Sales is part art and part science. It balances a charisma, careful relationship-building, and gut feelings with refined processes, clear metrics, and data-backed decisions. It's a balancing act. And sales can feel even more complex because it's a function without a clear start and stop. Sales teams are responsible for nurturing and converting leads but also retaining and even upgrading existing customers. Needless to say, any sales professional will readily admit that there are a lot of moving parts — and that's exactly why a sales tracker can be so beneficial. What is a sales tracker? As the name implies, a sales tracker is a tool or database that stores, organizes, and manages all of the information and updates that are relevant to your sales process. While you might readily think of keeping track of any sales your team makes, a sales tracker is far more comprehensive than simply logging your closed deals. It should also house things like: Contact information Leads and opportunities Conversations and outreach Lead and customer history Sales goals and success metrics Put simply, your sales tracker is the single resource where your entire team will record, conduct, and maintain all of your different sales activities. Who uses a sales tracker? Hear the term "sales tracker" and the answer to this question seems pretty straightforward: the sales team. Of course, the people on your sales team will do the bulk of the day-to-day work with your sales activity tracker. They'll use it to set goals, monitor performance, and manage their daily tasks. But this tool is far-reaching and offers benefits for other people and departments, such as: Leadership can use the sales tracker to understand performance, make projections, and set realistic organizational goals Marketing can use the sales tracker to understand the sales process and how they can better support lead conversion and customer retention Customer support can use the sales tracker to understand how they can provide better service and minimize objections during the sales process So, while a sales team will be the ones who are in the weeds with a sales tracking platform on a daily basis, they certainly aren't the only ones who will benefit from it. In fact, sales trackers are most advantageous when they're shared across the organization so everybody can understand what it takes to get new customers to come (and stay) onboard. How to Train Your Team to Use a Sales Tracker Implementing a sales tracker tool is a significant step towards streamlining your sales process. However, its success largely depends on how effectively your team can use it. Here are some steps to ensure your team is well-equipped to use the sales tracker: Start with an Introduction: Begin by explaining what a sales tracker is, its benefits, and why the company has chosen to implement it. Highlight how it can make their work easier and more efficient. Detailed Demonstration: Conduct a step-by-step walkthrough of the sales tracker. Show them how to log in, update information, track progress, generate reports, and use any other key features of the tool. Hands-On Training: Allow your team members to explore the tool hands-on. This could involve creating dummy data for them to play around with, or real-life scenarios to practice on. Provide User Manuals and Guides: Create detailed user manuals and guides that team members can refer to when they need help. These resources should be easily accessible. Regular Follow-Ups and Support: Conduct regular check-ins to address any issues or challenges your team may be facing. Encourage them to share their experiences and provide necessary support and solutions. Continuous Learning: As the tool gets updated or new features are added, ensure to update your training materials and conduct refresher training sessions. Remember, the goal is to make your team comfortable and proficient with the sales tracker. This not only requires initial training but also ongoing support and learning. Why is sales tracking important? Perhaps you and your team have been making things work without a unified sales activity tracker. Why bother going through the work of pulling everything into one place? Having a centralized spot to manage all of the stages and tasks in your sales process does more than help you figure out how to keep track of sales. It offers a number of other distinct advantages, including: Organize and centralize your information: You might be able to limp along with scattered spreadsheets and siloed email threads, but it's definitely not the most efficient or effective way to get things done. A sales tracker offers a single source of truth that people can reference for any sales activity — whether it's finding a customer's contact information or understanding the last time anybody touched base with a lead. Increase visibility: Related to the above, sales really is a team function. While individual salespeople are undoubtedly pursuing their own quotas, ultimately the whole team is working toward a broader goal of making as many sales as possible. What happens if somebody is on vacation? Or goes out on leave? Or leaves the company entirely? A sales tracker gives everybody the context they need about relationships with various leads and customers – so they can step in seamlessly without missing a beat (or an opportunity). Plus, leadership has instant and easy visibility into what the team is doing and how they're performing. Identify opportunities for improvement: A sales tracker boosts visibility across the team and the entire organization, but it also gives you better insight into the various phases of your sales process and pipeline. Is it taking you too long to touch base with qualified leads? Are people losing interest during a particular point in the process? Are certain salespeople way outperforming others? Your sales activity tracker empowers you with the information you need to further refine your sales processes. Close more deals: Combine all of the above and you get the biggest perk of all: a better sales process that helps you close more deals. Salespeople aren't spending as much time searching for information or getting up to speed on a lead's relationship. That means they can channel more time and energy into nurturing that relationship and converting the lead. It's little wonder why 54% of sales professionals say technology is a great resource for building stronger relationships with buyers. The same report found that 54% of sales representatives also say that digital sales tools help them win over more prospects. Making sales is one of the biggest driving forces behind your organization's success — and it deserves more than random spreadsheets, disparate dashboards, and dated Rolodexes. With a sales activity tracker, you and your team readily have the information you need to pursue your ultimate goal: closing more deals. What makes a good sales tracking platform? You're convinced that a sales tracker is a resource your team can't go without any longer. How do you get started? There are plenty of sales and operations teams that opt to track sales and all related activities in a centralized Excel spreadsheet. Here are a few popular sales tracker templates: HubSpot's lead tracker spreadsheet Excel's online sales tracker HubSpot's CRM spreadsheet However, spreadsheets do have some pitfalls — particularly since they require manual updates and lack a lot of the time-saving integrations and automations you'll find in dedicated sales tracking or work management platforms. Additionally, sales is an important function with tons of different aspects. You need a solution that can manage and monitor them all, which means you might quickly outgrow a spreadsheet (or run the risk of it becoming too large and unruly to easily reference and use). Fortunately, other technology steps in where spreadsheets fall short. There are other options (like Wrike!) that can help you manage your sales process and avoid the drawbacks of traditional spreadsheets. Here's what to look for as you figure out what sales tracking platform is best for you and your team. Sales forecasting You don't just need to make sales — you need to estimate how many deals you'll close in a given time period. This isn't about shaking a Magic 8 Ball or pulling a random number out of a hat. You need to base your forecast in data and history. That's hard to do if you don't have a place where you can access your past performance. Your sales tracker should display all of that relevant data — how many leads you converted, how many customers churned, the average size of each deal, and more — so that you can better estimate your projected revenue moving forward. Beyond informing your projections, your sales tracker should also have a place where you can store your estimates and even use them to establish success metrics that will help you monitor your team's progress. New lead tracking Marketing teams know that lead generation is a relentless challenge. But when you finally have those qualified leads in the pipeline, the hard work isn't over. In fact, research shows that many sales teams struggle with nurturing leads, which is arguably one of the most crucial parts in the sales process. When asked about their greatest challenges to lead conversion: 43% of companies say they struggle to collect enough data on leads 41% of companies say they struggle to follow up with leads quickly 39% of companies say they struggle to make initial contact with leads 35% of companies say they struggle to maintain contact with leads 29% of companies say they struggle to filter and funnel leads 25% of companies say they struggle to set appointments with leads A sales tracker can help with all of these. It pulls all of your leads into one place and also stores all of the must-know information about them. Plus, a sales tracking platform will nudge the process along with features like clear task assignments, reminders for when it's time to check in, and tags so everybody can quickly see what step of the process a lead has reached. Less leads getting lost in the shuffle means more revenue on your team and company's balance sheet. Activity tracking Has anybody reached out to that customer about upgrading their account yet? When's the last time somebody got in touch with this super qualified lead? Who's generating your