Every project manager has heard the saying: ‘You can have it done quickly, cheaply, or well – pick two.’

This timeless concept is known as the Project Management Triangle, or the Iron Triangle. At its core, it reflects the delicate balancing act between three constraints: time, cost, and quality.

The Triangle forces us to confront reality: perfection across all three is impossible. Let’s unpack this concept and explore how understanding the trade-offs can help you make better project decisions.

The Three Points of the Triangle

1. Quickly (Time)

Time is the driving factor when deadlines loom large. When speed is a priority, you’ll likely need to compromise on cost or quality. Faster timelines often require more resources – such as hiring additional help – or cutting corners to save time.

Example: Releasing a new service before a competitor. You might launch on time, but processes could still need refinement.

2. Cheaply (Cost)

Budget-conscious projects aim to keep costs low, but this can stretch timelines or reduce quality. Limited funding often means fewer resources or less experienced workers, which can lead to delays and subpar results.

Example: Opting for an affordable tool that meets basic needs but lacks the customisation to work seamlessly for your team.

3. Well (Quality)

High-quality projects produce reliable and robust outcomes, but they demand both time and money. Quality requires skilled professionals, thorough planning, and attention to detail – all of which come at a cost.

Example: Implementing a comprehensive software solution like a new accounting or stock management system. Done properly, it transforms your business, but the process won’t be cheap or fast.

The Trade-Offs: You Can Only Pick Two

The Triangle teaches us that something must give. Let’s explore what happens when you prioritise two points at the expense of the third:

Quickly + Cheaply = Not Well

Speed and affordability rarely result in high quality. This combination often leads to errors, rework, or an end product that doesn’t fully meet your needs.

Quickly + Well = Not Cheap

High-quality results on a short timeline require significant investment. You’ll need to hire top talent, work overtime, or pay for premium services to deliver both speed and quality.

Well + Cheaply = Not Quickly

Prioritising quality on a tight budget takes time. With limited resources, progress is slower, but the outcome will meet your standards.

Using the Triangle to Make Smarter Decisions

The Project Management Triangle isn’t just a theoretical concept—it’s a practical tool for setting expectations and making informed decisions. When kicking off a project, consider these steps:

1. Identify Priorities
   Ask yourself (and your team): What matters most? Is it meeting a deadline, staying within budget, or achieving top-notch results? Ranking these factors helps guide your decisions.
2. Communicate Clearly
   Use the Triangle to frame discussions with stakeholders. Explaining the trade-offs can prevent unrealistic expectations and keep everyone on the same page.
3. Plan Accordingly
   Once priorities are set, allocate resources to align with them. If speed and quality are key, invest in experienced professionals. If cost is the focus, plan for longer timelines or simpler deliverables.

Why It Matters

Ignoring the Triangle often leads to frustration, budget blowouts, or rushed results. Embracing it, however, helps you set realistic goals, build trust with stakeholders, and deliver projects that meet the most critical needs.

The next time someone insists on having it all—fast, cheap, and perfect—pause and ask: ‘Which two matter most?’ It’s not about settling; it’s about making choices that serve the project’s ultimate goals.

The following content was originally published by BOMA. We have updated some of this article for our readers.

We get it—spreadsheets are the comfort food of small businesses.

They’re familiar, dependable, and always there for you when you need to whip up a quick formula. But while spreadsheets may have helped you get your business off the ground, they might be holding you back from reaching new heights. It’s time to leave the digital duct tape behind and leap into the world of integrated systems.

The Spreadsheet Struggle

Sure, spreadsheets are versatile, but let’s face it—they come with their fair share of headaches:

• • Manual Mayhem: Hours spent inputting data and cross-checking totals. One typo? Disaster.
  • Version Nightmares: Which is the latest file? “Sales_Final_Final_v3_UPDATED” or “Sales_ReallyFinal_NOWSeriously”?
  • Collaboration Chaos: Sharing spreadsheets across a team often leads to multiple people updating the same cell at the same time, resulting in a jumble of data no one can trust. Spreadsheets are great tools, but when your business grows, so do the risks of relying on them for critical operations.

