You may already know how to take the stress out of year-end (see our 5 Ways to Make Year-End Less Stressful post), but even experienced project teams can sometimes miss key details. If you haven’t considered the following three items, your team could be setting itself up for problems.
1. Ensure Multi-Year Projects Continue Uninterrupted
One of the most common year-end project planning mistakes is assuming that multi-year projects will seamlessly carry over into the next calendar year. We’ve already discussed the myth of seamless transitions in our 5 Project Myths That Won’t Die post, and while some companies are prepared for this, most aren’t. To avoid disruptions, take action now.
Start by confirming the details with all relevant departments—Accounting, Purchasing, HR, and anyone else who plays a role in moving your project’s resources into the new year. Make sure everything is aligned, so your project doesn’t stall on December 31st.
2. Gather Approvals for Q1 Contracts and Expenditures
If your organization follows the typical calendar-year budget approval process, which often happens in March, it’s critical to get ahead on any contracts or expenditures that need approval for Q1. Don’t wait until January or February to start this process.
For contracts expiring after the new year, consider reaching out to vendors now for early renewals. Also, ensure you understand the process for handling invoices arriving in January so you can avoid delays in getting them paid. With the start of the year being busy for most departments, preparation now will save you headaches later.
3. Plan for Labor and Material Scarcities
Many industries experience annual shutdowns during the winter holiday season, which can impact your ability to wrap up projects before year-end. This can be especially problematic if your project is in its final stages or if you’re tying up loose ends.
Avoid project delays by reaching out to vendors ahead of time. Ask if they have any scheduled plant closures or work stoppages over the holidays. By knowing this now, you can plan around these potential disruptions and keep your project on track.
PMAlliance uses a team of highly experienced and certified professionals to provide project management consulting, project management training and project office development services.