About 20 percent of businesses fail within the first year. But if you can get past that hump, you can focus on improving how you run everything to grow your company.
One good way to do that is to utilize lean portfolio management. If you can shift your management style, you can ensure your team prioritizes the right projects.
Keep reading to learn how lean portfolio management can help you and your business.
Focus on Business Outcomes
One primary focus of lean portfolio management is on business outcomes. While creating products is important, that’s not the main goal.
The method prioritizes big picture goals over short-term deliverables. It involves reviewing results at least each quarter and using that information to improve operations.
Whether you’re an entrepreneur or you work for a large company, you can use lean portfolio management. It will help grow the business, and you can use the actions you take now to inform future decisions.
By focusing on business outcomes, you can make sure the company grows steadily. Then, you can work on the products and services you offer.
Deliver Valuable Work
Another essential part of lean portfolio management is that you deliver quality, valuable work. While you do focus more on business goals, the product is still important.
If you don’t deliver quality work, you will lose out on repeat clients and customers. You need to focus on doing that work quickly and with few distractions.
As you complete projects, you should keep them in line with larger company goals. And when assigning projects, you should consider the team size and ability.
Then, you can make sure you deliver the work you promise to keep your customers happy.
Consistent Decision Making
One of the ways lean portfolio management helps your business is that it simplifies decision making. You follow the same steps to make decisions for new projects, which can speed up the decision making process.
First, you settle on when you need to complete a project. Then, you figure out how many people you will need to do the work. After doing the work, you can evaluate the results and take them into account for future projects.
The results can help with more decisions, which can further help your business. If you can improve the decision making cycle, you can make things easier on your employees.
Easy to Adapt
Another benefit of safe lean portfolio management is that it makes adaptation easier. When you track your projects and results, you can see what works.
You’ll get an idea of the trends happening in your company, and you can take action. If you find that a certain process isn’t working, you can adapt.
It won’t take as long to change as if you didn’t track and manage projects this way.
Adaptation is essential for any business to grow and thrive. If nothing else, agile lean portfolio management will help your company in this area.
The Primary Focus of Lean Portfolio Management
Lean portfolio management involves prioritizing business goals and doing quality work. If you want to improve your business operations, you should consider these factors.
Then, you can make the system work for your business, and you can watch your company grow.
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