If juggling multiple projects is your day-to-day norm, you’ve probably had moments where you thought, “How on earth are we going to keep all of this on track?”
Whether you’re leading a team of consultants or overseeing software development projects, keeping track of everything is challenging.
This is where Project Portfolio Management (PPM) steps in. Imagine having a bird' s-eye view of everything your team is working on. PPM gives you that level of oversight, helping you keep all projects on track and aligned with your business's bigger goals.
It ensures that available resources aren’t spread too thin and nothing slips through the cracks. Picture it like running a busy restaurant kitchen, where every dish has to come out perfect and on time.
Now, let’s break down what PPM does, how it can boost your business, and (most importantly) how to avoid the common pitfalls that can derail even the best-laid plans.
Let’s clear something up before we dive in. Although project management and project portfolio management might sound the same, they’re actually two very different ways of managing your workloads.
Project management is focused on one specific project at a time. It’s about:
You have one scope, one set of goals, and a timeline that ends when the project is completed.
Project management is where things get more interconnected.
Here, you’re managing a group of related projects. They might share resources or deadlines, and they work together toward a larger organizational goal.
This is where the real magic happens. PPM takes a step back, looks at all of your projects — the entire portfolio — and ensures they’re working together to push the business forward. Instead of getting bogged down by the details of each project, PPM helps you see the big picture. In other words:
“How does this project fit into our overall strategic planning? Is it worth the resources we’re putting in?”
With Accelo, for instance, you get a clear, real-time overview of all your projects simultaneously. It’s like having a control room dashboard for your business where you can:
This is all in one streamlined location for maximum unified visibility and the ability to automate processes to keep deals moving through the project cycle.
Managing a single project is hard enough, let alone managing it well. But add a handful of them into the mix, and things can start to unravel fast.
That’s why PPM is such a game-changer for professional service firms. If you’re handling multiple projects — each with its own challenges, deadlines, and demands — you need a system that helps you keep everything moving forward smoothly.
Enter PPM. Here’s why it’s so important for professional service businesses like yours:
With PPM, every project you take on ties back to your business’s larger strategic objectives. You’re not just completing tasks for the sake of it – you’re making sure each project contributes to growth, profitability, or whatever your overarching business objectives might be. PPM helps you stay focused on the why behind the what.
We’ve all been there – overworked project teams, budgets stretched too thin, and deadlines creeping up faster than expected. PPM helps prevent that by showing you where your resources (people, budget, tools, etc.) are being used and if they’re being used wisely.
Need to shift resources around? PPM helps you do that before it’s too late.
Every project in your portfolio should pull its weight, contributing real value to the business. PPM lets you assess whether each project is worth the return on investment. If something’s eating up too many resources without offering enough return, you can reprioritize and refocus on higher-value initiatives.
The more projects you’ve got going, the more risk management you need to do. PPM gives you a centralized view of risks across all your projects so you can catch potential problems before they spiral out of control.
Miscommunication is a project’s worst enemy.
PPM ensures everyone involved knows their:
PPM tools like Accelo make this even easier with real-time updates, an activity stream, and shared project dashboards, so no one is left in the dark.
Just ask HeimLantz, a top-tier accounting firm that uses Accelo. They’ve seen firsthand how centralized project tracking and resource management helped them boost profitability, enhance collaboration, and secure industry awards. It’s all about having the right project portfolio management tools to stay organized and efficient.
If you’re serious about aligning your projects with your business’s big-picture goals, you’ll need a project portfolio manager. This person oversees the whole operation, continuously ensuring that projects are prioritized, resources are used wisely, and potential risks are identified early.
Here’s a quick breakdown of what PPM managers do:
They’re not focused on just one task. They look after an entire portfolio, often overseeing large, complex initiatives that need to be broken into smaller, manageable projects.
Not every project is worth taking on. PPM managers analyze the risk-to-reward ratio of potential projects, ensuring that only high-value initiatives get the green light.
With so many projects happening at once, it’s the PPM manager’s job to make sure every project gets the resources it needs without overburdening the team. They shift priorities as necessary to keep everything balanced.
PPM managers monitor each project’s status and make adjustments when things fall off track. They also provide updates to higher-ups, keeping everyone in the loop and ready for crucial decision-making.
Accelo makes life easier for PPM managers by offering real-time tracking and reporting tools that eliminate guesswork in project oversight. It’s all about staying proactive rather than reactive.
If you want to implement PPM successfully, here are the steps you’ll need to follow. These aren’t just best practices; they’re essentials for making sure your portfolio contributes to your company’s project success:
You can’t manage a portfolio of projects effectively if you don’t know what you’re working toward.
Make sure every project aligns with your company’s long-term goals, whether that’s:
Not everything is worth your time. Before adding a new project to your portfolio, run a cost-benefit analysis.
Will it contribute to your goals? What are the potential risks?
By answering these questions early, you’ll avoid overcommitting resources to low-value projects.
Once your portfolio is set, take a good, hard look at your resources. Do you have enough manpower, time, and budget to pull off all these projects? If not, you might need to scale back or adjust timelines.
PPM isn’t a “set it and forget it” business strategy. You’ll need to monitor progress constantly, checking in on how projects are moving along.
Are timelines slipping? Are resources being used efficiently?
Accelo makes this easier by offering real-time insights and alerts when something’s not right.
Regular communication with stakeholders is key. They need to know:
The more informed they are, the more supportive stakeholders will be when decisions need to be made.
Of course, even the best-laid plans can fall short. Here are a few common mistakes businesses make when it comes to PPM, as well as how to steer clear of them:
If your projects don’t align with your business goals, you’re going to waste a lot of time and resources. Be sure that every project in your portfolio serves a specific purpose and helps the business move forward.
Overloading your team members with too many projects at once (or giving too few resources to important ones) is a recipe for disaster. PPM is all about balance. Make sure you’re allocating resources where they’re needed most, without burning out your team.
Projects change. Priorities shift. You’ve got to be adaptable.
One of the biggest mistakes professional service businesses make is neglecting to adjust their portfolio when things aren’t going as planned.
In today’s world, manually managing your portfolio will leave you falling behind. PPM software tools like Accelo take the guesswork out of PPM with automated reporting, real-time tracking, and seamless resource allocation.
If your business handles more than a few projects at a time, the answer is a resounding yes.
PPM can help businesses across all industries – whether you’re in IT, construction, engineering, consulting, architecture, marketing services, or accounting – keep projects on track and ensure they’re contributing to your larger goals.
If you’re wondering how to get started, Accelo’s PSA solution is designed to make PPM a breeze. With intuitive dashboards, real-time insights, and automated workflows, you’ll have everything you need to stay organized and efficient.
Project portfolio management isn’t just about getting projects done; it’s about being confident that they are driving your business toward its long-term goals.
With the right approach and tools, you can avoid the common mistakes that trip up so many companies and keep your projects on track, on time, and on budget.
Want to see how Accelo can help you manage your project portfolio with ease? Book a demo today and take your project management to the next level!