sales report this month? Sales teams are spinning a lot of plates. It can be tough to keep track of what you need to do on your own — let alone everything that the entire team is working on. Needing to check disparate spreadsheets and platforms wastes time and also leaves too much room for errors. Team members could step on others' toes or, potentially even worse, let an important task or lead slip through the cracks. A sales activity tracker brings some order and visibility to everything that the entire team is doing so that your sales operation can run like a well-oiled machine. Most platforms will include: Clear task assignments Due dates Labels Status updates No more guessing about who's doing what (and when). Your sales tracker will spell it all out for you so that you can boost productivity and performance. Data visualization Staring at seemingly endless rows of digits and dates is enough to make anyone's eyes glaze over — especially if you're searching that spreadsheet for one number or piece of information. That's why it's important to look for a sales tracking platform that has data visualization features. This will break your complex rows of data into more digestible and actionable charts and graphs. Whether you need to get a grasp on your revenue, number of leads, average deal size, or any other sales-pertinent metric, your sales tracker will quickly and painlessly get you the information you need — without having to comb through daunting spreadsheets. Plus, data visualization makes it far faster and easier to create any important sales reports and prove your value to other departments and company decision makers. Future Trends in Sales Tracking Sales tracking is an evolving field, with new technologies and methodologies constantly emerging. Here are some trends to look out for in the near future: Artificial Intelligence (AI) and Machine Learning (ML): AI and ML are set to revolutionize sales tracking. They can analyze past data to identify patterns and predict future outcomes, helping sales teams to make more informed decisions. Additionally, AI can automate routine tasks, freeing up time for salespeople to focus on more strategic activities. Predictive Analytics: Predictive analytics tools will become more sophisticated, enabling sales teams to forecast sales trends more accurately and plan their strategies accordingly. Integration with Other Tools: Sales trackers will increasingly integrate with other tools such as CRM, marketing automation, and customer service platforms. This will provide a more holistic view of the customer journey, enabling sales teams to tailor their strategies more effectively. Mobile Sales Tracking: With the rise of remote work, mobile sales tracking will become more prevalent. Sales teams will be able to update and access sales data on the go, making them more agile and responsive. Real-Time Reporting: Real-time reporting will become a standard feature of sales trackers. This will provide sales teams with up-to-the-minute data, helping them to respond quickly to changing sales trends. These trends represent exciting opportunities for sales teams. By staying ahead of these trends, sales teams can leverage the latest technologies and methodologies to improve their performance and drive sales growth. Step up your sales efforts with Wrike Whether it's art, science, or a little bit of both, sales is one of your company's most important functions — it has a direct and undeniable impact on your growth and your bottom line. That means it's worthy of some careful planning, strategy, and organization. Siloed spreadsheets and sticky notes aren't going to cut it when it comes to a winning sales process. Ready to get started with sales tracking software that helps you close more deals (with less stress)? Wrike has tons of features to level-up your efforts, including: Automations to streamline your entire sales process Easy and intuitive lead organization Tailor-made blueprints and checklists for lead tracking Real-time communication tools Reports to analyze performance, find patterns, and refine your sales techniques Integrations with other popular sales apps Customizable sales templates to save you time Don't leave your organization's sales success up to chance (or spreadsheets). Get the order and organization your sales team deserves. Get started with a free trial of Wrike today.
Have you ever experienced conflict on a team? Friction and disagreements happen pretty frequently and, in most cases, they all tie back to the same thing: misunderstandings and miscommunications. Somebody didn't realize something was their responsibility. Somebody didn't understand the norms of the group. Somebody did something out of turn and messed up the workflow. Wouldn't it be nice if you and your team had one single source of truth you could use to align your expectations? That's exactly what a team charter is. A team charter is a document that spells out the nuts and bolts of your team — whether it's a formal department or a team that was assembled for a specific project. Some project charters are short and simple, acting almost as a straightforward directory of the team members. Others are more complex and dig deep into the team's core values, norms, processes, and other elements that help the team work together effectively. Regardless of whether it's one page or 10 pages, a team charter serves the same purpose: It's essentially the roadmap for a team, bringing them back to the most important details of who they are and how they function — which can easily get lost in the hustle and bustle of the actual work. What is the purpose of a team charter for project management? Many people create team charters for their departments or work teams — and there's a lot of value in doing so. Having a team charter for your department: Clearly outlines roles, responsibilities, and other important information Rallies the team around a shared goal or purpose Reduces confusion and miscommunications Improves onboarding of any new team members All of those are true when you use a team charter for a specific project team too. However, a charter for a project team could arguably be even more important Particularly for cross-functional projects that involve pulling team members from disparate departments, the team charter is what gives them a shared understanding of how they'll work together. When all of their departments typically have their own norms, expectations, and approaches, the team charter unites them with a shared understanding right from the get-go. Additionally, a team charter used in project management will likely spell out more details related to the actual project (and not just the team makeup), such as the budget and resources, workflows, and success metrics. To put it simply, the point of a team charter in project management is to ensure all relevant team members understand what they need to do in order to achieve the ultimate goal: delivering a successful final project. What are the benefits of creating a team charter? The above section already gave a bit of a sneak peek at some of the key benefits of a team charter. But let's dig into each of those advantages of a team charter. Clearly outline roles and responsibilities You might think that a job title is enough clarity, but that's usually not true — especially on project teams where people aren't as familiar with the strengths and expertise of the people they're working with. Who's the best person to approach to get the data they need? Who should they talk to if they need feedback? A team charter explicitly outlines every single member on the team, their role or title, and what their responsibilities are. That ensures everybody understands their own expectations and contributions, as well as what everybody else around them is doing. That gives them a more holistic understanding of the team and how they fit in — which is especially important when so many teams are now remote or hybrid. Rally the team around a shared goal or purpose Teams need to have their sights set on the same horizon and that's another key benefit of a team charter. It spells out the team's objective so there's no debate about what everybody is working toward. If you're creating a team charter for a department or long-standing team (for example, a customer support team), the objective you put on your team charter might look something like this: Deliver prompt, helpful, and unmatched service and support to our customers. If you're creating a charter for a team that was assembled for a one-time project, then your objective will likely go beyond explaining the purpose of the team itself and also encompass the goal of completing the project. Here's an example: Redesign our customer knowledge base to make it a comprehensive and intuitive destination for troubleshooting and self-service. Either way, the team charter sets the north star for your team — everybody understands exactly what they're working toward. Reduce confusion and miscommunications When you explicitly state what you're working toward and how each team member plays a part in getting there, confusion (and as a result, the potential for crossed wires) is already greatly reduced. But your team charter can take clarity even further by spelling out norms and expectations, outlining workflows, hashing out budgets and resources, and more. Put simply, everything that makes your team and project tick is right there on paper. Everybody is operating with the same information and understanding from the outset — reducing miscommunications, frustration, and resentment down the line. Improve the onboarding of any new team members Maybe your team has made a new (or a couple of new) hires. Or perhaps you need to bring in another contributor or even a freelancer to help with the project you're working on. When you bring them onboard, you can send them your team charter. It'll serve almost as a user manual that helps them quickly get up to speed on who does what and how your team generally operates. Oh, and when you bring on somebody new? Don't forget to add them to your team charter too. How to create a team charter: Eight steps to follow You're sold on the benefits of a team charter and you're ready to create one for your own team. Here are eight steps to follow to pull it together. 