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10 Fintech Project "Don'ts": How to Ruin Your Projects

Project Management Troubles 2

There are so many things you can do to make your projects more successful. However, in this blog post, let’s look at Fintech project management from a different perspective. Today, I'd like to share what you should NOT be doing if you want your projects to have a positive outcome. Here are ten Fintech project “don’ts” that you’ll want to avoid over the course of your project.


1. Don’t embark on a project without clear goals and objectives.

A successful Project Manager (PM) will steer a project toward the best outcome, much like a vessel's navigator. They begin with where they are, consider where they want to end up and then plot a course to get there. Now consider the same navigator only has a rough idea of the final destination. It makes it kind of hard to plot the course, doesn't it? So be a good navigator and begin your projects by ensuring you clearly understand the goals and objectives.


2. Don’t just execute a project because “everyone is doing it.”

One of my favorite Dilberts is when the pointy-haired boss asks Dilbert, "I was reading an article over the weekend. Do you know Eunuch?" Dilbert replies, "I think you mean Unix, and yes, I know it." The pointy-haired boss goes, "Oh..I see.. If the company nurse stops by, tell her never mind." So yes, social media projects are big, and mobile interfaces are cool, but are the projects aligned with your company's goals and objectives? Does the proposed project produce more revenue? Save money? Benefit your customers? Trying to implement a project that is poorly aligned with business objectives should be a big red flag (learn more about selecting the right projects here).


3. Don’t continue a project with little or no support from the sponsor.

Running a project without a sponsor to provide direction, remove obstacles, and ensure support to move the project forward is a great idea. If the sponsor does not support the project, how can you be expected to deliver it successfully?


4. Don’t add complexity for the sake of complexity.

You think your team and project sponsors will be thrilled and excited when you have a project plan with twelve levels of WBS when two levels would have done just fine? NOT! Plan and manage to the level that makes sense for the project you are delivering.


5. Don’t micromanage the team.

Want to have the team frag or subvert you? No problem, start micromanaging them. Productivity will go down, team members will quit, and your project will be up a creek.


6. Don’t carry on a project without ROI or tangible benefits.

It's not about value, after all – it's about working with cool technology. NOT! Most of us like to play with cool technology, but if your project doesn't help the organization, you will lose support before you finish.


7. Don’t reinvent the wheel.

The organization has a full delivery stack, architecture, and standards that have been licensed, and everyone has been trained to use. Why use the same thing? That won't help our resumes. Let's experiment and try to deliver with totally new technologies. It will be a learning experience! – NOT! It will be a death march!


8. Don’t scope evolution mid-project.

Just like the navigator analogy in point #1. If you are navigating this project and the destination is constantly changing, what are the chances of you getting there without a tremendous amount of waste? Iterative execution is great. Agile responsiveness is great. However, constant change of scope…. KABOOM!


9. Don’t ignore your customers or stakeholders.

We met with the stakeholder at the kickoff meeting and spent almost twenty minutes discussing what they want. I got this—no need to check in again. Engaging your stakeholders helps make sure the project is going in the right direction and keeps them involved to clear obstacles and provide support.


10. Don’t ignore budget constraints.

Budgets? We don't need any stinking budgets! I told them it was a "high-level estimate," They will understand when it is 5x the cost. NOT! It may take a little time for finance to catch on, but when they do, you might need to polish up the old resume!

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