A business project is classified by content or purpose. Business projects are intended to achieve defined business objectives and are aligned with a company’s business strategy.
Business projects can be called many different names, such as internal projects, administrative projects, or functional projects. It’s important to note that all projects, regardless of type, must meet certain criteria to be considered projects. The primary two requirements are that they are both temporary and unique. This means they have a defined end date and are not repeatable, ongoing tasks.
Three types of business projects
There are three main types of business projects a company can implement:
- Strategic projects: These are focused on achieving a high-level business strategy. For example, a company may determine its marketing strategy is to offer the lowest-priced option. To achieve this, they may launch a project to create a process for analyzing market prices and lowering their prices accordingly.
- Operational projects: These projects are not tied to the overall strategy but taken on to meet some type of business objective. Upgrading a software system to the latest version could be an operational project.
- Recurring projects: Recurring projects happen regularly, but still must be unique and temporary. A good example is technology development projects. If you have a cell phone, it is likely part of a numbered series such as the Samsung Galaxy 9 or Apple iPhone 8. Releases come out every year, or even twice a year, meaning the project to upgrade a phone is recurring. However, each version has a defined release date and unique functionality or requirements.
The SystemX Business Management Platform is an all in one, cloud based platform that serves as the backbone and the brain function of all businesses. All modules combined can give business owners, project and operations managers all the tools to manage projects, time sheets, orders, invoices, and document signing in one easy to manage system and keep all personnel in an organization connected.