1. Cover the basics The top of your team charter is the easiest part. It's where you'll write down basic information like: Your team's name (if you have one) Your team's leader The date your charter was created The date your charter was last updated Those are important details for people to know up front. Plus, including the dates helps with version control of your document when your charter inevitably needs to change. 2. Define your team's purpose Here's the first question you need to ask yourself: Why does your team exist? Do you offer a distinct service? Fulfill a specific function? Are you completing a certain project? This could be a simple statement — or it could be several bullet points or statements explaining your team's objective and how that feeds larger business goals. Regardless of how much detail you provide, this section of your team charter should give everybody a clear idea of the purpose behind your team. EXAMPLE GOAL OR PURPOSE: We will design and create a new customer service knowledge base that will launch in Q2 of 2023. 3. State your core values Your goal is an important uniting force for your team. However, there are other expectations and shared beliefs that will dictate how you work together. Those are your core values. Listing them on your team charter helps everybody get a sense of what's important to your team. And, when they work to embody those values, collaboration is smoother — and conflicts are minimized. EXAMPLE CORE VALUES: Be honest and accountable Empower and respect others Maintain a growth mindset Communicate proactively and transparently 4. Establish your roles and responsibilities Your team is at the center of your team charter. Consider this section the "who's who" where you list out the different team members and their roles or titles. This section that focuses on people can be as detailed as you'd like it to be. Some people leave it as a straightforward list while others dig into team members' responsibilities, strengths, weaknesses, availability, and other information about group members. EXAMPLE ROLES: Safiya, Head of Customer Support/Team Leader Timothy, Customer Support Specialist Beverly, Customer Support Specialist Joshua, Content Writer and Editor MaryBeth, Graphic Designer Jose, Web Developer 5. Determine your norms and expectations There are a ton of different norms, patterns, and behaviors that regulate how you and your team work together — whether they're spoken or not. Maybe everybody automatically knows to keep themselves on mute during Zoom meetings unless they're the one speaking. Or perhaps everybody understands that Slack is used for quick requests and personal chatter, while meatier information should go in an email or in Wrike. It's tempting to take those for granted as widely-accepted and inherent truths. But what about if somebody new joins the team? They should have insight into the various expectations, routines, and rituals. That's why it's worth spelling out your most important ones directly in your team charter. EXAMPLE NORMS: We practice active listening by summarizing what someone has shared with us We don't interrupt other people in meetings We post and share anything relevant to our projects in Wrike and not in siloed channels 6. Define your project workflow These next few sections of your team charter can vary, depending on whether you're creating a charter for your department or you're creating a charter for a team that was pulled together for a particular project. If you're creating a charter for your department or a longer-standing team, then you can use this section to spell out your typical workflow for new work. If you're creating a charter for a specific project, then this section can be more detailed and briefly outline some of the phases, deliverables, and timeline of your assigned project. Much like any other section of the charter, you have flexibility here to create something that works best for you. EXAMPLE PROJECT WORKFLOW: Receive a work request through our team's request form Team leader investigates and approves or denies the project Approved projects are discussed in a project kickoff meeting 7. Set your success metrics Again, this is another section that varies based on the context of your team charter. You might use this to establish the success metrics for your entire team or you might use it to lay out what success looks like for a specific project. Either way, try to be as specific as possible. The goal you set earlier in your team charter provides a lot of unity and clarity — but people also need to be on the same page about what success ultimately looks like. EXAMPLE SUCCESS METRICS: Deliver 85% of our projects on time and under budget Receive at least a four out of five rating on our employee engagement scores 8. Explain your budget and resources When creating a charter for a project team, you can use this section to quickly highlight your finances and available resources. Don't feel the need to get too detailed here — a lot of the in-depth information will be included in your project plans. But a brief overview is helpful context for the entire team. When creating a charter for your department, it's tougher to get nitty-gritty about the actual budget or resources, as they can vary widely. Instead, you can use this section to explain your typical approach to budgeting, how resources are allocated or approved, and other general information about how these processes typically work. EXAMPLE BUDGET AND RESOURCES: Annual budgets are approved each December Project budgets are approved as needed by the team leader Resource needs should be discussed during project planning and kickoff When you've completed all of that, you have your first draft of your team charter ready to go. Review it yourself and share it with your team to see if anybody has any feedback or changes. Once it's finalized, keep it somewhere accessible so everybody can reference it when needed. And remember, this document is never actually finished. Teams change and your charter will too. Revisit it frequently to make any necessary updates as you complete projects, add team members, revise budgets, and refine your norms and expectations. Three examples of team charters to inspire you Need a little more creative inspiration before you put pen to paper (or your fingers to the keyboard) on your own team charter? Here are three team charter examples to get your wheels turning. Example #1: Human resources team charter Team Name: Human Resources Department Team Leader: Marie Charter Created: April 18, 2020 Charter Updated: November 2, 2022 Team Purpose: Supporting and developing the full potential of our staff and entire organization Team Members: Marie, VP of Human Resources Cole, Director of Human Resources Wes, Recruiting Manager Faith, Payroll Manager Dorothy, Benefits Specialist Noah, Human Resources Coordinator Core Values: Focus on people Demonstrate passion for work Maintain a growth mindset Team Norms: No communication after hours, on weekends, or during PTO Cameras always on for Zoom meetings Project Workflow: All requests flow through the VP of Human Resources Priorities are set during weekly team meetings Success Metrics: Employee engagement scores of at least a 4.5 out of 5 stars Employee retention rate of at least 93% Average time to fill a posted position of three weeks Budget and Resources: Team's annual operating budget: $725,000 Every team member gets a LinkedIn Premium or LinkedIn Recruiter plan Example #2: Agile team charter Team Name: Team Ticketing System Team Leader: Yusif Charter Created: January 8, 2022 Charter Updated: January 23, 2022 Team Purpose: Launch a new customer support ticketing system within the app Team Members: Yusif, VP of Development/Team Lead Courtney, VP of Customer Support/Product Owner Thai, Software Developer and Stakeholder Lucy, Software Developer and Stakeholder Noah, Customer Support Specialist and Stakeholder Core Values: Remain adaptable and flexible Eagerly seek improvement Focus on the customer Team Norms: Acknowledge receipt of all messages Ask questions before jumping to conclusions No devices in daily Scrum meetings Project Workflow: Default to Scrum with sprints of one to three weeks Daily Scrum meetings for the entire sprint Burndown charts will monitor daily work Success Metrics: Ticketing system is launched by May 2023 Ticketing system reduces live customer support calls by at least 20% Budget and Resources: Sprint-to-sprint budget management Example #3: Blog redesign project team charter Team Name: Team Blog Redesign Team Leader: Michael Charter Created: November 15, 2022 Charter Updated: N/A Team Purpose: Redesign the CompanyXYZ blog to improve usability and navigation Team Members: Michael, Head of Marketing/Team Lead Savannah, Content Writer Kristin, Content Editor Marcy, Content Designer Oscar, Web Developer Mark, Graphic Designer Core Values: Communicate honestly and respectfully Eagerly seek feedback Follow through on promises Team Norms: Post all project-related resources and updates directly in Wrike Ask clarifying questions before providing constructive criticism Project Workflow: Project kickoff meeting to start the project Updates regularly posted in Wrike Weekly team meeting to discuss progress Success Metrics: Blog redesign launched by April, 2023 Increase time-on-page by 40% Budget and Resources: Project budget is $15,000 Access to CompanyXYZ's freelance pool for help writing content and creating new graphics Manage your teams and projects with Wrike Solid teamwork doesn't automatically happen when you pull people together or assign a project. For people to work well together, they need clarity about their purpose, their roles, and their approach. That's why a team charter is so helpful. It's a single source of truth for everybody on the team to align their expectations and set themselves up for success. Want even more clarity? Manage your team and all of your projects in Wrike. With collaborative work management software, you can: Get visibility into everybody's work Clearly assign tasks, owners, and deadlines Centralize communication and resources Easily monitor progress and course correct when necessary Streamline and simplify your work intake process Save time with templates Ready to empower your team to do their best work? Create your team charter and use Wrike to store it and manage all of your day-to-day work — while honoring those rules and expectations. Get started with Wrike for free today.
