team is imperative. The management style of a company is a large determining factor to its success and has a strong influence on the workplace environment as well.

How you manage a team will play a vital role in the outcomes of your projects. Your team’s quality of work, creativity, success rates, and overall morale are a direct reflection of you. This makes your management abilities measurable and can highlight areas that could use improvement, allowing you to become a better manager and build a highly successful project team in the future.

There are five major elements to include in your management style that will help you create a strong workplace environment for your team, and foster positive results from it.

Grow Your Team Skill Set

When you design your team, it’s important to consider the project you’re responsible for, and the tasks required to make it successful. This will give you a starting point for considering who should be involved in your team. Include a wide range of skills in your project team to help support any unexpected tasks the project may present.

Once you’ve designed your team, it’s important to continue to work towards improving their skillset. This not only helps them become stronger employees but also creates a positive workplace where people feel valued and commit to the company for longer periods of time. Provide your team with growth opportunities that reflect their skills and passions, and encourage healthy risk-taking. This will ensure your employees feel confident in taking on new challenges.

Support Your Employees

Supporting your team is a key part of being a strong manager. While this may seem obvious, it’s not uncommon for managers to misunderstand what support their employees need on a deeper level.

A strong manager will provide a stable foundation for their team while being a reliable source of support. These managers step in to help complete tasks that have fallen behind and problem-solve alongside their employees. They take time to create an action plan with each team member individually, both towards the project goal and their career goals. They provide their staff with all the resources they may need to complete their work and delegate effectively without overwhelming one or all of their team members. Supportive managers treat their team like equals and will work just as hard as their team does.

Supporting your team can have great rewards for you, your employees, and your company. Some of the most influential are:

  • Increased employee morale
  • Higher productivity
  • Healthier workplace relationships
  • A united team
  • Lower employee turnover
  • Better project quality and success

Include Your Team In Project Decisions & Planning

Include Your Team In Project Decisions & Planning

Projects can take extensive planning, and the decisions will have a ripple effect throughout the entire team and length of the project. When you begin developing your project plan, include your team in the process. This will allow you to better determine and delegate tasks, navigate any project hiccups, and align everyone with the project as a whole.

It’s important to let your team play an active part in developing the strategic approach for the project. This will provide opportunities for multiple perspectives to shape the plan, and encourage employees to break the project down based on individual skill sets. This can lead to a more robust project plan and help your team become more invested in the success of the project.

Involving your team in project decisions and planning also plays a vital role in employee morale. Your employees will feel respected, heard, and valued in the workplace, which is reflected in their productivity and involvement within the company.

Measure Your Success

Measuring the success of your project should be included in your goal-setting process, however, measuring your success as a manager is equally important. This can include a project management audit, which will not only look at a project in-depth but also highlight the effectiveness of the management staff assigned to the project as well. This provides an effective way for you to become a stronger manager while also creating better systems for future projects.

Some benefits of measuring the success of both you and your project include:

  • Supporting your growth as a manager through past performance
  • Creating a stronger team through reviewing data throughout the project lifetime
  • Supporting the long-term growth and success of the company
  • Developing stronger processes for future projects

Build A Diverse Team

When you’re developing your team, selecting members from a diverse range of backgrounds is essential. A diverse team provides a variety of outlooks and perspectives that helps generate better ideas and navigate a project in a way that is suited to a greater group of people.

Managing a diverse team effectively reflects the strength of your management skills and it provides important benefits, such as:

  • Developing better standard practices through expansive knowledge
  • Creating inclusivity
  • Facilitating a healthier work environment
  • Increasing employee engagement
  • Bringing in exceptional talent

Team Building Success

Conclusion

Building a powerful project team and managing it effectively leads to higher success rates, a healthier work environment, and maintains a strong team morale. As you lead your team to success, you will find well-defined goals, clear communication, and team collaboration essential tools for success in all aspects. With the right practices in place, both you and your team will thrive.

10 Simple Ways to Reduce Distractions at Work

Reduce Distractions at Work

“You got a minute?”

While this may seem to be a harmless ask, pair it with the email that just popped up on your screen, the social media notification on your phone, and the sticky note on your screen reminding you to pick up the kids early for a dentist appointment and it is amazing that you get any work done at all.

Studies have found that the average worker is interrupted 4-12 times an hour. Interruptions are just one form of distraction, even ambient office chatter, the never-ending buzz of the copy machine, or the coffee spill on your desk that you need to clean up will pull you away from the work at hand. If you are a remote worker, the laundry that needs folding, dishes that need to be done, or the dog that needs walking are just a handful of many additional distractions that make it hard to focus.

How is anyone supposed to get anything done around here?!

There are now numerous studies to show that, with each distraction, it can take us anywhere from 23-25 minutes to get back on track. In a typical workday, that is almost 2 hours of productivity lost! If you want to get really fancy, interruptions and distractions from social media alone cost the US economy $650 billion a year… yikes.

In the 2018 Udemy Workplace Distraction Report, the results were clear that people found distractions to be harmful and recognized that it greatly impacted their ability to produce good work and even advance in their career. While certain types of distractions are more difficult to mediate than others, there are ways that you can reduce distractions to help you get back on track and get some work done.

Reduce Unnecessary Distractions

Tips to Reduce Unnecessary Distractions

Other than working in a vacuum, there is no way to eliminate every single distraction but you can get pretty close. Here are 10 tips that you can try to reduce unnecessary distractions at work.

1. Designated Distraction Free Time Blocks

This may seem obvious but it will make a huge difference in your ability to focus. This could look like putting a “do not interrupt” block in your calendar or a sign on your door.

While this will work on the individual level, it is helpful to get the whole team involved and make sure that everyone has some kind of system for a distraction-free time. Perhaps a specific room can be designated an interruption-free zone or the office can agree that between 10:00 am and lunch, no one is to be bothered.

Unless something is on fire, no interruptions are allowed.

2. Account for More Time to Complete Work

Sometimes, interruptions and distractions are part of the job and you can only do so much to mitigate them. If that is the case, factor them in when you are estimating the time you will need to complete a task or project. If you have a high interruption type job, it is reasonable to double the time needed.

Being reasonable with your deadlines ensures that you will still get the job done but it can also be used as a measuring stick of sorts, letting people know that the less you are interrupted, the quicker you can complete a task and save the organization money. If your workplace creates an environment where interruptions are the norm, it will cost them and helping them see the cost may end up improving the situation.

3. Use Agendas

Meetings can really be a time suck and are a breeding ground for distractions – tangents and office gossip creep in and waste valuable time.

Agendas do not need to be formal documents, keep it simple and simply list out the items that need to be discussed and in the order of importance. Send the agenda out in advance and have everyone agree that those are, in fact, items to focus on. When the meeting rolls around and the distractions inevitably find their way into the space, simply refer to the agenda that everyone had already agreed to. Having words written on a page is a surprisingly powerful way to stay on track and avoid distractions.

4. Eat That Frog

Okay, you don’t need to actually eat a frog to avoid distractions, but this is the cheeky title of a great book on productivity by Brian Tracy. The concept is that you do the least appealing and most challenging task first and then everything else after is gravy!

Depending on how you structure your day and if you work traditional or flexible hours, consider the time of day that you will have the least amount of distractions, this is often first thing in the morning or at the beginning of your workday if that happens to be at any other time. Designate this time for the work that would suffer most if you were interrupted and get it done before there is even a chance that you will be interrupted.

While this won’t stop the interruptions from happening later, it does give you the validation that you need to prove that working without distractions will help you accomplish more complicated or difficult tasks.

Put Down the Phone

5. Put Down the Phone… Seriously

That handheld computer is a distraction machine that is specifically designed by the smartest minds to hold your attention for as long as possible… usually in an attempt to sell you something. No one is immune to the temptation of this shiny device that promises a hit of dopamine with a single click or swipe. When that screen lights up, it is a sign that there is something new and possibly validating on the other side and then we experience a twitch to grab it and check.

That vibration or beep is an irresistible cue so stop it before it even starts by turning off notifications. That does not mean that you won’t check your phone, but it does mean that you will check it when it is convenient for you, not for your interrupter. It is also helpful to put your phone in a drawer or at least turn it upside down to keep it out of sight and reduce temptation, reducing distraction.

6. Create a Comfortable and Distraction-Free Space

This one will vary greatly depending on your style but, as a general rule, keeping your space distraction and clutter-free will do wonders for ability focus. Be sure to set aside time at the end of your workday to tidy your space. Think of what beginning-of-the-day you wants to see and what will make it easier for them to get to work. Do you like starting your day with yesterday’s coffee ring stain on the desk? Probably not.