Why Systems Are the Upgrade You Need

Making the leap from spreadsheets to a proper system feels like going from riding a bike to driving a car. Sure, both get you from A to B, but one is faster, smoother, and less likely to make you sweat. Here’s why systems are worth the investment:

• • Automation for the Win: Systems can handle repetitive tasks—like invoicing, payroll, and reporting—so you can focus on what really matters (like growing your business).
  • Real-Time Data: Forget “last month’s numbers.” Systems give you live updates so you can make decisions based on today’s data.
  • Scalability: Spreadsheets might crack under the pressure of your growing business. Systems? They’re built to grow with you.
  • Collaboration Without Tears: Cloud-based systems let your whole team work from the same data without the fear of overwriting each other’s work.

Real-Life “System Success” Stories

Imagine this: A small architecture company juggled projects, invoices, and timesheets using a patchwork of spreadsheets. Enter a project management system, and suddenly:

1. Job costs were calculated automatically.
2. Team schedules synced up seamlessly.
3. Invoices went out on time (without errors).
4. They saved hours of admin every week—and their sanity.

Or how about the retailer who swapped spreadsheet stock tracking for inventory software? No more “oops, we’re out of that!” moments. Instead, they got real-time stock levels and automated reordering.

Making the Leap

We know what you’re thinking: “But I love my spreadsheets!” That’s fair—change is scary. Here’s how to start small:

• • Identify Your Pain Points: Are you losing time to admin? Missing key data? These are the signs it’s time for a system.
  • Pick Your Priorities: Focus on one area first, like accounting, project management, or inventory.
  • Start Simple: Many systems integrate with tools you already use, so you’re not starting from scratch.

Time to say goodbye

Spreadsheets will always have a place in your heart (and maybe your business). But to thrive in a world that demands speed, accuracy, and flexibility, it’s time to embrace the power of systems. Think of it as upgrading from a rusty bicycle to a shiny, turbocharged car. Your future self will thank you—and so will your team.

Ready to make the leap? The systems of today are built to work for businesses like yours. You just have to take that first step. Contact us, or talk to a specialist such as The Software Coach, to start the journey.

The following content was originally published by BOMA. We have updated some of this article for our readers.

Small businesses are particularly vulnerable in tough economic times.

When sales are slow, there are still overheads and salaries that need to be sorted. Pre-planning and being proactive can help you weather tighter economic periods and allow you to continue to thrive.

Make sure you have a clear picture of your payroll, and any other planned expenses that will need to be accounted for.

If there’s even a possibility that there could be a shortfall, it’s essential to meet this head-on. Whether this means talking to your supplier or creditors to figure out an arrangement, or compromising on other business outgoings, you must make a plan to ensure that the business, or your staff, won’t suffer.

Minimize the stress of cash-flow

Invoice early – Send any invoices that you can, and in advance if possible. Perhaps consider whether you have any regular clients or customers that you could offer a retainer or similar deal to if they book services or make a purchase from you in advance.

Chase payment – Use this opportunity to chase up any outstanding payments. Strong communication and relationships matter – talk to clients and chase invoices.

Talk to suppliers – A little honesty can go a long way. Perhaps they can extend a line of credit for your payments to them. In most cases, a good supplier would rather offer a little flexibility to keep an ongoing business relationship.

Review Inventory – Can you find a cheaper supplier locally to avoid the shipping costs or discuss alternative products that allow you to reduce expenses?

Review your costs – It’s also a good idea to do a general review of expenses. Business costs can creep up, and it’s a great idea to make a time to check on your expenses regularly, no matter what your financial situation. Review all of your regular payments and subscriptions as well as upcoming costs. There may be travel, functions or purchases which you can decide on an alternative approach to.

