Setting up for Success: Establishing Your Goals and a Strategy for Achievement
Written by: Heather Papows, Senior Consultant, Loan Servicing & Secondary Market
It’s hard to believe that we’re wrapping up the third quarter of 2023 already. Undoubtedly, Q4 will come and go in the blink of an eye, same as all the rest. It’s often filled with all the buzz of year end tasks; pushing to close out everything in the pipeline you can; preparing for investor recertification’s, customer year end interest notices, and clearing our reconciliation items, to name a few. But this time of year likely also includes submitting and finalizing your budget, where you’re not only looking at the routine sources of income and expenses, but also hopefully considering other monetary considerations for improvements to bottlenecks, pain points, and generally outdated processes or procedures that you’ve encountered throughout the year as well.
What does your project management process look like now? Is it formal, with a tracking mechanism, targeted rollout dates, and assigned tasks for completion? Or is it more of a wish list on a pad of paper by your desk? Whatever the current method of keeping track looks like now, this is the time to enact a plan for your goals for 2024. The more time you dedicate upfront to laying the groundwork (and getting approval for the costs!), the more likely you are to succeed. Whether you are looking to automate a process, better utilize an existing system, revamp a procedure, or roll out a new platform, you need to start the planning now.
Follow these basic steps to start the process:
Set up a project management tracking log to document all of the ideas for improvements or upgrades you or your team members have
come up with throughout the year. This should be kept and maintained regularly!
Prioritize your project wish list to establish what is most important, or what is most realistic to achieve in your timeline.
Formalize your plans. Write out the goal and why it is important to you or your team, while answering these questions:
a. Who do you need to have involved (individuals or whole departments, third party vendors, etc)?
b. What are the anticipated costs (hard and soft)?
c. How much time do you estimate each person will need to dedicate to this project?
d. Will your staff have the time available?
e. Do you have the expertise needed on hand?
4. Once approved, begin the project management process:
a. Establish what platform will be used for all parties to be kept informed
b. Outline individual tasks, deadlines, and who is responsible for each item
c. Set up a recurring schedule for meetings to stay on-track
If you find yourself overwhelmed with endless wants and needs, but are unsure of what should come first, it may be a sign that you could use an outside opinion. Reach out to SCA, your trusted partner since 1991, and you’ll not only receive unbiased guidance, but you’ll likely also find the expertise you need to help kick off any project on your wish list. Check out our website at www.scapartnering.com or reach out to our Director, Bill Dolan via email (WDolan@scapartnering.com) or by phone (617-694-2617) to see more of what we offer today!
