When you give the green light to a project, a whole slew of mechanisms will commence. Your financial department will begin to make real-world spending briefs and attaching them to a time schedule. Your research and development team will begin to streamline their ideas and finalize on what kind of direction they want to go in.
Your management team will be taking deep breaths, ready to keep quality control high at all times, for many weeks ahead. You as the boss need to keep in mind, that return on investment is the highest priority. Without proper financial management, you will be in danger of ceasing the project altogether. But you are just one person, your management must behave properly with the funds you release and report back to you on their progress.
Interdepartmental competition
Departments have their own cultures and skills. You have to take into account, each department has a long lineage of professional routes and academic upbringing. The design team things differently to your risk team and vice versa. It’s therefore imperative to comprehend you will see some interdepartmental competition for funding. Each department will be given its own tasks to complete.
During their completion, managers and heads of departments may want more funding for certain aspects in a bid to make their section a little more pronounced. Quite honestly, this is sometimes done to make their part of a project grander so that their department can take more credit for the success of a product or service. This is quite a normal competition, but you don’t want to play favourites and give away funds which will result in infighting.
In your absence
Throughout the many weeks of a project, you won’t always be in the office ready to fund the next phase. Therefore delegating key people in your C-suite and or middle-management teams is key to keeping the flow going. But you must only give access to the funds to people you trust. This privileged access management service provides a secret server so you can hide the bank account details and financial details of your business from prying eyes.
You’ll also have a behavioural analysis tool that will track and monitor suspicious behaviour. If someone has access to the funds and are not using them properly, you will know right away. Using the privilege manager you can blacklist anyone that has violated your rules and prevent them from gaining access again. This service is available to use anywhere at any time, even if you’re away on business.
Remaining fluid
You never know when you will need to cancel or halt a project. Something drastic might have occurred whereby you have no other choice but to stop any funding from reaching the department project leaders. Inevitably, this will mean you shouldn’t give your financial department head the overall say on when funds should be spent. The Chief Financial Officer should say how but not when money is spent.
Retaining full financial control over a project is difficult when you want to show you trust in your employees. But in this unpredictable world of business, you have to keep a lock and key on project funds.