Talk to the bank or tax department – If cashflow is tight, make sure you have conversations early so you have everything in place to see you through.

We can help you implement strategies to protect your business for the long term and help you alleviate cashflow worries.

The following content was originally published by BOMA. We have updated some of this article for our readers.

You spend a lot of time making sure your business runs like clockwork. But is your business delivering for you personally, as the owner and/or founder?

In this series, we’ll look at the core ways your business can be structured to deliver on your own personal, family, philanthropic and leisure goals.

A business that supports your personal vision and life goals

When you started your business, you’ll have had a clear idea of how this new venture would provide for you and your family. But, over time, your attention can become focused on the day-to-day operations, with less awareness of how the company is delivering on your own personal and entrepreneurial goals.

In this series, we want to reverse that flow. We want you to think clearly about what you want from life, your business and your wider position as an entrepreneur.

We’ll look at:

Maintaining a healthy work/life balance

Think about how you structure your business to allow for flexibility and time for your own personal pursuits. This could involve working remotely to spend more time with your family, flexible working hours or having the right team to delegate work to.

Securing your lifestyle

Make sure your business generates enough income to support the lifestyle you’re aiming for. This may mean reviewing your budget and expected income, setting financial goals and developing a business model that delivers the revenue you need.

Making enough to retire

If the end game is to retire, you need a nest egg to do this. Funding a comfortable retirement might mean reinvesting dividend income into a pension, exploring tax-efficient strategies and developing a long-term financial plan.

Investing in your passions

What gives you joy outside work? You can use your business as a platform to pursue your passions, whether it’s supporting local charities, promoting sustainability or creating products that reflect your personal and ethical values.

Passing the business to the next generation

Before you retire, it’s important to plan for a smooth transition to the next generation, whether those successors are family members or other members of your existing team. This will mean putting serious thought into succession planning and training.

Helping you set and track your personal goals

Over the course of this series, we’ll explore each of these five goals in more detail. In the meantime, we’re here if you want to track how you’re performing against your personal goals.

Come and have a chat about what you want from your business.

The following content was originally published by BOMA. We have updated some of this article for our readers.

It’s tough making a success of your business alone. So, why not partner with other businesses to help form a strategic partnership that benefits you both?

In this series, we’ll look at some key ways to optimize your business, exploring different avenues to evolve your enterprise and create a legacy you can be proud of.

Let’s take a look at some different options for exploring strategic partnerships.

5 ways to find your ideal strategic partner

Partnering with another company really helps you expand the reach and capabilities of your existing business. And by working with new people – and with a new audience – you also bring new ideas to the table and can begin to innovate in new spaces

Here are five ways a strategic partnership adds value:

1. Explore new markets

Partnering with complementary businesses gives you access to new industries, sectors and customer segments. It can be an amazing way to expand your market reach by working with a company that already has a profile in this space.

2. Boost your revenue streams

You can generate new revenue streams by offering joint products or services with your new business partner. You can also cross-sell to each other’s customer base, or explore new distribution channels.

3. Reduce your costs

Working with a trusted partner means you share resources, such as marketing, logistics or technology. This makes it easier to run campaigns and reach a new audience, while also reducing costs and giving your margins a boost

4. Get more innovative

With a partner on board, you can collaborate on new ideas and develop truly innovative products. You may also be able to access their technology, infrastructure and expertise to enhance your research and development (R&D).

5. Improve your brand visibility

Partnering with well-established brands gets your name seen by a whole new audience. It’s a great way to enhance your brand’s visibility and credibility, bringing in new customers and other potential partnerships with brands.

Talk to us about finding your perfect strategic partner

Creating a broad network of partners, supporters and new customers is an amazing way to optimize your business – and your potential to reach a whole new customer base.

Talk to our team about partnering with new strategic partners. We can introduce you to other companies in our network to find your perfect collaborators.

The following content was originally published by BOMA. We have updated some of this article for our readers.