An overlooked aspect of comfort and distraction is your clothes. Are you comfortable with what you are wearing? Do you have a button digging into you? How is your range of motion? If you work in an office, there may be a dress code but there are plenty of ways to be comfortable and still abide by the rules.

Reward Yourself

7. Reward Yourself

When you manage to get even an hour of interrupted work in, reward yourself! The Pomodoro technique is a great place to start. If this concept is unfamiliar to you, the idea is that you designate a certain amount of time (usually 25 minutes) to focus with the promise of a short break to do whatever you like.

This technique works because you are not denying yourself of a distraction that you actually want (like cat videos) but you are saying that you can do it… just later. This shift in perception means that you can park the distraction for a time block in the near future which gives you permission to focus right now.

While cat videos are obviously a great reward, your reward can also be something physical like candy or a quick walk around the office to stretch your legs.

8. Set Communication Standards

I am not sure who set the rule that emails are to be answered immediately but encourage an environment where there’s a reasonable expectation for work-related replies. Whether that is one or two business days, an email coming in should not mean dropping everything you are doing to reply.

You can start this process by making deadlines and expectations clear. Bold, highlight, or even change the colour of the font to make it clear that you need a response by a certain time. That gives other people the ability to breathe and know that you only expect a response, say, by Tuesday at 12:00 pm. This will also give them permission to do the same and soon everyone will understand the expectations.

Batch Work

9. Batch Work

To avoid constantly switching between tasks that take less than 5 minutes, batch them! Remember, each time you pull away from work to check one single email, you are losing 25 minutes of productive time. Instead, set a time every day to check your email and dedicate a whole hour to it. Let people know that is the time your email is checked by adding it to your signature (setting the communication standards).

Not only will batching like work keep you focused on the task at hand but it also means that when you are checking your mail, the task waiting for you there has your full attention which affects the quality of the work.

10. Have a Time Request System

Open calendars are the worst.

Somewhere along the line, we decided that it was okay to simply schedule ourselves into someone else’s time with a click of a button. While meetings are a necessary part of many jobs, there are much more considerate ways to meet with someone and respect their time and boundaries.

Using programs like Calendly, you can actually block designated times that people can book to meet with you. This way, you know that you can expect a meeting at a specific time without interrupting your flow and prepare for the mental shift needed for that type of task.

Bonus? If the slot remains empty, you have a little extra time on your hands because you have already accounted for meeting time. Take that time to catch up on other work or simply enjoy the break.

Conclusion

Identify the most obvious sources of distractions for you and start there, eat that frog! By tackling the biggest source first, you will find yourself better able to focus but also with momentum to tackle other sources of distraction.

Implementing any one of these tips will also help you to be more conscious of your own tendencies to interrupt or distract others – it goes both ways. Consider how you may be the source of interruption for others and do better because their focus matters too.

With a couple of simple modifications to your day, you can greatly reduce the instance of distractions and interruptions in your workday and get more work done.

15 Examples of Professional Work Goals

Work Goals

Are you feeling a sense of dread, because your employer asked you to come up with a list of professional work goals? Rest easy, we’ve got you covered! In this blog post, we’ve listed tons of awesome professional work goal examples to inspire you.

And, while most of them are the type of HR-approved goals you’d expect, we understand there are some goals you might not want to share with HR–like your desire to leave work at 4 PM every day or to earn the maximum amount of money for doing the minimum amount of work.

That’s why this list also includes some professional goals you might want to keep to yourself, such as your plans to launch a new career.

However, before we get to those, let’s first define what professional work goals are, examine why they’re worth setting, and look at some of the ways you can increase the likelihood of achieving your professional goals. Then, on to the examples!

What Are Professional Work Goals

What Are Professional Work Goals?

Professional work goals are goals that are set with the objective of furthering your career, while improving your skills and abilities in the workplace.

Goal setting is done with an eye toward the future–for instance, by thinking through the answers to questions like, “Where do I want to be professionally in a year?” and “What do I want to be doing in 5 years?”

Sometimes, the answer is readily apparent i.e., “I want to be Chief Technology Officer.”

Other times, you might have no idea … that’s when we recommend setting goals that’ll help you determine where your interests lie and what you might enjoy doing in the future.

Regardless of whether you know where you want to be 5 years from now or are still figuring things out, it’s useful to set both short- and long-term goals.

Generally speaking, short-term goals consist of anything you can accomplish within the next 6 months, whereas long-term goals typically take longer than 6 months to achieve.

By establishing both kinds of goals, you’ll have a clear roadmap of the steps you need to accomplish–both in the short-term and the long-term–to ultimately create the career of your dreams.

Why Set Professional Work Goals

Why Set Professional Work Goals?

There are tons of reasons it’s well worth it to set professional goals–whether your manager is making you do it or not.

Of course, when higher-ups are asking you to do it, it’s because they want to turn you into a better employee. While that’s all well and good for them, you stand so much to gain for yourself by establishing professional work goals.

For instance, here are some of our favorite reasons for creating professional work goals:

  • Clear Direction – All too often, it’s easy to get caught up in busy work and the mundane realities of everyday life. Sure, there are things we want to accomplish, but we may struggle to find the time and clarity to do so.

    Professional goal setting forces us to establish a clear vision of where we want to go, which is so important, because as inspirational author Norman Vincent Peale put it, “All successful people have a goal. No one can get anywhere unless he knows where he wants to go and what he wants to be or do.”

    In the absence of knowing these things, you’re bound to have a less fulfilling professional life … after all, doesn’t it sound preferable to actively participate in shaping your career, rather than idly waiting to see where the current takes you?

  • Higher Earnings – Setting goals–then making concrete plans to achieve them–is linked to significantly higher earnings. Take, for instance, a Harvard Business School MBA study of graduating seniors, who were asked whether they had written goals and a concrete plan for achieving them.

    Interestingly enough, the study determined that:

    • 3% of the class had written goals and a concrete plan
    • 13% of the class had written goals but no concrete plan
    • 84% of the class didn’t have written goals or a plan

    A decade later when researchers compared incomes among the study participants, they discovered that those who set goals and had a written plan for achieving them were making ten times as much as the remaining 97% of their class!

    So, rather than viewing goal setting as merely an exercise to placate your boss, think of it as a real opportunity to improve your standard of living.

    Job Security

  • Job Security – Setting goals and achieving them helps you to improve your professional skills, while showing your employer how much value you bring to your position. Not only will that help you during future performance reviews, but it’ll also give you more secure footing at your organization.

    While, of course, establishing yourself as a valuable team player isn’t a guarantee you’ll never be terminated, it can go a long way toward decreasing the likelihood.

  • Empowerment – There may be nothing more empowering than setting goals, taking steps to achieve them, then celebrating once you’ve accomplished what you set out to do.

    By creating–then working toward–your professional goals, it may at first seem like you’re stepping outside your comfort zone. However, once you begin noticing the progress you’re making, you’ll develop a greater sense of mastery, a boost in self-confidence, and higher self-esteem–which are all worthy goals in their own right!

  • Passion – Working toward something you desire is a great way to inspire passion and engagement. Rather than merely going through the motions at your 9-to-5, goals motivate you to work toward your vision of a better, more enjoyable career.

    Not only will that passion make you feel more engaged at work, but it’ll also spill over into other areas of your life.

    For instance, as you start feeling more enthusiastic about the professional future you’re working toward, your upbeat outlook can’t help but have a positive impact on your relationships, both personal and professional.

  • Better Time Management – It’s ironic–the more free time you have, the less efficient you’re likely to be. That’s because as Ohio State professor Lawrence Needleman explains, “having large amounts of unstructured time can contribute to procrastination.”

    Because it typically takes additional time and energy to achieve your professional work goals, you’re forced to develop good time management skills and yep, lose any tendency you may have to procrastinate.

SMART Goals

How to Set SMART Professional Work Goals

When it comes to setting work goals, SMART goals are the way to go. SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-Bound. Before we go any further, let’s take an in-depth look at each of those elements:

  • Specific – A SMART goal isn’t vague, instead it has a clear-cut objective. For instance, consider the two following statements:“I’m going to go back to school.”

    “This spring semester, I’m going to earn a Social Media Marketing certificate from Portland State University.”

    As you can see, although each of these statements identifies goals, the second statement is highly specific, whereas the first one isn’t well-defined at all.

    For instance, what does “going back to school” mean–taking one class at a local community college, earning a Master’s degree, or something else altogether? A SMART goal spells these details out.

