Updated on September 21, 2023

Businesses launch many projects each year. Properly planning each project will foster its success.

Is your organization planning on expanding operations? Does it want to make an acquisition? Does it need to implement a digital transformation or make changes to redirect its business model? It’s important to know your objectives and assess the impacts of each project in order to prepare. Here are essential steps for efficient project management.

1. Properly determine the objectives targeted by each project

Before anything, you must ensure that the project that you want to carry out will meet part of the objectives you’ve prioritized in your strategic business plan. As there could be many possible solutions, is this project the most appropriate and is it the right time to make it happen?

• How will the project’s content provide a winning solution?
• Will completing this project help meet various needs within the organization?
• To what extent does it align with and where does it rank in the strategic plan?
• What resources are required within the organization to carry out the project?

2. Setting the project’s expected results

Prior to starting, you must plan for concrete, precise measures that will enable you to confirm along the way that the project will yield the expected results. Make sure to:

• Thoroughly define three or four of the project’s measurable performance indicators;
• Have management or the Board of Directors validate these performance targets;
• Develop the project taking the indicators into account.

3. Determine the risks and restrictions

From the get-go, picture possible obstacles in order to minimize their impacts, for all aspects of the project:

• The required timelines before completing the project;
• The level of resources required to define and implement the project;
• Foreseeable impacts on the organization;
• Human resources;
• Changes in the market;
• The necessary technologies;
• Etc.

4. Plan the project

Each step is important and must be carried out in the right order. Before starting, you must plan for each step. Don’t leave anything to chance. Take an overall look at the required items, then determine their level of importance and what needs to be prioritized. Take the time to:

• Detail all activities needed to carry out the project;
• Determine the human, financial and technological resources that will be required;
• Highlight the “critical path”, the activities essential to the success of the project and the timetable;
• Choose how the project will be carried out (project manager, level of involvement and consultation with the team, etc.);
• Take a step back when developing the project (to avoid hasty projects);
• Analyze the possible organizational impacts of the project (minor or major) within the organization as well as its ability to undertake it.

5. Select what assistance is available, based on your needs

You need to assess which resources are available, internal or external, that you could obtain to support you during the completion of the project:

• Which organizations or professionals could provide support during the project?
• Which financial assistance programs could apply to the project?
• Define, as needed, a canvassing or network plan to make it easier to complete the project.

6. Validate the eligibility to financial assistance programs

Financial assistance is not obtained automatically. You must take into account the terms and conditions, assess whether your business respects the eligibility criteria, and, as applicable, get help from professionals during your application to ensure that you meet all of the conditions and adequately highlight your project and returns for your business. Make sure to:

• Take the following criteria into account: eligible clients, appreciation criteria, priority criteria;
• Prepare a structure request that stands out;
• Call on the services of professionals or experts in the field for major projects.

7. Carry out the project

Don’t ease up on your vigilance once the project has begun. Each step is important and you must pay attention to all details while completing it. You must, in particular:

• Ensure the organization’s level of commitment at project start-up (change management is a must);
• Be thorough and disciplined to meet the expected deadline and performance targets;
• Keep the momentum going when carrying out the project through regular and adequate communications;
• Plan an evaluation activity once the project is finished in order to determine the highlights and lowlights, and get back on track if needed for other steps or for the next project.

Nothing can be left to chance when setting up projects. The more prepared and organized you are, the higher the chances of success for your business.

For support throughout the process, don’t hesitate to contact a team of competent professionals.

This article was written with Serge Plourde.

Updated on September 21, 2023

Participatory governance is an asset for companies that want to improve the quality of their decisions and engage their employees.

The shift from vertical decision-making to participatory governance, that is, from CEO to committees, is an undeniable trend. This model emphasizes autonomy and cooperative relationships. In addition to fostering employee commitment and retention, it helps to improve decision-making and the organization’s performance.

Throughout your organization’s life, several situations provide an opportunity to review your governance strategy so it is better aligned with your objectives. For example:

• You have a development project and want to introduce an innovation culture.
• A new business partner requires you to assess your governance.
• You want to reinforce your team’s engagement to maximize results.

These pivotal moments are an opportunity for you to consider implementing a new model.

What are the benefits of participatory governance?

Good governance is not just a matter of assigning tasks. It’s about sharing responsibilities strategically. By taking into account each of your managers’ expertise and vision, you allow them to offer the best of themselves and you benefit from a wide range of skills. There are many advantages to this diversity:

• Gaining broader perspectives to foster vision and innovation;
• Obtaining new information to capitalize on business opportunities (new markets, developing the offering, digital transformation, etc.);
• Improving the connection with the needs and goals of all stakeholders (employees, clients. business partners, investors, etc.);
• Empowering and engaging each governance body and retaining key employees;
• Enhancing risk management and optimizing control and compliance;
• Ending the leader’s isolation;
• Ensuring greater transparency and improving the preparation of successors.

A participatory governance structure makes it possible to better meet challenges, whatever your organization’s development stage. Whether you’re starting up, contemplating a strategic partnership or considering a major investment, business partners and investors will have the reassurance of seeing a leader with solid support and a robust decision-making process.