Unless you're a whiz with financial mathematics, "amortization schedule" is probably one of those terms that immediately makes your eyes glaze over. Well, take a few blinks — because an amortization schedule is something you're highly likely to encounter at some point in your life. It's worth understanding (at least at a high level) what it is and how it works so that you can keep a better eye on your money. Already cringing? Don't worry. We have your simple and straightforward guide to amortization schedules. Here are the details on what these schedules are, why they matter, and how you can create your own. What is an amortization schedule? An amortization schedule is a table used to see and track payments on a loan. Put simply, it shows your loan repayment schedule. The amortization schedule displays your beginning balance, principal, interest, payment amount, and ending balance over the life of the loan. For that reason, you might also hear it referred to as a loan amortization schedule. What does an amortization schedule look like? An amortization schedule is actually a pretty simple table with several columns and then a row for every single loan payment you need to make (which is usually monthly with most loans). Want to see one in action? Imagine that you're taking out a business loan for new product development. You're taking out $100,000 at a 7% interest rate and will pay it back monthly over the course of 10 years. Here's a quick look at what the first few rows of your amortization schedule would look like: What can you use an amortization schedule for? An amortization schedule can be used to display the periodic payments for really any type of loan — whether it's a car loan, business loan, mortgage, or any other type of loan. When thinking about business loans specifically, you might take out a loan to build a new facility. Or purchase a piece of equipment. Or develop new products. Or really any other purchase or activity that you're unable to finance entirely yourself. In most cases, your lender will provide you with an amortization schedule or payment schedule so you understand how your monthly payments apply to your outstanding balance and will reduce your loan obligation. If they don't, you can ask them to supply you with an amortization schedule for your loan. Why is an amortization schedule helpful? Why even bother creating or referring to this table that's full of seemingly endless digits? There are a few reasons why an amortization schedule is important: 1. Understand the breakdown of your loan For starters, any time money is involved, it's smart to understand where your dollars are going. An amortization schedule helps you see how much of your payment is applied to the principal (that's the amount you originally agreed to pay back) and how much goes to interest (which is the extra charge or fee you pay your lender in order to borrow the money). 2. Keep track of your loan payments Additionally, loan repayment is important — but it's only one of the responsibilities you have on your plate. An amortization schedule is a super easy table you can look at to make sure you're on track with your loan payments so that you can avoid incurring any late fees. 3. Compare loan options Maybe you haven't gotten a loan yet and are comparing options from several different lenders — who all have slightly different interest rates and loan terms. An amortization schedule will help you match up those different loans against each other to get a grasp on what your monthly payments would actually look like with each of them. 4. Strategically pay off your loan Finally, an amortization schedule can help you be more strategic with your payments to pay off a loan faster. For example, let's revisit our $100,000 business loan. The quicker you can pay it off, the less interest you pay — which means you'll spend less money in the long run. So, if your business is doing well and you have some extra money to put toward your loan repayment, you can specify that you want your additional payments to be applied directly to the principal. We'll spare you the in-depth math lesson, but that approach lowers your ending balance for that month, which means you'll have a lower beginning balance at the start of the next month. That's a smaller number to multiply by your interest rate, which means you're strategically paying less interest over time. How to create an amortization schedule: Three steps to follow Now that you understand the ins and outs of an amortization schedule, there's another big question you need answered: How do you create an amortization schedule for yourself? Here are three steps to help you set up your own table. 1. Know the nuts and bolts of your loan Before you open any sort of spreadsheet (which is, by and large, the most common and popular approach for creating an amortization schedule yourself), you first need to make sure you have the right information. Regardless of whether you're creating a business loan amortization schedule, mortgage amortization schedule, or one for any other type of loan, there are four key pieces of information you need. Here's what they are, along with examples that stick with our $100,000 business loan scenario: Loan amount: The total amount that you borrowed from the lender. Example: $100,000 Interest rate: The rate that you agreed to with the lender. Example: 7% Term: The length of time you have to pay back your loan, plus interest. Example: 10 years Payment cadence: The intervals in which you'll make payments. Example: Monthly 2. Understand the amortization formula Are you ready for a quick math lesson? Here's a look at the amortization formula you could use to calculate your monthly payments manually: [caption id="attachment_474911" align="aligncenter" width="688"]Image source[/caption] Before you start sweating and having flashbacks to your high school algebra class, here's what all of those numbers and letters mean: A = Periodic payment amount (in other words, your monthly payment) P = Amount of principal, net of initial payments i = Interest rate (make sure to get the interest rate for your term rather than simply using the annual interest rate — for our example, you'd divide .07% by 12 months to get your monthly interest rate for your loan) n = Total number of payments (so, if you're paying monthly, you need to multiply the years of your loan by 12) You need to use the amortization formula to calculate your monthly payment for each month of your loan. So, sticking with our 10-year and $100,000 business loan example, that'd mean you'd need to run this same calculation 120 separate times (that's 10 years times 12 months in each year). Yikes. But for the sake of an example, here's what the formula would look like if you plugged in the numbers for your $100,000 business loan to get your monthly payment amount. The good news is that you don't need to whip out the calculator and do all of this manually. You can create a spreadsheet template for yourself. Or there are amortization schedule calculators that will do all of the hard work for you. Don't worry — we'll cover those in detail a little later. 3. Create your amortization schedule You don't want to have to return to a complicated formula every time you want to get a grasp on your monthly payment and what dollars are allocated where. That's why all of your monthly payment details should get calculated upfront. Those will then be displayed in your amortization schedule, which should include columns for: Month number: Is this the first month you're making a payment? Or the 23rd month? Payment date: The date that the monthly payment is due. Beginning balance: How much is left on your loan at that point in time. Payment amount: How much you owe for loan repayment that month. Principal: How much of your payment is principal, meaning the amount going toward the total you originally took out. Interest: How much of your payment is interest, meaning the amount going toward the fee to borrow the money. Ending balance: How much is left on your loan after that payment. In the very last row of your amortization schedule, your ending balance should be $0. That means your loan is paid off — and it's time to celebrate. Again, here are the first few rows of the amortization schedule for our $100,000 business loan we've referenced throughout this guide: Are there easier ways to create amortization schedules? It's possible to create an amortization schedule yourself — but that doesn't mean it's practical. In fact, it's a lot of work. That's especially true if you need to calculate the monthly payments for a longer-term loan. If you're paying your loan back over the course of 30 years, that's 360 monthly payments and spreadsheet rows you need to calculate. Fortunately, there are a couple of other ways to create amortization schedules that involve little to no elbow grease on your end. 1. Use an amortization schedule template A spreadsheet tool like Excel is one of the most popular solutions for creating an amortization schedule. Excel makes it even easier with a loan amortization schedule template. With the templated amortization schedule, Excel simply requires that you enter your basic loan information like your loan amount, annual interest rate, loan period in years, number of payments per year, and the start date of your loan. Punch in those details and Excel will take it from there to create a simple and helpful amortization schedule for your loan. 2. Use an amortization schedule calculator There's an even easier way to get your amortization schedule: use an online amortization schedule calculator. Much like the Excel template, you simply need to enter in your basic loan information and it'll generate the schedule for you. Except you don't even need to go so far as to download a template or open a spreadsheet. Here are a few popular and reliable amortization schedule calculators to check out: https://amortizationschedule.org/ https://www.amortization.org/ https://www.loanamortizationschedule.org/ https://www.bankrate.com/mortgages/amortization-calculator/ Wrike can streamline financial planning for your business The simple mention of an amortization schedule might make your eyes glassy — and, in all honesty, the process of creating it entirely yourself can be pretty daunting and tedious. A template or calculator are the far faster and easier ways to go. However, even with your amortization schedule sorted out, there are plenty of other financial aspects you need to manage for your team or business. Wrike can help you stay on top of your resources and your finances with features like: Customizable hourly rates Project scoping and budgeting Spend monitoring Reports and real-time data Integration with Excel so you can easily import and export spreadsheets Whether it's loan repayment, project budgets, or billable hours, you don't want to leave any element of your business' finances up to chance. Wrike eliminates the guesswork and helps you keep a close eye on all of your numbers — even if your eyes are admittedly still a little glazed. Ready to bring some order to your business' finances and projects? Start your free trial of Wrike today.
