How Project Management Helps with Revenue Generation & Staff Retention

NASA estimated that the James Webb Space Telescope project would take eight years to complete and cost a billion dollars. However, it ultimately took twenty-two years to complete and cost $10 billion.

Why? While technical problems certainly played a significant role, the Project Management Institute (PMI) states the following:

"Underlying all these challenges was a lack of project management. The ICRP report focused on four specific problems:

1. Flawed budget

2. Lack of independent project assessment

3. Ineffective project management strategy that deferred work to future years to remain under budget

4. Lack of clear accountability

Does this sound familiar?

If it does, there’s hope for your museum. Recognizing that there are project management issues is the first step. Now, it's time to address them.

If this doesn’t sound familiar, then we have a bigger challenge.

Many of us in the museum sector lack proper training and skill development in conducting projects from conception to launch. Despite our proficiency in managing academic projects with doctorate or master’s degrees, we often overlook the fact that undertaking a work project, whether it's a new acquisition or launching a new exhibition, (yes, these are projects!) requires the same level of planning, budgeting, and tracking strategies as building a telescope for NASA. Fortunately, it doesn’t need to take twenty-two years and $10 billion, although it may seem daunting for museums, regardless of size.

There's a way out of this predicament. By creating clear communication channels and aligning teams with the project goal, while optimizing workflows and adopting sustainable technology museums can establish a solid foundation not only for growth and scalability, but also for increased revenue and staff retention. You don’t need to reinvent the wheel each time

Still not convinced?

Here are some of the ways that effective project management systems and streamlined museum operations can have a direct and positive impact on your museum’s bottom line and staff workload.

Revenue Generation:

1. Efficient Resource Allocation:

   • Project management systems help in allocating resources effectively, ensuring that budgetary constraints are minimized. This means that funds are allocated strategically, maximizing the impact of each project or exhibit.

2. Timely Project Delivery:

   • Streamlined operations and efficient project management contribute to timely project completion. Exhibits, events, and programs that are delivered on time can attract more visitors, resulting in increased revenue through ticket sales, merchandise, and other associated purchases.

3. Enhanced Visitor Experience:

   • Streamlining operations allows museums to focus on improving visitor experience. Engaging exhibits, well-maintained facilities, and innovative programs can attract more patrons, encouraging repeat visits and positive word-of-mouth, which is crucial for sustained revenue growth.

4. Strategic Partnerships and Sponsorships:

   • A well-organized museum with efficient operations is more attractive to potential sponsors and partners. Project management systems help in demonstrating professionalism and reliability, making it easier to secure partnerships that can contribute to additional revenue streams.

Staff Retention:

1. Reduced Workload Stress:

   • Streamlining operations reduces unnecessary workloads and stress on staff. When employees are not overwhelmed with operational inefficiencies, they can focus on their core responsibilities, leading to higher job satisfaction and reduced burnout.

2. Clear Goals and Expectations:

   • Effective project management systems provide clear goals and expectations for each team member. When individuals understand their roles and expectations, they are more likely to feel a sense of purpose and accomplishment, contributing to higher job satisfaction.

3. Professional Development Opportunities:

   • Streamlined operations free up time for staff to engage in professional development opportunities. This can include training programs, workshops, and conferences that enhance their skills and contribute to career growth, making them more likely to stay with the organization.

4. Recognition and Morale Boost:

   • Efficient project management allows for better tracking of individual and team accomplishments. Recognizing and celebrating achievements boosts morale and creates a positive work environment, reducing the likelihood of staff seeking opportunities elsewhere.

5. Work-Life Balance:

   • Streamlined operations contribute to a healthier work-life balance. When employees are not constantly dealing with operational challenges, they can better manage their time, leading to increased job satisfaction and a lower likelihood of seeking alternative employment.

Recognizing the need for improved project management practices is the first step towards addressing any existing issues. However, implementing meaningful change requires a concerted effort and commitment from museum leadership and staff alike. Are you ready to take on this challenge? What thoughts or concerns do you have about adopting project management best practices in your museum?