Step 1: Define the Project’s Objectives and Scope 

Before you create a detailed project plan, you’ll want to ask, “What’s the big picture?” Why are you and your team taking on this project, and what are you hoping to accomplish? Even if the answer seems obvious, it’s important to clearly define your objectives to ensure the team members and stakeholders are on the same page. According to a study conducted by the Project Management Institute, organizations that undervalue project management say that on average, 67% more of their projects fail. 

The project planning phase is the best time to clearly define the project's scope. This will set the project up for success and make identifying scope creep easier (when the project expands beyond the original objectives). The clearer you are about the project’s scope, the easier it will be to identify success and what is not included. 

You can use a template like SMART to write out project goals and evaluate whether they are specific enough. Here’s what each letter stands for and the questions you can ask yourself for each one: 

• Specific: What do you want to achieve? Where will it happen? Who will be involved? What is the final result? 

• Measurable: Which metrics will you use to measure project progress?

• Achievable: Is the goal realistic? Does it require specific skills or expertise, and will your team be able to execute them? What constraints might you face?

• Relevant: Does this project align with your company’s overall business objectives?

• Time-bound: What is the deadline for this project?

Step 2: Identify Key Stakeholders and Assign Roles

Once you’ve defined your goals and specific project tasks, the next step is to figure out who on your team will be responsible for completing what. Define the key stakeholders and clarify at which steps in the project planning process they will be engaged. 

It’s important to define this early on in the process so that everyone is on the same page and you don’t advance too far before finding out the stakeholders don’t approve the direction, which means more work for the team, slowing down the process. 

Roles can get tricky, especially in small teams where people are responsible for multiple different aspects of the project. As you assign tasks, consider adopting a framework to help clarify roles and responsibilities. For example, one framework you can use for assigning roles is the RACI matrix.

Here’s how the project roles are divided using the RACI framework: 

• Responsible: This is the person who will be in charge of doing the work

• Accountable: The person responsible for signing off on the work and making sure it was done correctly

• Consulted: The person/s who will be consulted to complete this task 

• Informed: The person who needs to be informed once the task is complete

When everyone on the team is clear about their roles, it makes it easier for each person to focus on their specific tasks and deliver their best work. 

Step 3: Develop a Timeline and Set Milestones 

The next step is to set milestones and develop a timeline. This is an essential part of an effective project plan. In fact, almost half of organizations said that they “mostly or always” start each project with a baseline schedule so that performance can be tracked. You’ll want a clear and realistic understanding of everyone on the team's timelines and capacity. 

Effective timelines leave room for changes and are realistic about any potential roadblocks and bottlenecks. It’s a good idea to be as conservative as possible with the timeline since being overly ambitious about deadlines can lead the team to miss them.

To create a project timeline, break down the project into large milestones. Then, define the specific tasks required for each milestone. Using a work breakdown structure can help you organize tasks into manageable sections, making it easier to assign responsibilities and track progress. 

Don’t forget to factor in room for flexibility, people being out of the office and delays. A Gantt chart is a valuable tool to visualize task dependencies and ensure that each phase proceeds smoothly.

Here’s an example of how a task list might look in a project management software tool like Asana. 

Step 4: Allocate Resources and Set a Budget 

Estimate team members' salaries and hourly rates, the cost of materials, tools and software and any necessary training the team may need. Break down your budget by phases of the project or milestones. Reference previous projects and expenses to create the budget. Develop a clear budgeting spreadsheet that you can reference throughout the project. 

You’ll also want to leave room for contingencies both in time and material costs (typically 10-20%) and include unexpected time delays. Going over budget is common. In fact, 43% of organizations said they mostly or always complete projects on budget, but the rest said they do “about half the time,” “sometimes”, “never” or don’t track their budget. Inform stakeholders of your contingency plans so they know the different possibilities. 

Step 5: Monitor Progress and Adjust as Necessary 

Regular check-ins throughout the project help maintain momentum and make sure everyone is on the right track to complete their tasks and deadlines, as well as know what they should do. You’ll want to include in your communication plan how often you’ll be checking in with the team. Will there be weekly or monthly meetings? Or will there be certain review periods when stakeholders are kept up to date? 

Different project management tools can help you track progress. Color coding different categories of tasks, creating visual charts (such as a Gantt chart), and a project dashboard can be effective ways to communicate where the project stands. 

It’s also important to build flexibility into your initial plan. The unexpected will always come up, so it’s best to schedule buffer time in between milestones so that roadblocks don’t disrupt the entire project schedule. 

Start Every Project With a Winning Project Plan 

Project plans are essential to making the vision and dreams for your company come into fruition. A project plan will make your goals and vision concrete and provide the structure and planning needed to bring it to life. 

Once you define your overall vision and SMART goals, you can work to refine project milestones, figure out who is responsible for which tasks and create a schedule. Mapping out tasks with project management software will be incredibly helpful to keep team members and stakeholders up to date. 

Following these five steps will help you create a winning project plan and successfully execute your company’s projects. 

About Leeron Hoory: Tech and Finance Specialist

Leeron, based in New York City, writes about technology and finance for top publications like Forbes Advisor, Quartz, and Popular Mechanics. With her expertise, Leeron simplifies complex subjects, guiding you through the latest trends and strategies to boost your business.