There are plenty of words and phrases that will immediately put a pit in any manager's stomach. I'm overworked. I'm unhappy. I quit. There's another one that deserves a spot on the list: It's time for performance reviews. At their worst, performance reviews are daunting, nerve-wracking, dreaded obligations — for managers and employees alike. At their best, they're frustrating inconveniences or seemingly trivial exercises that eat into the time everybody needs to do their real work. Yet employee performance reviews arrive on the calendar like clockwork. And if you're going to have to do these reviews anyway, you might as well make the most of them so that you and your direct reports can get as much value as possible out of this mandatory process. This guide has everything you need — including several different performance review templates — to make your performance reviews a little more beneficial (and a lot less bothersome). Do employee performance reviews actually matter? Employee performance reviews have faced a lot of scrutiny in recent years, and a whopping 95% of managers admit that they're dissatisfied with the formal performance appraisals at their companies. Despite the groans and eyerolls (some of which are well-deserved), conducting formal employee performance evaluations offers a number of benefits for employees, managers, and the entire organization: Provide and receive regular feedback: 92% of employees say that they want to receive feedback more than once per year. They crave guidance and information, and frequent performance reviews (i.e, not just annual ones) provide a reliable and regular opportunity to offer employees insight into their strengths and weaknesses, skills and areas for improvement. Highlight growth opportunities: Even if the review process feels daunting, 64% of employees say they receive helpful feedback from their performance evaluation — they get their hands on information that helps them learn and grow within their careers. Plus, when 49% of employees say they want to develop their skills but don't know where to begin, these feedback conversations are a chance for managers to understand their direct reports' career desires and help them hash out plans for their professional development. Clarify expectations: Only about half of employees strongly agree that they know what's expected of them at work. While review conversations are focused on performance, they also involve reiterating goals, responsibilities, and expectations. That means workers have a better understanding of what success looks like in their role — and how they can advance and set goals if they're eager to do so. Solicit feedback: Performance reviews aren't about one-sided evaluations, reprimands, and punishments. They should be two-sided dialogues with an aim to make your team as effective and efficient as it can be. That means performance evaluations are also a chance for you to collect insights and opinions about how you can be even more supportive and impactful as a manager. While employee performance reviews might involve some hard-to-hear constructive criticism and some anxiety-inducing discussion points, they're a valuable opportunity to build trust, offer support, and ultimately work toward a high-performing team and organization. Acing performance management: Six tips to help employees thrive Your performance reviews go a long way in encouraging your employees to reach their full potential — provided you do them right. Before we get into the performance review examples and templates, here are a few best practices to keep in mind as you tackle the review process: 1. Prioritize continuous feedback For feedback to be effective, it needs to be a core component of your culture — not something that happens once or twice each year. That's likely why annual performance reviews are falling by the wayside in some companies and industries. Formal performance evaluations absolutely still have their time and place, but they shouldn't be the only time your employees are getting your insight. Nothing that comes up in the review should be a surprise. You should be offering feedback regularly and not saving it all for review time. 2. Set a positive tone Performance reviews feel nerve-wracking for you as the manager, but even more so for your employees. To ease some of those butterflies, frame the conversation positively. It's a chance for them to learn, grow, and improve — and not a chance for you to dish out criticism, highlight their mistakes, or make them feel unworthy. 3. Offer examples For any piece of feedback you offer, be prepared to give a tangible, real-life example of that behavior or skill. Rather than saying, "I'd like to see you speak up more in team meetings," say something like, "I know you had tons of great ideas about how to improve our work intake process, which you emailed to me after a team meeting. The entire team could benefit from hearing your suggestions, so I'd like to see you work on speaking up more in team meetings rather than saving all of your contributions for afterwards." This helps you go beyond generalities and provide specifics, which is far more impactful for employees. 4. Provide a written review ahead of time For "traditional" reviews ( when managers provide feedback to their direct reports), it's smart to do a written portion and provide that feedback document to the employee ahead of any conversation. When you do meet, you're both equipped to have a productive back-and-forth dialogue about the comments you provided, as the employee has already had a chance to digest those remarks and come up with questions. Plus, this approach makes your meeting feel like more of a collaborative effort and less of an interrogation. 5. Clearly detail action items Employees are faced with an avalanche of information during performance reviews that can feel overwhelming. Much like with any other meeting, cap off your conversation by clearly highlighting action items. Employees should walk out of their reviews with no doubts about what steps they're expected to take next. 6. Ask for feedback Performance reviews are often synonymous with offering feedback, but it's also your chance to collect information about your employees' goals, frustrations, and experiences — as well as how you can improve as a leader. Four employee performance review templates Now that you've laid the groundwork, you're ready to move forward with your performance reviews. While providing feedback to a direct report is likely the first thing that springs to mind, that's not the only type of review that exists. Below, we're digging into four unique types of employee perfomance reviews, why they're beneficial, and when to do them — along with some employee evaluation templates to help make the process a little bit easier. 1. Self-reviews What this type of performance review is: Employees are given questionnaires or are provided with prompts to reflect on their own work, goals, and challenges. As the name implies, they're reviewing themselves — and they often follow that up by discussing their remarks with their manager. When this type of review happens: Usually every quarter or twice per year. Self-reviews typically happen alongside the more "traditional" employer review, so that that feedback can be compared to see if the manager and direct report have similar perceptions of the work that's being done. Why this type of review matters: Reviews don't have to mean constantly handing down instructions from on high. This type of review gives employees a chance to be more introspective, think through their own progress and experiences, and identify other career ambitions they want to pursue. How to conduct this type of review: Provide each employee with a questionnaire or template to fill out. It will include various questions that they should answer about their role, skills, achievements, and more. Make sure to give them adequate time (at least a week) to complete the questionnaire before any follow-up conversations are scheduled to discuss their answers. This isn't something you want them to rush through. Performance review template for self-reviews: Not sure how to get your employees' wheels turning? This template will provide some inspiration for what you should be asking. Question: Employee's Answer: Your name: Your job title: What do you consider to be the primary responsibilities of your role? What do you like most about your current role? What would you like to change about your current role? Which of your job responsibilities excite and energize you? Which of your job responsibilities make you feel drained and depleted? What achievement are you most proud of from the past [number] months? What's the most difficult situation you've faced at work in the past [number] months? On a scale of 1 (poor) to 5 (excellent), how would you rate your performance since your last review or check-in? What skills would you like to work on building ahead of your next evaluation? What goals would you like to work toward ahead of your next evaluation? How can your manager support you in achieving those goals? Is there anything else you'd like your manager to know? 2. Peer reviews What this type of performance review is: Colleagues who work regularly or closely with an employee are asked to review their coworker's performance, skills, and contributions. When this type of review happens: Usually