Loud Thinking May 29, 2014 at 01:08PM
Time Is a Midsize Company’s Most Valuable Resource
While poor time management hurts any firm, it’s especially pernicious at midsize companies. These companies must move quickly to make up for smaller competitors’ agility, but they also need to tackle big projects to compete with larger firms. Time, not money, is the most important resource for midsized firms.
Honor deadlines from the top down. Project management is worthless if the CEO disrespects deadlines. Make missing deadlines unacceptable at every level. Promote your best time-managers, and make the consequences of missing deadlines clear.
Ruthlessly cut projects until only critical ones remain. When a company tries to do too much with too few resources, projects inevitably end up late, mediocre, or unfinished.
Be transparent about a project’s status. In midsize companies, core projects affect every department since the business isn’t big. Leaders must keep team members informed about advances and setbacks, including missed deadlines, to assess the project’s overall progress.
Adapted by HBR from “ Midsize Companies Must Prioritize Ruthlessly” by Robert Sher.
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