Last updated on May 4, 2024

Here's how you can effectively manage and prioritize innovative projects as a manager.

Managing innovative projects requires a strategic approach to ensure that creativity and progress are nurtured without compromising the overall goals of your organization. As a manager, it's your responsibility to strike the right balance between fostering innovation and maintaining a productive workflow. The key to success lies in the ability to prioritize initiatives, allocate resources wisely, and keep your team motivated and on track. Understanding the unique challenges that come with groundbreaking projects will empower you to lead with confidence and vision. By mastering these skills, you can transform the landscape of your industry and drive your company towards a future of endless possibilities.

1 Assess Needs

Understanding the unique requirements of each innovative project is crucial. Begin by evaluating the potential impact, required resources, and alignment with your company's strategic vision. This assessment will help you determine which projects have the highest potential for success and should be given priority. Consider the skills and expertise available within your team, and identify any gaps that may need to be addressed through training or hiring. Effective management hinges on this foundational step, as it sets the stage for all subsequent decisions and actions.

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Toshiyuki Tachibana, CPA, MBA and CMA

Japan CFO
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In the world of innovation, customers and time is crucial parts of project management. While strategic vision and internal resources are important, they should not be constrains to the project. Priority should be evaluated based on how the customers are eager to get new solutions, the magnitude of competition and readiness of your team to release products or services. The innovative market tends to be the first comer gets everything which please don’t forget.

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2 Set Goals

Setting clear, achievable goals for innovative projects is essential. These goals should be specific, measurable, attainable, relevant, and time-bound (SMART). By establishing these parameters, you provide your team with a roadmap to success, ensuring that everyone understands the desired outcomes and can work cohesively towards them. Goals also serve as benchmarks for progress, allowing you to monitor the project's development and make adjustments as necessary. Remember, flexibility is key in innovation; be prepared to revise goals if the project evolves in unexpected ways.

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Toshiyuki Tachibana, CPA, MBA and CMA

Japan CFO
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Too much micro management of projects may kill innovation which is driven by employees’ autonomy. While time management is critical to meet the schedule, checking milestones is good enough plus checking progress in weekly one on one meeting where employees should ask for opinions, suggestions from their managers. At milestones, every employees should attend the meeting to evaluate the progress, especially where the team members need helps from other members. Additional resources may be added and schedule may be modified, extend the due date the constrained process but find out any ways to catch up in the other process.

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3 Prioritize Tasks

Once you have a clear understanding of the project's requirements and goals, it's time to prioritize tasks. This involves breaking down the project into manageable parts and deciding which elements are most critical to its success. Assign a level of importance to each task based on its impact on the overall project and the resources needed to complete it. Prioritization ensures that your team focuses on high-impact activities first, which can lead to more efficient use of time and resources, and ultimately, a more successful project outcome.

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4 Allocate Resources

Resource allocation is a delicate balance in managing innovative projects. You must ensure that each project has the necessary funding, personnel, and equipment without overextending your organization's capabilities. Evaluate the resource demands of each project and compare them to what's available. If resources are limited, consider which projects can deliver the most value or have strategic importance. It's also important to be flexible and ready to reallocate resources as projects evolve and priorities shift.

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5 Monitor Progress

Continuous monitoring of project progress is vital. Establish regular check-ins with your team to review milestones, address challenges, and adjust plans as needed. This not only helps in keeping the project on track but also fosters a culture of accountability and open communication. Monitoring allows you to identify bottlenecks early and take corrective action, ensuring that the project momentum is maintained. It's also an opportunity to celebrate successes, which can boost team morale and motivation.

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6 Adjust Strategy

The dynamic nature of innovative projects often requires adjustments to strategy. Stay agile and be prepared to pivot when faced with new information or unexpected challenges. This might mean redefining goals, re-prioritizing tasks, or even pausing certain initiatives to focus on more promising opportunities. Effective management involves being proactive in decision-making and adaptable in approach, qualities that are essential for guiding innovative projects to successful completion.

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Toshiyuki Tachibana, CPA, MBA and CMA

Japan CFO
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During project, sometimes you find out that our assumptions for new products or services are wrong or more opportunities beyond original assumptions. As there are a lot of uncertainties in the world of innovation, you need to be flexible and agile. As project proceeds, you may note your original idea is not good enough to fullfill customers needs or different approaches are more relevant. One failure is not death of your ideas but rather a chance to improve as you learned more from the failure.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Here's how you can effectively manage and prioritize innovative projects as a manager.

1

2

3

4

5

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1 Assess Needs

2 Set Goals

3 Prioritize Tasks

4 Allocate Resources

5 Monitor Progress

6 Adjust Strategy

7 Here’s what else to consider

Management

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Here's how you can effectively manage and prioritize innovative projects as a manager.

1

2

3

4

5

6

7

1 Assess Needs

2 Set Goals

3 Prioritize Tasks

4 Allocate Resources

5 Monitor Progress

6 Adjust Strategy

7 Here’s what else to consider

Management

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