annually or twice per year. Again, it's often a piece of a more complete performance review process (something you might hear referred to as "360 degree feedback") where employees do self-reviews and also receive remarks from their managers, their colleagues, and, if they're in leadership positions, their direct reports. Why this type of review matters: Managers don't always have direct, hands-on insight into how employees are doing. Colleagues who work closely with other team members are sometimes better able to give more in-depth, specific, and helpful feedback to their fellow teammates. How to conduct this type of review: Employees will receive one questionnaire per coworker that they need to review. It's up to you to decide whether this feedback will be anonymous or not. Employees might feel more comfortable being candid if they know their name isn't attached to their comments, but it could also send the message that honest feedback is something that should be secretive. It might be worth asking your team what they'd prefer between anonymous and direct peer feedback. Performance review template for peer reviews: Here's a short template that can help guide your direct reports as they reflect on the skills and contributions of their team members. Question: Employee's Answer: This peer feedback is for: What does this colleague do particularly well? What areas could this colleague improve? What sets this colleague apart from other members of the team? What company values does this colleague embody? What three words would you use to describe this colleague? Is there anything else you'd like this colleague to know? 3. Team performance reviews What this type of performance review is: Rather than focusing on individual employees, this type of review looks at the team as a unit to understand how it's functioning and what areas need to be improved. When this type of review happens: A formal team review can happen annually or twice per year. But more likely than not, you're regularly having a lot of these conversations during project retrospectives and other opportunities when you and your team reflect on your work together. Why this type of review matters: Nobody works in complete isolation, and team members need to collaborate effectively to get work accomplished. Team reviews are your chance to take a magnifying glass to your entire team and identify what's working well and what needs to be changed. How to conduct this type of review: You have some flexibility to approach this in a way that works best for you and your team. You could provide a questionnaire for employees to fill out independently in their own time. You could pull everybody together for a candid discussion and work through these questions together. Or you could do a combination of both and have team members fill out the questionnaires independently, pool the feedback, and then come together to discuss the results and findings. Again, you might want to ask your team about their preferred approach. Performance review template for team reviews: This performance review template can help you go beyond individual performance and get a more holistic view of how your entire team is functioning. Question: Employee's or Team's Answer: Team or department: What areas does our team excel in? What areas does our team struggle with? Are there any important skills you think our team is missing? Can you provide an example of a time or project when our team worked well together? Can you provide an example of a time or project when our team struggled to work together? Are there any team processes that seem bloated or broken? On a scale of 1 (very uncomfortable) to 5 (very comfortable), how comfortable are you voicing your ideas and feedback to the team? Which company values do you think our team embodies best? Which company values do you think our team needs to work on? Is there anything else you'd like to share? 4. Employer reviews What this type of performance review is: This is the "traditional" type of review that likely comes to mind when you think about performance reviews. It involves a manager providing feedback to a direct report. When this type of review happens: Quarterly or twice per year. But remember that regular feedback should also be provided during one-on-ones with team members so that nothing feels unexpected during the review period . It should build upon conversations you've already had. Why this type of review matters: As the employee's manager, you're the one ultimately responsible for guiding and shaping their development. Employees say that the most meaningful recognition comes from their own manager. These reviews are a chance for you to prove to employees that you're invested in their experiences, their growth, and their success. How to conduct this type of review: You should complete the written portion of the employee's review first and provide that document to them. Give them a chance to review and come up with questions so that you can talk through your feedback. As you work through this, ensure that your employee evaluation form isn't overwhelmingly negative but that you aren't sugarcoating things, either. Harvard Business Review research has found that six positive comments for every negative one is the most effective balance. It's not about cushioning the blows, but rather about proving that this is a development conversation — and not a firing squad. Performance review template for employer reviews: Below is a performance review template that you can complete for each of your employees and then share with them ahead of your one-on-one review conversation. Question: Manager's Answer: Employee's name: Employee's job title: 5 (Exemplary) 4 (Above Average) 3 (Average) 2 (Below Average) 1 (Poor) Communication skills Conflict resolution Problem solving Self-motivation Team player Time management Overall performance Question: Manager's Answer: What goals has the employee met since the last evaluation? What goals did the employee fall short of? What are the employee's key strengths? What are one or two areas of improvement for the employee? What value does this employee bring to the team and overall organization? What key skills would you like to see the employee develop? What is an example of a specific task or project the employee excelled in? What goals would you like to see the employee work toward ahead of the next evaluation? Is there anything else you'd like to share? Wrike can help you manage your team (and so much more) Performance reviews are important — but they aren't the end of the road. In fact, they're the starting point. You'll use your performance reviews to identify areas of improvement. Then it's your job as the manager to keep employees moving in the right direction through clear responsibilities and action items, motivating goals, and all of the resources they need to achieve those targets. Wrike can help you do all of that (and more) by: Providing visibility into your team's projects, tasks, and deadlines Boosting transparency and trust across your entire team Giving you templates you can use for performance management, work intake, and more Centralizing communication so you can always get the context you need Equipping you with metrics and examples to provide data-backed performance reviews In short, you'll have a much easier time monitoring progress and completing your performance reviews if you have a single source of truth to turn to for updates and information. Wrike makes it that much easier to keep your finger on the pulse of how your entire team — and each individual member — is doing so that you can transform review conversations from problematic and sweaty-palm-inducing to positive and productive. Ready to help your team achieve their peak potential? Get started with Wrike today.
Chances are, you've worked as part of an incredible team at some point in your life. The team members trusted and respected each other, people met (or even exceeded) expectations, and you all generally enjoyed getting your work done together. Unfortunately, you've also probably had the opposite experience: working on a team where teamwork was a struggle. Frustration ran rampant, resentment brewed, and it felt like you couldn't get anything done without a crisis or three-alarm emergency. Those are two vastly different experiences, right? But what's the difference-maker between them? What caused one team to move forward seemingly effortlessly, while the other repeatedly ran off the rails? There's no simple answer. Teamwork is common (you'll find it everywhere, from sports to workplaces), but it's also complex. Understanding the ins and outs of teambuilding and how to improve teamwork requires some flexibility and commitment — but it's well worth the effort. What does teamwork actually mean? Let's start by getting a solid grasp of the definition of teamwork. Speaking quite literally, teamwork is a collaborative effort of a group of people working toward a shared goal. However, the term "teamwork" usually isn't used to describe any team that's working toward a common objective. More often than not, teamwork describes a team doing that in a positive and productive way. Essentially, "teamwork" means a group is working toward a shared finish line in a way that's effective, efficient, and respectful. What are the benefits of good teamwork? It's a pretty widely-accepted fact that solid teamwork is important. But why does good teamwork matter in the workplace? When a team can collaborate well together, it leads to many advantages for individual employees, the whole team, and even the entire organization. Here are a few of the most notable benefits of teamwork: Better productivity: Fewer crossed wires, fewer dropped balls, no missed deadlines. When your team is running like a well-oiled machine, it makes sense that they'll be able to get more done (with less stress, to boot). Less burnout: Speaking of less stress, solid teamwork can also reduce burnout. In one study that looked specifically at healthcare workers, teamwork was proven to reduce the emotional exhaustion of the team members. It makes sense — people can rely on more hands to carry the load, as well as trusted confidantes they can turn to when they need advice or encouragement. Higher employee happiness and satisfaction: Research has proven that our relationships