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“You can’t build a great building on a weak foundation. “– Gordon B. Hinckley
How many times have we heard someone say, “I want our company to achieve X project.” But then there is no follow up or direction on who, how, or why the company is undertaking the project. Likewise, leaders oftentimes fall into the fallacy that once they give a directive they no longer must follow up with the project until it is done.
In tru’s role transitioning financial advisors to tru Independence, we know all too well that having a solid foundation can make or break a project and heighten or lower anxiety levels. Oftentimes there are many steps required by many different people; and in today’s remote world, staying on task becomes even more challenging.
For RIAs looking for more structure and process to how they “get initiatives done,” they’d be hard-pressed to find a more tried and trusted method than Six Sigma. Developed by Motorola in the 80’s and popularized by GE in the 90’s, Six Sigma provides tools and techniques for making business processes more effective and efficient.
In our experience, using the principles of the Six Sigma Methodology for project planning and implementation can greatly increase the chances for a project to not only be completed, but completed on time. The following provides key insights from Phase 1 of the Six Sigma process… “Define.”
The first phase in any Six Sigma project is the “Define” phase where the entire foundation for the project is hashed out. This is called the Project Charter. Every member of the team should have the exact same copy of the Project Charter so that they can reference the project at any time and all parties are working towards the same goal. Common objectives in the Define phase include:
- Write up a problem statement
- Justify the reason for the project
- Define the goal of the project
- Identify the scope of the project
- Assign the roles of each member of the team
- Brainstorm any risks that could derail the project
- Implement a schedule for regular, mandatory check in meetings
- Set key milestone dates including a project completion date
Having the foundation of a project defined will help steer the team to achieve the goal of the project. Clearly outlined check-in meetings and completion dates will keep the project on track. Finally, the entire leadership team actively engaged and accountable throughout the life of the project will keep everyone motivated to achieve the goals set down in the Define phase of the project. Seeing a project to completion takes dedication from the team and leadership and more importantly discipline to not deviate from the defined project scope.
There are different tools and templates available for project planning. Some are very simple excel spreadsheets, others can be complex computer programs but what they all have in common is that they define the project and track the progress.
Does every project need a formal Define phase, of course not. But any project that is going to be multi-months long, involve various individuals/departments and is strategically important to the growth of a company should have a Define phase at the start of the project.