  • Measurable – SMART goals are measurable, making it easy to determine whether they’ve been successfully achieved. For instance, take the goal of returning to school to earn a Social Media Marketing certificate. It’s simple to assess whether this goal’s been accomplished–either you got a certificate or you didn’t.

    However, not every goal is so easily quantifiable. Say, for example, you want to improve your public speaking skills. How do you know when you’ve achieved your goal? This is something that’s difficult to measure.

    We suggest that when you run up against a goal that’s hard to quantify, you find a way to tweak it, so you can measure it in some relevant way. For instance, if you want to become a better public speaker, you might make a goal of speaking at a Toastmasters event twice a month for the next 6 months. Consistent practice is bound to improve your public speaking skills, and because your Toastmasters’ attendance is measurable, you can easily determine whether you’ve achieved your goal.

  • Achievable – If you set a lofty, unattainable goal, you’ll only grow frustrated when you work hard to achieve it–but still miss the mark. Worse, you might become discouraged or experience a crisis of confidence, because you failed to do something that wasn’t realistically possible.

    That’s why SMART goals are achievable–although they might be ambitious, they’re always grounded in realism. For example, if you’re working in the mailroom today, it’s highly unlikely you’ll be promoted to CEO within the next year. A goal of heading up the mailroom during that same period, however, is a reasonable, achievable goal.

  • Relevant – There may be multiple professional work goals clamoring for your attention. However, there are only so many hours in a day, so you need to be choosy by making sure your professional work goals are relevant to your broader career aims.

    For instance, say you’re considering a goal of learning to speak Chinese. While that may be relevant to your career aspirations if you’re a financial analyst for a multinational corporation, it’s less likely to be so if you’re a nurse.

    So, when developing your professional work goals, consider where you want to be in 5 years and what you need to do to get there. Then, select work goals that are relevant to where you are right now, while also being aligned with the professional future you desire.

  • Time-Bound – A SMART goal is time-bound, meaning that you’ve given yourself a timeframe in which to achieve it. That’s important because setting a deadline will help you stay focused so you make consistent progress.

    For instance, take the following two examples:

    • I intend to write a book.
    • I intend to complete the first draft of my memoir within 6 months.

    As you can see, the first statement doesn’t really light a fire under you. The theoretical book may be written in a year, five years, or sometime after never.

    By contrast, the second statement clearly sets out a timeframe for the book to be written, and because it does so, it’s easier to identify which tasks need to occur (and when) to make that goal a reality.

    For instance, you might say to yourself, “I need to complete two chapters a month to finish the first draft within six months. To accomplish that, I’m going to block off two hours a day, five days a week, to work on my book.” As you might imagine, this level of clarity drastically improves the likelihood that you’ll meet your goal.

So, now that you understand SMART goals, let’s take a look at how you can set yourself up for goal-setting success!

Goal Setting to Be Successful

What You Need to Know About Goal Setting to Be Successful

According to science, 92% of people fail to achieve their goals. What makes the 8% of people who succeed different? They typically have certain goal-setting habits that distinguish them from their less accomplished peers.

For instance, research shows that you’re more likely to achieve your goals if you do the following 5 things:

  1. Write Your Goals Down – There’s something magical about writing goals down, rather than allowing them to just rattle around in your brain. In fact, the mere act of committing a goal to paper increases the likelihood that you’ll achieve it by 42%, according to one study.

    So, when developing your professional work goals, write them down. Not only will this increase your commitment, but it’ll also force you to get really certain about what it is you want to accomplish.

  2. Realistically Evaluate Your Goals – One reason people give up on their goals is because they don’t realistically assess what it’ll take to achieve them. Most big goals require a serious investment of time and focus, and unfortunately along the way, there can be times where it doesn’t seem like you’re making any progress.

    Say, for instance, that you have a goal of speaking Italian fluently. You can tackle a Duolingo lesson every day for 30 days, and at the end of that timeframe, get discouraged that at best, you can still only greet a stranger in Italian.

    That’s why you’ll want to develop a realistic understanding of what steps are required to achieve your goal and just as importantly, how long those steps are likely to take. As the saying goes, Rome wasn’t built in a day.

    Once you’ve done your homework, then decide if your goal’s worth it. If you still think it is, set milestones for your goal’s attainment. These milestones will help you see that you’re making progress–even if your overall, “big” goal is still a ways off.

    Find Your Inner Grit

  3. Find Your Inner Grit – When it comes to goal achievement, grit matters. According to Angela Duckworth, researcher and author of the New York Times bestseller Grit, grit can be defined as a blend of passion and perseverance to achieve a long-term goal.

    In other words, grit’s the ability to consistently practice over time until reaching a goal, even when challenges emerge–which is why a passion for your goal is essential. After all, if you don’t feel excited about your goal, you’re unlikely to keep at it when obstacles crop up.

    So, how can you apply this information when setting your professional work goals? One way is to realize that if you feel passionate about the goal you’re considering, that’s a step in the right direction–the more enthusiastic you feel about your goal, the better your likelihood of achieving it.

    Additionally, you’ll want to remember that consistent practice (even in the face of challenges) is crucially important to goal achievement. So, establish a certain number of hours per week that you’ll devote to your goal and keep at it–even if you experience setbacks.

    If perseverance is something you’ve struggled with in the past, consider working one-on-one with a career coach who will hold you accountable.

  4. Don’t Go Overboard – Some ambitious individuals take goal setting to the extreme, trying to achieve far too many things at once. As a result, they only have minimal time to work toward their most important goals. Not only can this slow progress, but it can also increase your frustration, making it more likely you’ll abandon your goals altogether.

    That’s why it’s a good idea to set just 3-4 goals a year. While there are probably a number of things you’d like to accomplish in every aspect of your life, limiting your goals will keep you focused, while preventing overwhelm.

  5. Establish a Supportive Environment – To achieve a goal, you typically need to change your habits, and interestingly enough, research shows us that our environment plays a big role in whether we successfully modify our behavior.

    Say, for instance, that you want to floss your teeth more frequently. By establishing a visual cue–such as leaving your floss next to your toothbrush–you’re more likely to remember to floss. Or, say that you want to lose weight. By keeping junk food out of your house, you’re far less likely to overeat.

    And while those are health-related goals, a supportive environment can also help you achieve your professional goals. For instance, if you want to read a new management book every week, keep one front and center on your coffee table.

    Alternatively, if you want to increase your productivity, set your phone to “Do Not Disturb” and keep your email closed while you’re working. Instead, check your phone and email just 3 times during the workday–upon your arrival to work, at lunchtime, and during your final hour of work.

    By making simple changes like these, you’re creating a supportive environment that fosters goal achievement, and because you’re not forced to rely on willpower alone, you’ll find it easier to make consistent progress toward your goals.

Examples of Professional Work Goals

15 Examples of Professional Work Goals

  1. Develop a Skill – There are tons of options when it comes to enhancing your professional soft and hard skills. For instance, you might set a goal of improving your written communications, developing better listening skills, mastering pivot tables in Excel, negotiating with confidence, or honing your interpersonal skills.
  2. Network – If you’re like most people, you’ve probably thought to yourself more than a few times, “I really should do a better job of building my network” … then neglected to do anything about that insight.

    If this sounds all-too-familiar, why not make this the year to build your professional network? By doing so, you can strengthen your business connections, open yourself up to new opportunities, find a mentor, and even advance your career.

  3. Earn a Promotion – Ascending the corporate ladder not only makes for a great professional work goal, but it’ll also mean more money in your pocket.

    For the best results with this goal, ask your manager for performance feedback, then take action on any areas identified as “room for improvement.”

    Along the way, don’t forget to take ownership for your work from start-to-finish, maintain a positive attitude, and document your achievements. Then, after a major success at work, plant the “promotion seed” by initiating a conversation with your boss about your desire to be promoted.

    Public Speaking Skills

  4. Improve Your Public Speaking Skills – Perhaps this is the year to make public speaking skills your professional work goal. After all, no matter what your profession, it’s safe to say that public speaking skills would probably be a valuable asset.

    To make progress toward this goal, consider signing up for Toastmasters, working with a communications coach, or enrolling in public speaking training.

  5. Learn a New Tool – Learning a new tool is a great way to increase your value to your employer, as well as your own marketability. Fortunately, you have plenty of options to choose from.

    For instance, you might decide to master PM software like Teamly or try your hand at PowerPoint, Facebook advertising, YouTube video hosting, or Instagram marketing.