and connections at work greatly impact our overall wellbeing and even our sense of purpose. In order for teams to work well together, team members need to trust and respect each other. Those positive bonds can improve happiness, satisfaction, and well-being. Improved employee retention: Less burnout? Happier employees? That all leads to better employee retention. When recent data from Pew Research Center found that 35% of employees who quit their jobs cited "feeling disrespected at work" as their major reason for quitting, fostering a team environment where people feel valued and supported can encourage people to stick around. Increased autonomy: When a team is working together cohesively, effectively, and efficiently, managers inherently have more trust. That means they're far more willing to step back and give the team more ownership over their work and decisions. More innovation and creativity: Have you heard the old saying that two (or many) brains are better than one? Research backs it up, proving that high-quality teamwork can improve creativity and innovation. So, working together can help your team develop their biggest, boldest, and most meaningful ideas. In short, there really aren't any drawbacks or disadvantages to high-quality teamwork. This level of top-notch team collaboration leads to less frustration, more support, and, ultimately, the delivery of more winning projects. What are the qualities of good teamwork? Those benefits are compelling, but simply having a team doesn't mean you'll reap the rewards. Teamwork is a skill — it's something that can be taught, learned, and practiced. So, what types of qualities does it take to be able to work well with other people? Here are some of the most crucial skills and characteristics required for being a good team player: Accountability: Taking responsibility for completing your tasks and meeting your expectations Collaboration: Being willing to work with others rather than completely independently Communication: Clearly sharing information with others, as well as actively listening to understand their point of view Emotional intelligence: Recognizing and managing your own emotions, as well as the emotions of other people on the team Flexibility: Being able to adjust your plans, consider different viewpoints, and roll with the punches Respect: Showing consideration for all other team members, whether you agree with them or not Time management: Successfully prioritizing your tasks and allocating your hours to ensure you're able to meet your assigned deadlines It's not an exhaustive list, and plenty of other soft skills and competencies — from problem-solving to decision-making — will also play an important role depending on your unique position, team, and industry. But the above are some of the most basic building blocks of successful team-building. Making teamwork work: Eight strategies for next-level teamwork Once you've confirmed that you and your team have the right skills for teamwork, what actionable steps can you take to improve how you work together? Remember that there's no quick fix — improving teamwork takes diligence and, perhaps even more importantly, patience. As you commit to the process, here are eight impactful tactics that you and your team can put into practice together. 1. Provide clarity about shared goals The definition of teamwork itself says that people need to work toward a shared goal. In order to do so, they need to know what that goal is. After all, your team won't get much accomplished if they all have their sights set on different finish lines. It’s up to you to set expectations and make sure your team knows how to reach them. Whenever you and your team kick off a new quarter, project, or initiative, have a team meeting to discuss the goal you're working toward. Document it and store it somewhere that's easily accessible for everyone. Get as nitty gritty as you can with your goals. Using the SMART goal framework will help you set objectives that are: Specific Measurable Attainable Relevant Time-bound For example, if you and your marketing team are kicking off a new webinar series, your team's SMART goal might look like this: Create and host three webinars by the end of Q2 to advance our expertise and build trust with our customers. That statement alone provides a lot of clarity. Now everybody on your team has insight into what you're doing, why you're doing it, and when it needs to be done by. But as you outline your team's common goals, it's important to take things a step further by: Connecting your team's goals to individual goals: People don't just need to understand the shared effort — they need to clearly see how their individual role and work play a part in that bigger objective. It boosts accountability and gives them a greater sense of purpose. Connecting your team's goals to company-wide goals: Your team members should also understand how your team's objectives feed the broader organizational goals. Will that webinar series help you build more authority in your industry? Draw that parallel so that team members have visibility into how their work is not only pushing your team forward, but the entire company. Finally, it's also helpful to set some metrics that will help you and your team understand how you're progressing. Objectives and key results (OKRs) are helpful indicators as you work toward bigger goals. Plus, they're easy to set and track in Wrike. 2. Understand team members' strengths and weaknesses Teamwork feels the most effortless when team members are able to handle tasks that play to their unique strengths — and skip the ones that are daunting and disheartening. To do that, you need to have a solid understanding of what each of your team members brings to the table, as well as what areas they struggle in. You can do this through a more formal assessment. Here are some of the most common and popular ones that leaders use to get a deeper understanding of team members: CliftonStrengths Assessment DiSC Assessment SDI 2.0 SWOT Analysis Those types of assessments will help you dive deep. But you can also learn a lot by having some candid conversations — both with individual team members and your team as a whole. Questions to ask team members: What type of work makes you feel excited and energized? What type of work drains or frustrates you? What's one previous project that you really enjoyed contributing to? What's one skill or area you would like to work on improving? Questions to ask the entire team: What do we do well as a team? Where do we struggle as a team? What's one past project we're really proud of? What's one past project we found particularly challenging? Are there any skills we think we're missing on our current team? Are there any processes or workflows that need to be improved? These types of conversations will help you spot skill gaps and other areas of improvement. They'll be especially helpful as you break up projects and assign out tasks (more on that in a minute). In short, the more you can leverage strengths and address weaknesses, the better off you and your entire team will be. 3. Assign clear roles and responsibilities It's hard for your team to work well together if nobody knows what they're supposed to do. Work gets duplicated, tasks get skipped entirely, and people become increasingly frustrated by the lack of clarity. On your team, there should be no doubt about who does what. On a broad level, a lot of that is implied based on their role. Your graphic designer is obviously the one that people will approach with design needs, while your SEO specialist is the go-to person for any keyword questions. But when it comes to specific projects, you need to get even clearer by breaking projects down into individual tasks and then clearly outlining not only who is handling certain tasks, but also when those tasks are due. It can also be helpful to note any task dependencies so that people have visibility into how their individual piece connects to the entire project. Want to make this easier? Look for a work management platform or project management software (like Wrike!) that allows you to create tasks and then assign team members and due dates to them. Whether you're managing remote teams, in-person teams, or hybrid teams, that level of transparency will ensure that everybody understands not only what they need to do, but what everybody else is doing too. 4. Prioritize knowledge sharing Effective knowledge management — which is a fancy term for effectively sharing information and resources with each other — is a major struggle for teams. In fact, Deloitte says it's one of the top three issues affecting company success. It can be challenging to keep everybody in the loop, especially as your team grows. But there are things you can do to boost transparency across your team including: Hosting frequent team meetings where everybody can provide updates and hear about current happenings. This can be a daily check or weekly, depending on how quickly your team moves. Pairing up newer team members with more experienced team members Pulling everything — tasks, goals, status updates, documents, resources, and more — into a single work management platform like Wrike so everybody sees what's happening across the team, and teamwork online becomes easier Reducing competition so team members don't feel like they need to hoard information as currency Leading by example by openly sharing information yourself Your team will always struggle to work well together if they feel like they need to hide information and resources in order to get ahead or simply don't think to openly share with others. By prioritizing knowledge sharing, you give everybody the visibility they need to get their own work done — and support others in the process. 