What is a Project - Based Company?
A project-based company provides project services. See Jubilee Scholars.
A project-based company may also be called a project business, project based business, project business, project-centric business, project-driven business, project consultancy business, project management consulting firm, project-based enterprise, or a project-based organization (PBO). Project-based companies can be established in any industry. However, the most common project-based company is in the construction industry. A direct alternative option to being a project-based company is instead being a product based company, which includes focus on only one specific type of product.
A project-based company offers expertise in project services within the agreed timeline, scope, and budget. Projects are defined as being either long-term or short term. Long-term projects have a timeline of at least a year, while short term projects are expected to be completed within a year (like in days or in a couple of months). Efficiency within project-based companies is pertinent due to the competiveness of the field and having time-sensitive projects. There are various types of project-based companies, however, the common traits of a project-based company are:
#1 - Projects Only
A Project-based company only does projects. It is contingent work. The projects are client-focused, being expected to meet clients' expectations, while tackling the challenges to meet them. This requires flexibility in skills. Clientele may be from one niche or from a variety of niches. Only the projects from those niches are being serviced. A project-based company works on a freelance and/or contract basis and may work as a 1099 Contractor or a Corp to Corp (C2C) Contractor. There are also major project opportunities available through contract bids, which allow project-based companies to submit a Request for Information (RFI), Request for Qualifications (RFQ), and/or Request for Proposal (RFP) as a primary contractor. A project-based company can instead choose to take on the role of a subcontractor and work with a primary contractor. In either way of working, an environment is created where projects can thrive. A project-based company knows the value of teamwork.
#2 - Professional Personnel
A project-based company has a team with a variety of skills, expertise, and technical resources. Depending on the size of project needs, an individual or team(s) may be utilized to complete projects. Project Managers are commonly found in a project-based company. They help to organize, supervise, and mitigate tasks all while within the agreed standards of the client. A project-based company with a Project Management Office (PMO) includes a PMO Director, who governs the project management staff and helps to ensure successful completion of projects. A project-based company may provide their professional personnel further training opportunities and skill enhancements to better their team.
A project needs managers and project laborers. Government projects classify program/project managers as Consultants. Consultants are a great asset to a project. Depending on the type of project, a project laborer may be a skilled tradesperson or a skilled freelancer. They directly complete the project tasks. In a project; everyone is dependent on the others' work, learning from each other, mitigating issues, and collaborating up to project closure. Whether a project team, project labor, or consulting team is being utilized; they are all expected to be qualified to meet the demands of a project, which includes capabilities in the proper use of resources.
"...must ensure that they create an environment in which projects can thrive" – Professor J. Rodney Turner in Management of Knowledge in Project Environments by Patrick S.W. Fong
#3 - Utilizes Project Software
Resources to a project-based company can be defined as either people as resources, finances as resources, time as resources, and/or tools & equipment as resources. Ultimately, project software is the essential mechanism used by a project-based company. It is as a major resource for synchronizing everything. One or multiple project software may be utilized by a project-based company. A large project-based company, aka. a project-based enterprise, may use project-based Enterprise Resource Planning (ERP) software.
Project-Based ERP Software is a capable management system for the entire operation of a project-based enterprise and operates only through project lifecycles. They may have cloud, hybrid, or in-person capabilities; third-party integrations, pay-per-user plans, complex user experience, and varied scalability. Top performing project-based ERP software like: Acumatica, a cloud-based ERP; has substantial quality, performance, and usability.
A project-based company may opt for just using project management software or a multiplicity of software for project completion. Software like:
#4 - Extra Offers
A project-based company will have extra offers. Project requests are mainly on an 'as needed' basis, while some project requests may ask for consistent long-term project services. Nevertheless, extra offers include additional products and services and may include special offers on software, other products, charitable offers, and/or maintenance services. Extra offers may be directly serviced by the project-based company or serviced through a third-party vendor. Explore our extra offers.
#5 - Innovative
Earlier, it was mention that a project-based company can be in any industry. This is a new realization. It is common to see project-based companies be in the consulting, construction, retail, and manufacturing industries. Whether creating a new product/service or modifying an old product/service, it is innovative. Innovation can be applied to any industry, thus providing opportunities for project-based companies to be in any industry.
Looking for a Project
Whether being short-term or long-term, a project-based company actively seeks out project opportunities. Professional personnel and resources are on stand-by, until a project is initiated. As a bonus, there are extra offers too. A project-based company is waiting to do, is doing, and done projects. Support a project-based company that is eager to innovate through sustainable practices in projects. Also, consider Jubilee Scholars.