3 Questions You Should Answer Before You Take On A New Project

Decisions, Decisions.. Is This An Opportunity Or Nah…

So, like you, I get new leads via my social media accounts. These leads are usually someone who liked something I posted and decided they wanted something from me. That is awesome, except, I get leads for all kinds of things that have nothing to do with what I offer (web development and e-courses). As a small business owner, we have to understand when these potential leads are an opportunity, and when they are a distraction. So how do we tell which is which?

Let’s take a moment to answer a few questions to help us make an educated decision as to whether or not it is feasible to take on this project.

Is the project a compliment to the services you currently offer?

A complimentary service is one that enhances and existing service you offer. Think of it as an add-on. An example of this would be if you offered corporate training events, and the potential customer asked you to put together a training manual. In this example, the training manual would be considered complimentary to your training course.

Do you have the resources available to accommodate the project?

Resources as I am using it in this example, refer to several primary items:

Time– Does your schedule allow you to complete this project? What will you have to neglect to fulfill this project?

Interest-Are you interested in completing this project? Lack of interest can show in your finished product.

Tools Required-Will completing the project require you purchase new supplies? If so, are the costs associated with completion going to put you in the red?

What are the risks of accommodating this project?

Time and money aren’t the only considerations that should be made prior to taking on a new project. Other things that you should take into consideration pertain the risks associated with taking on a project that is outside of the scope of what you currently offer. I would suggest taking some time to review the terms and conditions of the contract at the very least. Other areas I would suggest to look for potential risks would be where with your vendors, or companies you buy your supplies from. Will you be able to take delivery on the supplies you need in enough time for you to complete your project?

Is this something you are interested in offering going forward?

Another great thing about getting projects that are outside the scope of what you offer is it shows what the customer’s perception of your abilities are. If the customer didn’t think you were capable, in most cases, they wouldn’t ask you to do it. This project could become another stream of revenue for your business if it is something you are interested in adding it to your portfolio of service offerings! Can we say opportunity?

Decision time

So now that we have answered the questions, let’s make a decision. Let’s start with analyzing our answers. Are they favorable? Are the risks too high? Is this project something that is completely out of the scope of your current service offerings? Will you earn a profit or no? Take a few moments to write these things down and answer the questions. We are visual creatures, and a visual analysis allows you to see your options clearly, and make better decisions.

In this instance, I would say use your gut, and make the decision based on what is best for your business. Remember, there is no right or wrong decision here, just yours. Use these tools to help you make an educated decision whenever you are approached with projects that are outside of the services you offer in your business. Do you believe this project is an opportunity or a distraction? What is the verdict?


ABOUT THE AUTHOR:

Tameera Corporal is a professional website designer, graphics creator, business administration trainer, and published author. She loves to write code, articles, and books and is a lifetime professional development advocate. She is also a MBA and PMP. She specializes in PHP, MEAN, jQuery, JavaScript, HTML5, CSS3, SCSS, and SQL. She also utilizes Heroku, GitHub, Bootstrap, and other helpful apps in her builds.

Currently, she is actively working on building her web development and micro-training firm, Accufigures, Inc., located in Tampa, FL. At Accufigures, we help small businesses turn their target audience into returning customers with customized website designs and graphics. Visit her online at bit.ly/accufigures for more information.