  6. Improve Your Key Performance Indicators (KPIs) – Another great goal is to improve your KPIs at work. Regardless of your industry, there are probably some applicable KPIs you can tackle.

    For instance, you might decide to improve your financial KPIs, such as your quarterly sales or the amount of revenue you’re bringing into the company.

    Alternatively, you could improve your productivity KPIs by increasing the # of widgets you produce or the amount of work you get done.

    Other worthwhile metrics to focus on include customer retention and time-based KPIs, such as faster call resolution, reduced hold time, or greater customer satisfaction.

    Get a Raise

  7. Get a Raise – A raise is an awesome goal, just be sure you know what your motivations are. While obviously, you’d like more money, before approaching your manager, you want to be clear on why you think you deserve a raise.

    For instance, have you taken on more responsibilities at work but aren’t being fairly compensated for them? Are you earning less than comparable positions in your field? Has your recent performance earned the company significantly more money? These are questions you’ll want to be able to answer before making your case for a raise.

    After you’ve thought through your motivations, document why you believe you deserve a raise with hard data, such as a list of your professional achievements or comparable salaries in your area.

    Once you’ve completed that, read up on the best way to negotiate for more money, and request a meeting with your boss when the timing’s right. For most people, that’s typically 3-4 months in advance of their annual review.

    Follow these simple steps and by this time next year, you may be far more flush with cash. Ch-ching!

  8. Assume a Leadership RoleLeadership skills are oh-so-important in the workplace. Fortunately, if you want to make this your professional work goal, there are plenty of opportunities for you to lead.

    For instance, you might consider heading up a committee, spearheading an office recycling initiative, or developing a diversity program for your workplace.

    As higher-ups see that you can successfully lead projects like these, you’ll be trusted with even greater responsibilities, which could just lead to a promotion.

  9. Establish Yourself as an Industry Expert – If you want greater recognition in your field, becoming an industry expert is the way to go. To achieve this objective, think in terms of mini-goals you might need to complete to successfully be viewed as an authority in your industry.

    For instance, you might decide to start a blog, join a trade group, publish an eBook, develop a social media following, attend networking events, or join Qwoted, a website that partners industry experts with reporters seeking quotes.

  10. Become a Mentor – Interestingly enough, a study of 1,000 employees found that those who acted as mentors were a whopping 6X more likely to be promoted and 20% more likely to get a raise.

    Even better, acting as a mentor is a great way to improve your leadership skills, while enjoying the warm fuzzy feeling that goes hand-in-hand with helping others. And, of course, your mentee will find the experience gratifying as well–making this professional work goal a win-win!

    Explore a New Career

  11. Explore a New Career – Career switches are relatively common. So much so that the average person changes careers 5-7 times over the course of their working life.

    However, if you’re considering a career switch, it’s a good idea to first spend plenty of time researching the career you’re considering before making the leap.

    Furthermore, the best research is immersive–hands-on experience is the most reliable way to determine whether you’d truly enjoy the new career you’re contemplating.

    So, a great professional work goal is to explore a new career by shadowing a coworker in another department, interning, or volunteering in the field you’re considering.

  12. Work for Yourself – Launching a freelance career is a great professional work goal if you’re tired of “working for the man” and want the freedom and flexibility to be your own boss. However, this goal takes some pre-planning, so don’t quit your day job just yet.

    Instead, begin laying the groundwork now by accepting part-time assignments, so you can develop a clientele. And make sure you have several months of savings set aside–at least 3-6 months’ worth of living expenses–before quitting your job, since freelancing income is less reliable than a paycheck.

    Earn a Degree or Certification

  13. Earn a Degree or Certification – As the saying goes, you’re never too old to learn something new. So, if you’ve been thinking about earning a degree or a certification, start doing research now to find a program you like and begin exploring your financing options.

    For instance, you may be able to fund schooling through a grant, scholarship, or your employer’s tuition reimbursement program. Not only is furthering your education a great way to expand your career options, but if you can do it on someone else’s dime, all the better!

  14. Interview – A great professional work goal is to go on a certain number of job interviews each year–even if you’re not actively searching for a new job.

    Not only will interviewing help you hone this essential skill, but it also gives you the chance to research what job opportunities are out there, how much they’re paying, and to evaluate whether you want to remain at your current job or seek greener pastures elsewhere.

  15. Work with a Career Coach – If you’re at a career crossroads–or just want someone to hold you accountable as you strive to fulfill your professional goals–a career coach just might be the way to go.

    A career coach can help you develop leadership skills, determine what steps you need to take to earn a promotion, navigate a career change, launch your startup, land a new job, and more.

    To find a good career coach, ask your colleagues for recommendations, or failing that, start searching on the Internet. Once you’ve narrowed your search down to a few potential candidates, schedule consultations to determine which career coach has the style and approach you think would be the best fit.

Best Check-In Questions For Productive Meetings

Best Check-In Questions For Productive Meetings

Check-in meetings, if done well, can prove to be a valuable way of conducting effective communication in the workplace. This enables employees to get more done in less time, developing an open and balanced line of communication between everyone on the team and improving collaboration overall.

The relationship between a manager and their direct report is a significant one, having the ability to affect all aspects of the employee experience. Everything from engagement, retention, performance, and motivation are all directly impacted by the health of these particular interactions. Check-in meetings can help facilitate the conversations that reveal insightful information about the employee’s mindset and can lead to quicker decision-making based on the feedback presented, so it’s important that the check in-questions used during these meetings be structured and strategic, avoiding simple “Yes” or “No” answers. To get the best results that drive productivity, let’s take a look at the best check-in questions for meetings and why they’re important.

What are Check-In Questions

What are Check-In Questions?

Check-in questions are a series of pointed questions that elicit feedback from the employees about project updates, workload, efficiencies (or inefficiencies) in any current business processes, conflict-resolution, performance, and employee well-being and mindset. In short, you can use these questions in a variety of meetings and for different purposes.

The best check-in questions can also keep the team up to date on the status of any group assignments, boost engagement, and sustain a positive and inviting atmosphere, bolstering the sense of community. When kept as specific and focused as possible, good check-in questions can give you a valuable understanding of where everyone stands, which guides how you move forward and complete essential objectives.

Why Is It Important To Have Good Check-In Meetings?

As with all meetings, it’s important to remember that effective meetings should have a clear structure, be respectful of the team’s time, and be guided by a purposeful agenda. So having focused questions that not only guide the discussion but encourage the employees to speak openly about their assessments is vital.

Having good check-in questions does a few key things in the workplace:

  • Gives an opportunity to touch base – This is especially crucial in regards to remote (or hybrid) teams where communication is essential to the success of the group as a whole. In some cases, employees might not have opportunities to ask questions of their managers or vice versa depending on the day’s schedule and respective workloads. This can result in miscommunication, leading to generally poorer outcomes when expectations are not met as a result. Scheduled check-in meetings designate a time dedicated to updating one another, posing their questions, and giving a platform to provide any necessary feedback to keep the momentum and energy flowing.
  • Fills in the blind spots – It can be common for managers, especially ones just entering into leadership roles, to rely on a consistent stream of feedback so they can best improve processes and communication moving forward, ensuring that everyone collaborates successfully and has all the resources they need to do their job efficiently. Without check-in meetings, managers may not be aware of how the team is performing, where their mindset is, and what gaps exist in the current operations until serious issues arise. To stay ahead of these types of problems that can be detrimental to motivation and morale, managers should use these check-in meetings to their advantage, filling in potential blind spots so they have the most current information on their team and associated projects.

