Poor Communication Leads to Project Failures Costing Companies Millions
Greensboro, North Carolina (PRWEB) June 18, 2014 -- A study conducted by the Project Management Institute (PMI) revealed that ineffective communication has a negative impact on successful project execution.
The study also suggests that without a well thought out communication strategy and tools designed to store, regulate and measure project information, companies risk $135 million for every $1 billion spent on a project.
“So few companies, including many large project-driven businesses, follow a well-defined, disciplined, and unifying approach to managing projects,” says Don Barefoot, CEO of The C12 Group, America’s leading executive roundtable for Christian CEOs and owners. According to Barefoot, “projects are a key area where chief executives can reflect excellence in serving, stewardship, communication, and delegated decision-making.
WATCH: Project Management Breakthrough
MRI Flexible Packaging, based in Newton, Pennsylvania, knows the cost of not having “a well-defined” and “disciplined” plan to handle projects and daily workflow. Just over one year ago, the company that had been operating since 1986 was heading full speed to bankruptcy. It was hemorrhaging $100K a day, the reason, incomplete or failed projects and cost overruns.
“We were floundering and spiraling out of control. We had lost money three months in a row and I did not see the next three months being any better if we did not make drastic changes,” according to Rich Speeney, owner of MRI Flexible Packaging.
But all that changed when Speeney accepted Dave Shoemaker’s invitation to a C12 group meeting in Philadelphia.
He says, “the day began about as I expected, a group of business men around a table with an agenda of things to discuss. We studied a few lessons that were quite interesting and they interacted with sincerity and conviction, but then something unbelievable happened. Right before lunch, they came to the accountability part of the day – a big chart came up on the screen and the person at the end of the table began: 1) on time delivery was 96% (up 2% over target) and the group gave him a thumbs up and asked what caused the improvement? 2) new prospects generated three (target was 10) and the group demanded an explanation and what was his plan to get back on track. They were reading their KPI’s …key performance indicators. As this process began, it hit me like a ton of bricks this is exactly what my company needed.”
“Our role as senior leader includes casting a shared vision for all to rally around. This extends to the adoption of shared terminology, reporting formats, and project planning processes,” adds Don Barefoot.
Speeney immediately put all he learned into place and within nine months, MRI Flexible Packaging went from hemorrhaging cash to making money, all without increasing sales. “My experience with C12 has exceeded every expectation I had. I have been a member for 14 months now and I have not missed a single meeting during that time. Not bad, considering my initial response to being asked to join the group was ‘I could never afford to miss a full day of work every month’.”
To learn more about Rich Speeney and how he beat the project management failure odds, visit Leveraging the Possibilities: You Can’t Manage What You Don't Measure.
MRI Flexible Packaging turns bright ideas into brilliant labels. MRI leads the industry with the highest quality comprehensive labeling solutions. Our stretch-sleeve, roll-fed, and shrink-sleeve labeling options provide exciting opportunities for our customers. MRI Flexible Packaging manufacturing sites worldwide are certified to 9001:2008 through the third party certification body/ registrar DQS. ISO 9001:2008 certification lets our customers know they can trust that we have implemented the necessary internal processes to meet our obligations.
About The C12 Group
The C12 Group is America’s leading executive roundtable for Christian CEOs and owners building great businesses for a greater purpose. C12 Members gather monthly for a unique, proven peer forum to engage in worthwhile continual learning, brainstorming, intentional accountability, and to share proven best practices, combined with eternal perspective. Members also receive monthly counsel through one-on-one sessions, an annual business review, and an online library of high-impact leadership tools. Founded in 1992 by Buck Jacobs, dedicated Christian author and CEO, C12’s mission is to change the world by bringing forth the Kingdom of God in the marketplace through the companies and lives of those He calls to run businesses for Him.
Christian CEOs & Owners Building GREAT Businesses for a GREATER Purpose
Nolan Lambert, The C12 Group, http://www.c12group.com, +1 (336) 841-7100 Ext: 105, [email protected]
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