There are countless resources, guidelines and tips on how to successfully manage projects. But one topic that's not often covered involves project failures. Not many project managers are ready to admit failure. However, it's still all too common to see projects fail and that's why it's essential to identify and analyse the potential risks and challenges before the project kicks off. By understanding the risks associated with the project's goals they can more than likely be better managed.

Take time to plan: Successful project managers know that they significantly increase a project's success when they allocate sufficient time to planning. They know the outcomes the project needs to deliver and how its success will be measured. They pay attention to detail and break down big goals into smaller ones. They identify the financial and human resources they need and share their expectations with their project team.

Regular progress and milestone management: Managing milestones and tracking progress towards them helps to identify which parts are off course and allows corrections to be made before it's too late.

Good governance and leadership: Often project managers become so busy that they "don't see the wood for the trees". Allocating a project sponsor or senior manager to oversee progress and to ensure that the project manager has support and the resources they require will greatly benefit. Equally, they should be given responsibility for ensuring that the project's scope and goals are fully understood.

Assign experienced project managers: Often projects are allocated to people who are very competent in their jobs but have little or no project management experience. A project manager may be assigned to a business critical or strategic project and will take on significant responsibilities

These tips are just four basic means to help improve your project's likelihood of success. Beyond them, there are countless other ways for developing greater value from your projects. But by implementing some of them in planning and executing your projects, you'll be on your way towards delivering better performance and outcomes.

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He advises executives & small business entrepreneurs on complex challenges including strategy, risk management, managing shared-service centres, operations and how to run successful businesses