    Provides real-time health of the team

  • Provides real-time health of the team – Another important aspect of check-in meetings is the ability to gauge how the team is doing from a mindset and moral perspective. Are they feeling demotivated, overwhelmed, stressed, or unsupported? When a team is struggling, these may not be the most comfortable of meetings, often with many individuals hesitating to speak up. Understandably, this is an awkward and difficult situation that has the potential to grow into deeper issues if not resolved appropriately. The best practice is to stay engaged with the team, be proactive about issues, keep the meetings structured and focused, and encourage collaboration. If the team is feeling overwhelmed, a plan of action can be constructed to help alleviate some of the pressures and redistribute any relevant workloads as necessary.
  • Increases engagement – Real-time problem-solving can actually lead to increased engagement from the entire team. Check-in meetings that focus specifically on a certain situation can involve all the relevant decision-makers so outcomes can be reached faster and more efficiently. Being given this opportunity to debrief and communicate about proposed actions and solutions ultimately shepherds the team to quicker success, allowing them a platform to exchange ideas and be creative with the process.
  • Gathers proactive insights – Regularly scheduled check-in meetings are another way of receiving valuable insights into various areas of the work process. Managers can get a better understanding of what is working well, what needs to be improved, and what (if any) can be done to accomplish objectives faster and more accurately. Check-in meetings are a great way to stay ahead, anticipate any potential problems before it becomes unmanageable, and include the team in important decisions that affect the company. Employees who have an opportunity to be heard and have the opportunity to have their insights included in important decisions tend to feel more motivated and focused.
  • Creates a two-way street – While it’s easy to use a check-in meeting as a means of gathering information from a direct report, if used effectively, it can actually be a beneficial way of creating communication that goes both ways. The employee has the opportunity to update their manager, ask questions, and provide feedback. Simultaneously, the manager can use this time to give their direct report on major (or upcoming) updates, give feedback of their own, and ask relevant questions that can help guide the conversation in a meaningful way. Having this two-way street improves communication all around, ensuring that everyone is on the same page and reducing the chance of important topics slipping through the cracks.

Check-in meetings with specific questions and a strategic structure can provide a ton of benefits that the entire team can appreciate. Now that we understand the importance of check-in meetings, let’s talk about the most effective questions managers and leadership can ask in order to gain the best insights.

Daily Check-in Questions

Daily Check-in Questions

Daily meetings, often called daily huddles, scrums, or daily standup meetings, are used more commonly in technological or software-related fields and are typically brief, averaging 15-30 minutes at most; however, these types of regular and frequent meetings are a good way to stay updated on the progress of major projects and keeps the team aligned. It’s a useful way to track workflow and identify problems quickly to avoid any interruptions to the process. Daily meetings also encourage high team participation and engagement, get the team behind a shared vision for the company, improve interpersonal communication, and help coordinate efforts for maximum efficiency.

To make the most out of these daily meetings, these are the types of questions that can keep the momentum moving positively forward and gather the most important data so that the team can do their own parts successfully:

  1. What did you accomplish yesterday?
  2. What did you find about yesterday’s work that was successful, or not successful?
  3. What are you looking forward to completing today?
  4. What are your priorities for the day?
  5. What resources do you need today?
  6. What can I do, as your leader, to support you today?
  7. Is there anything that you need from the team that will support you today?
  8. Do you anticipate any challenges for your progress?
  9. How close are you to achieving your goal for today?
  10. Are you comfortable with your workload for today? If not, what can we do as a team to help you?

As daily meetings are intended to be short, ask the questions you feel would be more relevant to the day’s tasks according to any project demands and deadlines. However, these questions will help you gain an understanding of your employee’s workload, their confidence and ability to get their work done, and the support needed in order to successfully meet their goals for the day.

Weekly Check-In Questions

Weekly Check-In Questions

Weekly check-in meetings are a way for a manager and their direct report to reflect on the past week, plan for the week ahead, and provide ample opportunity to ask clarifying questions that will help them prepare for the coming days. Weekly 1:1 meetings are typically longer than daily meetings with the average duration being one hour to give enough time for thoughtful discussion.

A weekly check-in meeting has many valuable benefits including building effective communication skills as you reflect on the past week of performance, improving problem-solving skills as both employee and manager need to be proactive about particular issues, zoning in on key tasks, creating an essential culture of accountability, and raising motivation.

Here are some of the most important questions to ask during a weekly check-in meeting to ensure that time is being used wisely, fueling productivity:

  1. How are you feeling about this past week?
  2. What are you looking forward to completing this coming week? How do you feel about that?
  3. What are the current challenges that you’re facing this week?
  4. What do you need from me in order to make this week more productive for you?
  5. What would you like to accomplish this week?
  6. What wins did you have this past week?
  7. Where do you need support?
  8. Do you need any clarification on any of our current processes?
  9. Do you have any important updates for me?
  10. What questions do you have for me this week?
  11. What is the best way to communicate with you this week?
  12. Are there any scheduling conflicts that I need to know about?
  13. How is your workload?

These questions will help guide the conversation during the weekly check-in meeting, targeting workload capacity, any support needed to successfully make it through the end of the week until the next check-in, and sets expectations for both manager and employee, which gives them clarity for the days ahead.

Monthly Check-in Questions

Monthly Check-in Questions

Hosting monthly check-in meetings can be one way of staying positive about the future, reflecting back on past achievements, and identifying the best ways to improve on future processes and performance. These monthly meetings can last up to one hour depending on the circumstances and project needs. Just like daily and weekly check-in meetings, even though a few weeks have come and gone, it’s a good way to check in with your employees and get a sense of their well-being. Specific business processes are analyzed by the whole team, creating a sense of cohesion amongst the relevant parties.

These are the top questions to ask during monthly check-in meetings to ensure you’re getting the most out of this designated hour:

  1. What do you consider to be your core responsibilities?
  2. What do you consider to be your strengths?
  3. What areas are you looking to improve?
  4. What do you consider one of your biggest accomplishments in these past 30 days?
  5. In what areas would you like to receive additional training or development?
  6. What can I do to make it easier for you on the team?
  7. What part of your role are you most passionate about?
  8. What would you consider to be your biggest challenge right now?
  9. What resources do you need to find success in the next 30 days?
  10. What can I do to support you for the next month?
  11. Have you been inspired by anyone or anything at work recently?
  12. Do you have any final thoughts or comments that we should go over before our next meeting?

Using these targeted questions about their overall experience within the last month, focusing on achievements and problem-solving areas in need of improvement, help the employee feel much safer and more confident in their abilities to complete their tasks in a timely and efficient manner.

Culture Check-in Questions

Culture Check-in Questions

In order to foster a positive work environment that prioritizes the employee’s well-being and loyalty to the company, meetings dedicated to the topic of improving employee engagement and culture can be useful for this purpose. You can also integrate these types of questions into the daily, weekly, or monthly 1:1 check-in meetings to make sure that you’re keeping a temperature read on the employee’s thoughts on the company’s direction.

Asking questions specifically tailored towards workplace culture can provide sensitive information that can improve the company as a whole and help make the team feel more included. Here are the main questions you can ask about culture:

  1. How would you describe the current workplace environment?
  2. Why are you proud to work at this company?
  3. Do you feel that the company supports you with your professional development?
  4. Is there anything that you would change about the company? If so, what would it be?
  5. When and how do you like to receive feedback?
  6. Do you feel that the company celebrates our successes?
  7. Do you feel that the processes here are clear?
  8. Are you comfortable giving and receiving feedback?
  9. How supported do you feel by your team? With your manager?
  10. Do you think the company approaches and solves conflicts in an effective matter? If not, what do you think we can do to improve?

Workplace culture is imperative to an employee’s happiness and longevity at the company. Performing regular check-ins with the team can improve retention and keep communication consistent between managers and employees. If done well, this can also create a culture of safety, in which the employee feels that they can freely provide feedback without fear of repercussion or embarrassment from their team or managers. Creating psychological safety in the workplace is another facet of building an environment that people want to be part of.

Team Check-in Questions

Team check-in meetings are another good way to align perspectives on a project, provide important updates for everyone to hear, and share progress and initiatives relevant to the team and their tasks. As with individual meetings, these can range anywhere between 30 minutes to an hour depending on the topic at hand.

To avoid going over the allotted time and keep the energy high and focused for those in attendance, these are the type of team check-in questions you can ask:

  1. What is your focus for this week?
  2. Do you have any shoutouts you want to give?
  3. What does your workload look like?
  4. What do you need help with?
  5. What tasks are taking longer than expected? Are they creating bottlenecks that we need to address?
  6. What areas in our workflow do we need to identify, discuss, and resolve in order to do our tasks more efficiently?
  7. Do you have any important updates for the team?
  8. Are there any changes to your schedule that the team needs to know about?
  9. Does anyone else have action items that we need to discuss?
  10. Does anyone have any concerns we need to address as a group before our next check-in?

Ice Breaker Check-In Questions

Ice Breaker Check-In Questions

Starting off a meeting with a solid ice breaker is normally an efficient way to warm up the group, reduce any tension, and increase participation from everyone in attendance. Light and fun ice breaker questions have the ability to create a positive, inviting atmosphere, allowing employees to feel more comfortable sharing with their colleagues. Here are some ice breaker questions you can ask at the start of a check-in meeting.

