As we contemplate the new year, most of us are hopeful and forward-looking. But 2021 is still shrouded by a fog of uncertainty. Under normal circumstances, business leaders start their fiscal year kicking off a portfolio of approved projects. But the residual impact of 2020 can still make us question those plans:
- Are we making the right project investments for the road ahead?
- Do we have the right assets to get stuff done?
- Are carryover projects from 2020 still viable?
To be fair, we ask these questions at the start of any new year. But for 2021, the project risks are greater and the stakes are higher.
1. Assess the health of your 2020 projects
Do you have carry-over projects from 2020? And if so, have you conducted a project health assessment this quarter?
The basic purpose of a Project Health Assessment is to determine if (and why) a project is failing, it is also an honest evaluation of what ‘health’ and ‘success’ now mean today. Those definitions may very well have changed.
For many organizations, 2020 was earth-shattering – drastic market shifts; operational disruptions; and workforce contractions. All of these factors can change the priority and performance expectations of our projects. A health assessment can determine whether seemingly “failing” or “healthy” 2020 projects are still worth the investment in 2021.
2. Invest in stabilization and quality improvement projects
The mindset going into 2021 should not be a fear-driven, project-slashing, bunker mentality like in 2008 and 2009. The economic outlook for 2021 is positive. The goal is to invest in high-impact, low-risk projects that move the organization from a reactionary 2020 footing to a stabilizing one.
These kinds of projects reframe business processes, normalize and secure data, enhance and modernize technical capabilities, and help a company’s workforce adapt and advance. In IT, for example, such projects would be in Enterprise Resource Planning (ERP) and Human Capital Management (HCM) systems; Data Management and Data Governance; and cyber security.
3. Break up and Roadmap “Elephant-Sized” Projects
As executives tiptoe into 2021, it’s perfectly natural to be anxious about investing in large projects and programs. At a time when markets still feel the aftershocks of 2020, the goal is to make projects realistic, manageable, and nimble.
Roadmaps help you do that. They are a “projectization” exercise to break up those “elephant-sized” projects into more manageable (and less risky) bites. Moreover, the strategic segmentation and road-mapping help you adjust to and pivot around unforeseen 2021 disruptions.
4. Implement Rigorous Checks Throughout Your Project
Incremental status “checks” aren’t just about scope, schedule, and cost, especially in 2021. You need to keep a constant eye on whether your investments are maintaining strategic relevance throughout the entire year.
It’s common knowledge that projects are divided into phases, stages, or in the Agile world, “Sprints.” Each phase or sprint must go through approval gates. It is a check of milestones achieved; performance indicators; and executive comfort. For 2021, executives should make these gates rigorous and demanding.
At the conclusion of a status check or gate review, executives should not hesitate to use this opportunity to change change the pace and urgency level of a project, or to slam the breaks if 2021 goes sideways.
5. If you can avoid it, don’t hire full-time, project delivery expertise
Executives should avoid as much fixed cost as they can. Project delivery work, especially at a senior, specialist-level, is tailor-made for a consultant, fractional, and gig workforce. When used properly, a project delivery specialist gives executives the hyper flexibility they need to make their project portfolios truly nimble.
While this statement may seem controversial, the very definition of project work is that it is unique, variable, and temporary (finite). Unless executives can string together enough projects to justify the investment, hiring a W2 project delivery specialist should be the exception, not the rule… especially in 2021.
Regardless of these good practices, project work will always evoke an apprehension and a fear of the unknown. It requires a deep breath… and a well-planned leap of faith.