In the case of a business transfer, participatory governance is the ideal approach to integrate the buyers gradually, while providing the support of an experienced team.

How to implement a successful governance structure?

In this governance transformation, the entrepreneur becomes coach and advisor. The entrepreneur will define the vision as a team, mobilize employees and help them accomplish their responsibilities instead of carrying the burden alone. But where do you start?

Reflect on your type of governance

The transition can be gradual so everyone can adjust to the change. How much of your power do you want to share? What do you expect from this new vision of governance? Take the time to think about it and be ready to question your way of seeing things, because more people will be involved in defining the organization’s future.

Start with committees

Setting up committees is a good way to get started. Do you already have an executive committee? Add an HR or innovation committee, or a family council if it’s a family business. You can also have project teams or an advisory committee and, eventually, a board of directors. In all cases, you should have a delegation of authority policy that formalizes the authority delegated to the governance body. Clarity makes everything run more smoothly.

Select profiles according to the skills required

You can then list the profiles you are looking for and select people based on their skills, ability to challenge, expertise in the subject matter and knowledge of the business sector.

Look for diversity in the profiles: gender, age, background, culture, expertise. You can also recruit someone from outside, for example a long-standing client or business partner, someone who understands your challenges, who can bring a new perspective, in addition to a network and market knowledge.

Determine the frequency

When these steps are completed, you will need to determine the frequency and duration of meetings, and then prepare an agenda (and relevant documents to be sent in advance) to allow members to contribute fully. Consistency is important, and the frequency should ensure a good work pace without complicating or slowing down operations.

Follow up

It is important to put the decisions into action; otherwise, you will create a sense of cynicism and disengagement. You must assign responsibilities and follow up on planned actions, budgets and progress.

If roles and responsibilities are clearly defined, it is possible to have multiple committees in a governance structure. Be proud of your model and talk about it to your business partners, clients and lenders: you’ll be showing that you’re serious about your business.

Don’t hesitate to call on an external expert who will take the time to build trust and guide you through the development of your governance strategy and change management.

Updated on September 18, 2023

Transferring a business is an important step. What are your options to ensure your company’s continuity?

There are various transfer models. It’s up to you to determine which best suits your needs as well as those of your business, employees and clients. These models are:

• Transfer to a family member
• Transfer to an employee
• Hybrid model
• Sale to a third party

Transfer to a family member

Passing the torch to a family member is a model that many business owners choose. About one third of businesses are transferred to a family member, particularly when the person already works in the business.

There is a clear understanding of the corporate culture with this transfer model as well as a relationship of trust. The family heritage is maintained and the company’s reputation is enhanced.

One possible impediment to this model is that often there is only one family member to take over the reins. It can take two to three people to replace a business owner. Understandably, young entrepreneurs do not want to work 80 hours a week. They want a quality life.

Generational conflicts may also arise when a younger family members takes over the business. Business and communication models must be revisited to ensure that they better reflect the younger generation’s values.

Additionally, the tax rules that apply on a transfer to a family member are not as advantageous currently. Although changes are in process, this still needs to be considered for the time being.

Transfer to one or more key employees

Your employees already know your company, its culture and values. They can be very good candidates to take the business forward.

The transfer can be made to one or more employees or managers. These individuals are already committed to your company’s success and have the knowledge and experience to take over. This is a good way to highlight employees’ skills and helps retain the workforce.

That said, there is a difference between working for a company and becoming a shareholder or owner. There has to be a transfer of knowledge at that level. People need to know what they’re getting into.

The transition may also hit some stumbling blocks if the owner is not quite ready to let go and the successors are eager to assert themselves and make decisions.

Hybrid model

A mixed transfer involves transferring the business to family members and employees. This trend is becoming increasingly popular. Almost 66% of transfers are hybrid models, and this type of transfer combines the best of both worlds.

The business’s continuity is assured, and if the family members lack some experience, it is possible to put trusted employees in charge of certain key departments.

The challenge here is to ensure that you have the right people in the right place to perform the various tasks associated with a business, and not to be driven by emotional considerations.

It is also important to communicate well with the succession team so that everyone knows their role and thus avoids potential conflicts.

Sale to a third party

If the new owners come from outside the company, they must have the experience and knowledge to take over the business, taking its the specific needs and characteristics into account. They must also be willing to invest the time, money and effort.

One of the major challenges with this type of transfer is to establish and maintain trust. The buyer must not only have extensive knowledge of the business and the market, but also the leadership skills to motivate the employees.

It is also important to note that the transfer process can be longer in this context.

Professional expertise

Regardless of the transfer model, having a team of skilled professionals (accountant, lawyer, financial planner, tax specialist, transfer consultant, psychologist, etc.) is the key to ensuring that all goes as smoothly as possible and to have an effective succession plan.

People at the heart of the process

A business transfer should be prepared up to five years in advance. Put people at the heart of the process. This is probably the most important advice to remember.