  1. What is your positive focus for the week or months ahead?
  2. What is your goal for the year?
  3. If you won the lottery, what’s the first thing you would buy?
  4. If you could read one book for the rest of your life, what would it be?
  5. You now have all the free time in the world. What do you spend it doing?
  6. What is your favorite holiday and why?
  7. If you could choose one superpower to help you do your job, what would it be?
  8. What would you like to see yourself doing 5 years from now?
  9. Is there something that happened to you recently that brings you gratitude?
  10. Is there an app that you can recommend that helps you out every day?

In Conclusion

The best check-in meeting questions can help create situations where the team is focused and moving forward in constructive ways. To have the best results in which everyone has had an opportunity to engage in meaningful discussion is through purposeful meetings that have the right questions in place.

Top 7 Ways To Build Capability In A Team (and the top training methods!)

Team Capability Building

Company culture has become the driving force of the corporate world, and building a capable team is leading the charge. Employees are searching for companies that want to invest in them as a professional, and value the skills they bring to their workplace. While turn-over rates are at an all-time high, now may be the time to consider how you can increase employee morale and boost employee retention.

The answer is in team capability building!

What Is Capability Building

What Is Capability Building?

In short, capability building is when a manager takes steps to further develop the knowledge and skill base of their team members. There are a variety of ways to do this with some being more popular than others (more on this below). Ultimately, your use will vary based on: the employee, their current skills, their long-term goals, and their individual learning style.

Including capability building in your workplace framework serves four main purposes:

  1. Helping the company meet their future needs
  2. Aiding in the growth and success of the company long-term
  3. Developing employee potential
  4. Promoting growth from within the company

While these are four big reasons for companies to adopt capability building into their work culture, there are a range of other benefits that have made it a highly valued practice in the modern workplace.

Benefits Of A Capable Team

What Are The Benefits Of A Capable Team?

A company that has invested in developing highly capable teams find higher rates of success in their industry and run more efficiently than their counterparts. This alone makes capability training desirable; however, there are many other ways it can benefit your company. Some of the most notable include:

  • Fostering a collective responsibility among team members
  • Providing continual growth for your employees
  • Developing a highly skilled workforce
  • Increasing performance of the company as a whole
  • Creating a healthier work environment
  • Improving employee satisfaction rates
  • Building stronger working relationships between employees and managers
  • Reducing employee turnover rates by promoting growth from within, naturally increasing long-term employee retention

The benefits of cultivating a workplace that prioritizes employee growth are undeniable and have been at the forefront of many modern corporations’ achievements. How a company implements capability building within its company plays a vital role in its success. While there are many ways to adopt this practice, there are seven things you should include when developing your capability training program to find maximum success.

Elements To Include In Your Capability Building Program

Seven Elements To Include In Your Capability Building Program

Implementation is one of the most important aspects of any program a company chooses to adopt. Oftentimes, it can be the determining factor of its success. While encouraging growth may seem straightforward, there are seven essential elements that create a solid foundation for your employees (and company) to grow upon.

  1. Build Trust

    Without trust, your employees won’t be able to rely on you and will hold themselves back from reaching their full growth potential. It is important to treat them with respect, dignity, and equality while demonstrating the value you have for them and the work they provide.

    Include trust-building opportunities between you and your staff by showing them you want to help them grow, and providing them opportunities to do so. Ask your staff what they want to achieve within the company and take time to create a plan for how they can achieve those goals successfully. Provide development opportunities equally and avoid working towards growing only the ‘best’ members of your team. This will not only help your team grow as a whole but also maintain strong team morale because no one person is being left behind or undervalued.

    Show your team that their success matters to you and that you want to play an active part in their growth. As a manager (and even a company head), the successful growth of your employees should be a top priority, and building trust is an essential aspect of that.

  2. Use Skill-Based Task Matching

    Provide your team with challenging but attainable assignments that stretch their current abilities and reflect their long-term goals. This helps your team achieve more reliable growth in shorter time frames. If your staff require additional support to meet the challenging assignment, ensure you are providing them the resources they need and supporting them throughout the process.

    A common mistake when assigning tasks is misaligning them to the employee’s goals and current skill set. This can be detrimental and increases the likelihood of your employee failing to complete the task and feeling defeated. The lack of awareness or consideration of their abilities can lead to hard feelings about your management style.

    Always consider your staff’s unique skills and goals, and how you can help them grow through a well-placed challenge.

    Encourage Collaboration

  3. Encourage Collaboration

    When you include effective collaboration in your capability-building program, you create an opportunity for your employees to learn from one another. Learning from peers has a strong track record of success. It creates deeper bonds between your employees while also creating a stronger skillset across your entire team. Collaboration also provides your team with a more robust knowledge of their colleague’s abilities. This aids in their awareness of the team’s success potential and provides them with a support system. Effective collaboration helps create a strong sense of responsibility to the team as bonds begin to form, increasing both quality and productivity throughout the workplace.

    Bonus benefit: collaboration can help members of your team discover unknown skills through opportunities to explore them with their colleagues, naturally increasing your team’s expertise.
  4. Enhance Employee Investment
    When incorporating competency building in your team, it is important to consider how your team is being rewarded and included by the company. Provide your employee’s opportunities to gain valuable insights into the inner workings of the company. Create space for your employees to make decisions that affect their roles. Help them become invested in the future of the company by increasing their involvement within it. Through this, they will become more knowledgeable of the company and be better able to help the company grow and develop its weaker areas.
  5. Create Intentional Training Programs
    When you’re developing your training programs, consider what capabilities you’re trying to build, the learning styles of your employees, and the different areas you want specific members to grow in. Everyone has different styles of learning and unique skill sets they can grow into. Batch these skill sets to provide growth opportunities to those whose goals align with them.
  6. Make Learning Hands-On
    Hands-on learning helps people connect with what they’re being taught and provides a real-world way to build the skills. Most people learn best through action. This type of learning provides the opportunity to experience any downfalls or unexpected errors in a setting that is real but managed, helping create more confident employees. In this environment, employees can push themselves further to expand their skillsets. Knowing someone is there to step in if anything goes wrong or extra support is needed creates healthy risk-taking opportunities leading to higher growth rates. Additionally, hands-on learning helps your employees identify boundaries in their skill level while creating future heights to aspire to.
  7. Focus On Long-Term Growth

    Building capability in your team is an ongoing process. This is not for short-term tasks accomplishments and is aimed towards the betterment of your employees for their lifetime with the company. This may mean some of your employees will grow into other departments and higher stages in the company. Do not let that stop you from helping them achieve their goals and providing the maximum growth potential you can. Holding your employees back from reaching their full potential will damage your team’s trust in you, create resentment from the individual, and result in a clear decline in team morale.

    Your team’s individual success is your success as well. It is a strong reflection of your values as a manager and your ability to create an exceptional team of employees for the company.

Training Methods For Capability Building Of Employees

Training Methods For Capability Building Of Employees

While many companies have unique methods of training that they’ve created, many fall within 4 categories. The most utilized training methods of capability building includes:

  • On-the-job training
    This is one of the highest used strategies for developing the skills of companies employees. This type of learning offers opportunities directly to the employee within their current work environment.
  • Internal courses
    These can be solo standing courses or recurring. They are often conducted within a classroom setting, providing a more controlled environment while removing the hands-on experience. Internal courses are a popular among many large corporations.
  • Online courses
    This can include learning modules with exercises employees complete or can be less formal such as podcasts or videos. This can be beneficial for employees who learn best through interactive means that offer flexibility and can be done in a group setting or individually.
  • External learning programs
    Often done in mock settings and model factories to control the learning environment while offering a hands-on experience. Usually, training is run by highly skilled professionals who offer specific training programs.

Conclusion

Capability building is an essential aspect of the growth of a company. It promotes healthy workplace morale, increases employee retention rates, and encourages employees to grow within the company. Creating a strong capability-building program includes several essential aspects that rely heavily on employee individuality, trust-building, and long-term growth opportunities. Incorporating employee growth into your workplace culture is essential to your success in the modern-day corporate world.

4 Major Uses of AI in Project Management

Artificial Intelligence in Project Management

Project managers are under persistent pressure to juggle multiple tasks and deal with competing priorities. Today, when they’re in constant search of help, the role of artificial intelligence in project management can’t go unnoticed.

Just think about it.

You delegate some parts of the work to your intelligent assistant that can analyze massive amounts of data, find patterns, learn from them, and make superfast predictions – without ever complaining of being tired!

It’s not science fiction. It’s a globally evolving trend.

One of the recent research by McKinsey indicates that in 2021, fifty-six percent of surveyed respondents have already adopted artificial intelligence (AI) in at least one function of their business.

