Do you want different compensation than your partners? How about between your employees? If you’re an employee, how do you feel about your company’s compensation packages? How much does the business keep annually for growth? How much does a specific project require in physical resources? How about time? If it doesn’t get completed, what does the business lose?
These and many others are incredibly important questions. If there is not clarity in compensation or in organizational budgeting then the wheels will quickly fall off of most wagons. Every organization operates differently, but these differences are important to note. For example, some Silicon Valley mega-corp’s believe in offering a campus atmosphere where everything from dry-cleaning to daycare are offered to employees free-of-charge. These organizations believe that relieving that stress from their team’s lives allows for greater productivity. Other organizations are fiscally conservative and utilize their budgets in an entirely different way. Some offer little to no additional employee benefits. Some cite the need for an appropriate work-life balance, and believe it is part of the human experience to separate work from the menial tasks of the day.
Either way, it is important that any stakeholder be absolutely clear on how the company intends to operate financially as it relates to their specific participation. When financial clarity is lacking there is almost no surer path to stagnation, loss, and even lawsuits.
In that spirit here are three things to make sure of before you start any project.
Allotted resources (budget, time, talent)
Have you accounted for all of the resources at your disposal? This means the people and their talents, budgets, products, locations, etc. Basically, anything you can itemize that will comprise some portion of this project. Be clear about what each piece is and how it is intended to be used. This clarity will not only alleviate anxieties but will allow you a better picture of what it is you’re trying to accomplish and a realistic landscape of how to get there.
ROI – Return on Investment
Is the return on investment purely company based? Do individuals receive performance bonuses? Are there third parties who expect a piece of the pie?
This all boils down to the beneficiary. There is little worse than thinking one benefit arises out of action only to find out something or someone else entirely receives that benefit. Think about a bake sale. For this example, many parents believe proceeds are intended to provide all age children with daily lunches schoolwide. Following the event, they are told proceeds are going to purchase a new chalkboard for the 7th grade homeroom. Although the new chalkboard may be necessary, the parents involved might have planned for an entirely different outcome, and this new revelation will cause some to voice their concerns in a way that creates time and resource strain to the entire administrative body.