What’s more, AI software, hardware, and services are estimated to grow year over year. According to IDC (the International Data Corporation), worldwide revenues for the AI market are predicted to hit the $500 billion mark by 2024.

Wait. Did you just think it’s only about tech companies? Absolutely not.

The artificial intelligence industry already determines how projects are managed across all possible domains and business fields.

In the construction field, for example, AI is used to monitor projects for errors, automate planning, identify paperwork inefficiencies, and conduct site inspections. Media and telecom companies, on the other hand, use AI to offer targeted content, provide more personalized experiences, and automate their newsrooms.

The good news for project managers is – today, processes are faster, and hardware is cheaper. Leveraging AI, without a doubt, is becoming an exciting journey.

Let’s now look at the use of AI in project management and how it can power day-to-day operations for smarter and more profitable results.

What is artificial intelligence (AI)

What is artificial intelligence (AI)?

Artificial intelligence (AI) is the imitation and modeling of human cognitive processes by computer systems, allowing machines to mimic human abilities (such as to reason, discover meaning, or generalize). AI analyzes massive data sets through algorithms to identify features, classify types, learn preferences, and predict action.

Put another way, AI is about input and output; you feed the machine with data, and it generates results to serve a specific purpose.

What is artificial intelligence in project management

What is artificial intelligence in project management?

Project management AI can be viewed as a system incorporated into the project management process to supplement human activities. It relies on the limitless processing capacity of machine learning to infer meaning and help with project-related decisions.

The key role of AI in project management is to add value in different stages of the project lifecycle. AI can allocate resources and distribute tasks, assist in matching the right skills and responsibilities to the right resources, help with the hiring process by engaging the most competent talent for your project.

1. AI for automation

Think of AI as a savior. It’s here to liberate you from mundane, data-driven, and monotonous tasks.

Project managers are bogged down by lots of repetitive and manual work that can and should be automated. What are some of the necessary but low-value tasks? Identify them and let AI take them up to reduce grunt work in project management.

By taking on labor-intensive activities, AI frees up project managers’ time to focus on something more creative, meaningful, and intellectually stimulating. All of a sudden, project managers have more time for the core areas of their business: people management, project vision, team building, and network development.

The same is true for our teams. Chatbots, for instance, can automatically answer customers so that the customer service folks can concentrate on handling more complex issues.

2. AI for intelligent assistance

What are my five most high-risk projects now? Which ones should I be worried about? You don’t have to shuffle through dozens of lists and spreadsheets to find answers to questions. You simply have to ask, and the answer will be provided in no time.

Consider the following scenario.

Your project has been delayed. You need to start it next month rather than this month. AI-driven algorithms are given a task to shift your resourcing around and rearrange them for the upcoming month. And voila – the new plan is ready with a single command! You can now use AI to facilitate and centralize processes. Pack the schedule for your team in an optimal way so that workload is distributed fairly without any impact on project timing.

AI for predictive analytics

3. AI for predictive analytics

Predictive analytics is the use of AI in project management to assess what will happen in the future. With all the investment that goes into the AI market, data pools and data lakes will surely start providing increasingly accurate insights, enabling us to make predictions by eliminating human error and bias.

The insights received through AI can be not only valuable but also actionable. Deploying your robot army may help you get automatic alerts and draw insights at superhuman accuracy. For example, you might predict during certain events that there is an increased likelihood of network outage and plan your steps accordingly.

  • Risk management

    Artificial intelligence can support in modeling risk and understanding risk thresholds. Furthermore, AI can signal about negative risks and positive opportunities out there. It’s a great tool for forecasting stakeholder behaviors and adjusting your management tactics accordingly. Thus, with the use of AI, you capitalize on the opportunities and mitigate risk.

  • Cost Management

    It’s difficult to underestimate the role of cost management in a project. AI can help your team create multiple cost models, compare them based on different criteria and against myriad elements, build a dynamic pricing strategy, and forecast project cost.

    After the project is approved and in progress, it’s possible to monitor cost metrics in real-time and draw the project manager’s attention to the most critical details. Operational activities like invoice entry can be taken over by AI-powered machines. Overall project costs can be reduced by quality assurance and compliance by providing additional oversight.

    If you aim for a strategic advantage in the marketplace, you should be able to have access to increased observability and deep analysis that’s a step ahead of your competition. Patterns and minor changes are sometimes hard for people to observe but easy for AI to detect. Why not use a tool that never misses a detail?

4. AI for strategic partnership

AI projects tend to have quite a broad reach, and it’s likely that you won’t be working on AI in an isolated black hole. If you’re dealing with data analytics, you’ll probably be hitting on systems that you haven’t used before or systems that haven’t inter-worked before. There might be an urge to pull down data from a platform and use it somewhere else, in a very different way.

Be prepared to reach out to new teams and widen your stakeholder engagement because the use of AI in project management will force you to partner with those who pursue the same path for growth.

Is AI going to replace project managers

Is AI going to replace project managers?

“If a machine can make all the decisions for project managers, is AI going to replace them?” you may ask, and rightfully so.

The shortest answer is – no.

AI can optimize but not create. AI can work with humans but can’t work instead of them. AI can learn from past patterns but is helpless when it comes to novel situations.

No matter how far technology evolves, you can rest assured that complex and creative jobs are safe. Creativity, social skills, and perceptiveness are outside the realm of AI.

How to become an AI-ready project manager

How to become an AI-ready project manager?

No doubt, you’re going to face AI-armed competitors sooner or later. Let’s see how you can get prepared.

Collect enough data.

AI models are hungry for massive amounts of data. The more data you insert, the better it gets. Hence, a lack of data can impact the quality of output and lead to biased predictability.

Start today. Incorporate artificial intelligence into your project management process. If you’ve already done so, start looking into the possibilities of building data stream pipelines that can collect information.

Diversify your data

Merely collecting data is not going to help. You need to feed the AI machines with data of various types, from myriad sources. Limiting AI’s learning to one source or knowledge base isn’t a good idea because it can lead to gaps and jeopardize projects. A wide and diverse set of data is what AI needs to learn and come back with meaningful results.

Avoid overdependence on AI

As AI becomes more sophisticated, companies run the risk of becoming overly dependent on the technology. Overreliance can cause problems both when the algorithm fails and, worse, when no one realizes that it isn’t accurate.

Therefore, even after having automated certain processes, you should train your team to execute processes manually and raise red flags about AI if they’ve spotted something going wrong.

Practice transparency

Customers are becoming more and more conscious about their personal data and privacy. In this regard, transparency is key to maintaining trust with your customers. They should be confident about how their data is collected and used. It’s your duty to help customers understand the reasoning behind AI-driven solutions.

Wrapping it up!

AI is here to prove that being a great project manager is not a gift bestowed on a chosen few. It’s an informed choice to maximize the role of AI in project management.

Yes, artificial intelligence in project management is going to be disruptive. It’s going to force companies to rethink business operations and best practices. AI will be used to automate calls for customer contact centers, improve marketing operation, upgrade existing products with machine learning, offer solutions, and drive innovation. Up to the point when it’ll revolutionize the way projects are managed.

Effective Ways to Manage Cost in Agile Project Management

Cost Management in Agile Projects

Have you ever tried to make dinner for people with two very different tastes? That’s a delicate tightrope to walk.

Managing costs on an agile team can feel similar. Between the team and the leadership, it’s like you’re trying to appeal to two very different palates.

First there’s the preferences of leadership (and accounting). Particularly when the risk-tolerance is low, these people want to see all costs up front. Then, there’s the agile team, who is committed to a process of pivoting and adjusting. They cannot plan for every deliverable and cost at the onset.

Even though agile doesn’t provide the certainty of waterfall, it is possible to develop ballpark estimates of a project’s overall cost.

Let’s look at how to approach managing costs for an agile project. But first, let’s clarify when and why the agile method benefits the bottom line in the first place.

Determining When to Use the Agile Method

Part I: Determining When to Use the Agile Method

In the interest of security, peace of mind, and risk aversion, most company leaders like a detailed project plan. They feel much better when everything is clearly laid out on a gantt chart at the very beginning. Carrying out the project essentially means pressing “go” and having everyone follow a clearly-marked path.

However, this sort of detailed planning doesn’t always yield a successful product, and so it may not ultimately serve the company’s bottom line.

Let’s look at what characteristics make a product better suited to an adaptive approach over a predictive approach, and then focus on how to look at budgets and costs with adaptive project management.

What Signals an Agile Approach?

Some projects have huge up-front costs. At other times, it’s hugely expensive to make changes to a project that is already underway.

Take an airport runway, for example. If a team completes the entire runway, and then afterwards decides it needs to be shifted by several degrees, then they’re looking at a bill twice what they initially estimated.

Building a car is similar. When the team sets out to start manufacturing each part and assembling them together, it doesn’t have a lot of space for alterations. If, say, the team wants to lengthen the seats, then it means they’ll probably also have to adjust the chassis, which would be hugely expensive. All the details need to be settled beforehand.

In scenarios such as these, it’s critical to do a thorough job of researching and planning at the very beginning. This is where a more structured waterfall approach is the smartest route for protecting the business’ bottom line.

However, not all products have the same characteristics. Take software, for example. Ripping into code and making changes does cost something, but it’s only a fraction of the project’s overall budget. So having to scrap some code and start over isn’t a big deal at all. It’s par for the course, really.

Clothing design is similar. Oftentimes a designer can create a piece of clothing, then test it out on a customer for feedback, and make several changes and alterations at no significant cost.

These are critical differences in the nature of production processes. Each entails approaching a project from a completely different point of view. When changes can be made easily and without a lot of effort, it means that everything needn’t be planned from the start. In fact, as any agile enthusiast will tell you, it’s oftentimes better that it isn’t. Over-planning and then creating a product in a black box may result in something that customers won’t use. Then all of the team’s time and money is completely wasted.

We’ve witnessed plenty of times when companies haven’t taken an adaptive approach when it might have—to its dismay. Take some of Apple’s product failures back in the 90s, such as the round mouse pad that was too small and whose cord was too short, making it impossible to use. Or its game station, Pippin, that tried to do way too much without excelling at any one thing. Had they designed these products in increments, testing them on the customer, then pivoting and adjusting before the final release, some of these obvious kinks would have been worked out.

Agile entails backtracking: tearing code apart and starting over. In order to work with the agile process, it’s necessary for leadership to have some tolerance for risk, and to be OK with not seeing “progress” each and every day. This opens the door to creativity and innovation.

It also entails taking a different approach to costs than waterfall . Let’s take a look into that.

Approaching Costs With Agile

Approaching Costs With Agile

When a project follows a predictive method, it’s easier to know all the costs up front.

Budgeting and managing costs means taking a “percentage complete” approach. At the beginning, the team determines all the tasks to do and the amount of money required. Gauging how the project is going means looking at the percentage of work that is completed compared to the percentage of the budget used up.

This method keeps a team bound to all the work outlined in the planning phase. With agile, however, it’s impossible to create a complete task list at the beginning, as change is implied and accepted. And so the percentage complete approach won’t work.

A more suitable method, then, is budgeting month to month. The manager determines how much the team costs for each iteration, and then looks at the duration of the project in order to determine the overall cost.

This set-up allows the team to create some code, get it in front of the customer, then possibly rip some of it apart and re-create it again with a more customer-targeted approach the second time around.

Although monthly budgeting is superior to a percentage complete approach when dealing with agile projects, this doesn’t entirely answer the question of costs.

In the next section, we’ll look at various methods and artifacts that allow agile teams to assess time and costs in order to accurately forecast a project’s cost over its timeline.

Managing Costs in Agile Projects

Part II: Managing Costs in Agile Projects

In order to look at managing costs with agile, let’s start with an example.

Let’s say a team has the job of designing an ecommerce store, and the client has a budget of $300K. The client certainly wants a successful store, not simply a completed project, and so the team plans to take an adaptive approach of seeking feedback from customers, then pivoting and tweaking in order to make sure all the features are user friendly.

How can the team know if it’s able to complete the project within its budget? Let’s look at some agile artifacts that help manage project costs. These first three look at budgeting from a cost approach.

1. Burn Rate

The burn rate cost approach uses a burndown chart. This chart plots how much work is completed on a project over its timeline. Time is plotted on the horizontal axis, and work is plotted on the vertical axis, starting from total work at the top and working down to completion. At the beginning of a project, an “ideal work line” is drawn to indicate the work goals at each time interval. Completed work is measured using story points. A second line, the “actual work line,” is drawn as the project progresses.

A burndown chart helps a team visualize how far along they are, and whether they’re working according to plan. It is commonly used in the scrum framework.

Calculating the burn rate means looking at the actual hours each member works during each iteration, versus the story points completed. Next, this value is compared to a calculation of the ideal work rate. The difference between these two values lets the team know if it’s staying on track, and by how much.

2. Precision Alignment

The precision alignment method for cost estimation entails looking at the final product, and outlining all the key features that must be included.

For example, with an ecommerce store, these features would include the checkout page, the listing page, a sign in page, and the cart.

The team looks at each feature and estimates how long each should take to complete. Then, it multiplies this length of time by the cost of the team per week. Adding these numbers yields the total project cost.

Precision alignment is a very simple and straightforward method. However, it doesn’t entirely account for pivoting. For example, agile allows for changes late in development. In the ecommerce example, the team may listen to feedback and decide to scrap the checkout page and start from scratch, which could add a lot to the length of the project.

3. Relative Comparison

This method for cost evaluation entails comparing a current project to a similar one from the past. In order to forecast accurately, it’s necessary for the same team to have worked together for six months or more.

To make the simple calculation, the team looks to a previous project, and multiplies the length of that project by the cost of the team per week.

For example, if a previous ecommerce store took five iterations, and the team costs $30K per sprint, then the project should be $150K.

When the team doesn’t have a similar project, it can look at its velocity from previous sprints to create estimates. The average velocity gives a gauge for the amount of work the team completes in one iteration. Dividing the total points for the next project by the average velocity gives an estimate for the total number of iterations to complete the project.

In sum, all three of these approaches work similarly. It’s possible to combine them, depending on the experience and preference of the team. Forecasting is more dependable when the team has worked together for some time. This way, it has a lot of sprint data and previous projects to compare to its current projects.

Time Management

Time Management

A project’s cost is closely related to its duration. When you can make a good estimate of how long a project should take, then you can probably make a pretty good estimate of its cost. Here are some agile methods and artifacts that assist with time estimation.

1. Project Road Map

The project road map is kind of like a project’s long-term plan, but the dates aren’t bound and fixed as with a gantt chart. It seeks to answer the how, the what and the why of a product plan.

The road map frames a project around dates, and the work is broken down by themes, releases, epics or sprints. It is created with the overall goal in mind, and so it’s necessary to seek input from all stakeholders when putting it together.

Although the road map is used as a guide to gauge when certain milestones are completed, it does get updated as the project progresses, so the dates aren’t set in stone.

2. Release Plan

A release plan is similar to the project road map. It focuses on various stages of the product development, which provides a scope and timeline for each release.

A scrum team only works on one release at a time, and so the release plan allows you to estimate a project’s length by determining the length of various release stages.

Product Backlog

3. Product Backlog

The product backlog is another method for estimating the duration of a project. The backlog includes a list of known product requirements. When each of these requirements has been assigned user stories, it’s possible to estimate how many iterations it takes to complete them all.

The team looks at its average velocity from previous iterations, and then adds up the total number of story points in the product backlog. Next, it simply divides the total number of story points by the velocity to discover how many iterations it will take to complete the project. This provides a good estimate of the project’s end date.

This method appears simple and straightforward; however breaking down all of the stories in the product backlog really is an immense task. This entails playing several rounds of planning poker to get the user stories broken down into items small enough for individual iterations. If the user stories aren’t broken down, and instead are assigned immense point values, this would probably result in an inaccurate estimate.

In sum, finding an accurate estimate for a project’s duration is key to knowing the cost of an agile project. And the good news is, oftentimes agile projects take less time than waterfall—which means money saved for the company!

Conclusion

The objective for a project isn’t simply to bring a product over the finish line. Rather, it’s to increase the company’s bottom line. In order to achieve this, the team must carefully consider whether to take a predictive or adaptive approach.

In a project such as software, that allows for change without incurring huge costs, an agile approach makes a lot of sense. However, managing costs with agile isn’t as straightforward as a predictive approach. Budgeting month to month is better than using a percentage complete method.

It’s easier to manage costs when a team has worked together for some time. This way, it has a history of user story points and velocity from previous iterations. This data is useful in estimating a project’s length, and therefore its cost.

Other artifacts such as a burndown chart, a project road map, and a release plan also help to manage costs.

When a team has worked together for some time, and regularly practices the retrospectives, it improves steadily. This means that it produces better work over time. When it really starts to hum, the team produces great work at a great cost.