5. Refine processes and workflows Does your team do similar work and projects over and over again? There's no need to start from scratch each time. Coming up with standardized processes and workflows removes the guesswork, improves consistency, and supports better teamwork. Let's say that your team is responsible for creating the same report every single quarter. To simplify that process, you could: Understand what is and isn't working so you can make improvements Break down the steps involved and create a custom workflow that you can copy and use each time Create templates for necessary documents and resources When that report is on your team's plate next time, they'll feel extra confident in their ability to pick it up and get started because they have an existing framework to lean on. They aren't starting from square one. This is especially helpful for a virtual team working from home. The shift to remote work has meant that many employees working from home may struggle with communicating processes to one another and getting caught up in silos. Ensure that your refined processes are communicated to all team members in real time, and remote employees are trained in how to engage in them. 6. Cultivate psychological safety Psychological safety means that team members feel secure enough to take risks, make mistakes, and be vulnerable with each other — without the fear of judgment or reprimands. This level of comfort and support is crucial for high-performing teams, but figuring out how to cultivate it can be challenging. Here are a few ways to ensure your team has a high degree of psychological safety: Host brainstorming sessions where there's no such thing as a "bad idea" and team members are only there to generate ideas — not critique other ones Candidly talk about your own personal successes and mistakes to model that there's no shame in failure or missteps Encourage your team to remove personal language during collaborative discussions (for example, "that idea" instead of "your idea") Even seemingly small steps can make a big difference in the level of confidence team members have in voicing their opinions and sharing their big ideas. 7. Foster trust and social bonding You might guess that team members work better together when they know each other. Teamwork really gets kicked up a notch when they don't just know each other, but when they like each other — when they've found some common ground and interests. That won't happen if they never have an opportunity to connect with each other outside of meetings and daily to-dos. You don't want team bonding to feel like a burden or something that eats into the time they need to get their work done. However, coming up with some different social interactions will help them forge deeper relationships with each other. Here are a few ideas you can use, whether your team is sharing an office or you're looking for some virtual team-building activities: Save time at the beginning or end of your team meetings for icebreaker questions or personal catch ups Start dedicated Slack channels for people to connect on non-work-related topics, like sharing recipes or setting up book clubs Create a collaborative playlist where all team members can add their favorite music Host game nights, trivia contests, happy hours, coffee chats, or other informal opportunities (virtual or in-person) for team members to get to know each other socially Start a photo challenge for your team where they share photos in a different theme — from their pets or home office spaces to their yearbook photos or favorite vacations Set up a Zoom room that remote workers can pop into if they want to enjoy a beverage and a chat with a coworker There's no shortage of ways that you can encourage stronger connections between team members. Make sure to regularly collect their feedback on these types of building exercises so that you can continue to offer things that they find enjoyable. You don't want these to feel like an obnoxious obligation. 8. Regularly solicit feedback You don't just need to gather your team's feedback on their social opportunities — you need to collect it about, well, everything. As the leader, it's your job to keep your finger on the pulse of how things are going so that you can make changes and nip problems in the bud. Feedback shouldn't be something that happens once or twice a year during performance reviews or formalized surveys. Hearing from your team members needs to be continuous and ongoing. Not sure how to regularly tap into how they're thinking and feeling? Here are a few ideas to gather valuable and helpful feedback: Reserve a portion of your team meeting to talk about roadblocks, frustrations, and successes Host project retrospectives to discuss what went well and what needs to be improved next time Regularly use employee surveys (anonymous or not) to collect feedback Come prepared with feedback questions to ask employees during their one-on-ones Not only does this give you insight that you can use to take action, but it also shows your employees that you value their thoughts and opinions — which can go a long way in boosting their engagement. How will you know if you're getting teamwork right? How will you know if your efforts to improve teamwork are actually working? Effective teamwork can be difficult to quantify — in many ways, it's one of those "you'll know it when you see it" types of things. However, here are a few telltale signs that your team is meshing well together: Work is being completed on time and with fewer errors Team members seem enthusiastic, energized, and motivated Scores from employee surveys or feedback are improving Miscommunications are becoming less frequent Team members are stepping in to support and help each other Conflicts and disagreements are decreasing Those signs will help point you in the right direction, but rest assured that you'll also get a gut feeling when teamwork is improving. The whole morale and culture of your team will likely shift in a more positive direction. How Wrike can help make teamwork work for you There's a lot that goes into effective teamwork. Fortunately, a collaborative work management platform like Wrike can help make teamwork less stressful and more successful. Here's how Wrike can help you reap the rewards of teamwork (while steering around all of the potential pitfalls): Setting goals and OKRs to keep your team focused on their shared objective Assigning task owners, due dates, and dependencies so everybody understands their role Providing visibility into the whole picture so everybody sees how they fit in Centralizing communication so nobody has to dig through folders, email threads, or instant messages Improving knowledge sharing by keeping all of your team’s tasks, plans, calendars, updates, and resources in one place Increasing consistency with custom workflows Saving time with a huge variety of templates that you can copy and customize And that's only the start! Teamwork shouldn't be guesswork — and Wrike is the resource you need to keep your entire team on the same page. Teamwork doesn't mean perfection So, what's the difference between a team that works together effortlessly and one that's ripe with chaos and confusion? As it turns out, quite a bit. Teamwork isn't simple. And even when you get it right, that doesn't mean that things will always be smooth sailing. Conflict is inevitable in a team environment and it doesn't mean that something is wrong. In fact, it's an important and healthy part of teamwork, provided that you and your team are equipped to work through it in a respectful and productive way. That becomes a lot easier when you already have the foundation of solid teamwork in place — and the above strategies can help you get there. Put them into play on your team and stay committed as you all transform from frazzled and frustrated to streamlined and supportive. Ready to take your teamwork to the next level? Get started with Wrike for free today.
Campaign management requires diligent planning, timely execution, and a ton of knowledge and insight into the audience you're reaching out to. Let's dive into the world of campaign management and learn what it takes to bring your marketing campaigns to the next level.
The “baby boom” famously gave rise to the biggest population expansion in world history. Now, we’re living through the generational echo of that boom. In 2020, millennials, the generation raised by the baby boomers, took over as the largest generation in America. And as they grow in age, income, influence, and means, one thing is clear: Millennials have money to spend. But competition for that money is fierce. Advertising to millennials isn’t the same as advertising to Generation X or Generation Z — the two generations on either end. Knowing how to target millennials means learning their values, their priorities, and constructing messaging that won’t rub them the wrong way. In short, it requires that you learn how to “speak millennial.” Fortunately, we’re here to help you do just that. Who are millennials? The famous “baby boom” took place from 1946 to 1964 and Millennials are the large generation descended from the baby boom about one generation later, born between 1981 and 1996. As of 2023, millennials are people aged 27 to 42. They earned their name because people early in their generation were first becoming adults at the turn of the millennium. Millennial marketing 101: top tips 1. Prioritize mobile-first marketing In addition to coming of age around the time of the millennium, the youngest millennials were still pre-teens when the first smartphones came out in the late 2000s. As such, they’re the first generation of adults who are used to today’s mobile-first method of navigating the world. Although many millennials own a desktop, the average millennial spends about 211 minutes on a smartphone per day, compared to only 31 minutes of desktop use. That’s why a millennials’ marketing initiative has to start there: on millennial turf. But the term “smartphone” is vague. What are the apps and sites mobile millennials are using? We’ll dive into the numbers later, but for now, you can find them on Facebook, Instagram, Twitter, YouTube, Pinterest, TikTok, and Snapchat. In short, millennials are willing to listen to ads, but only if you find them in the right spots. Millennials are twice as likely to listen to video content on their smartphone than on television. Even better, people watching these videos are 1.8 times as likely to take action on the ad. Why? Because people watching on their smartphones tend to be more active — researching a product while they shop, for example. 2. Remember that brand values matter When you learn how to market to millennials, remember this: Millennials are a principled bunch. One study found that 83% of millennials care about whether a brand aligns with their personal values. To millennials — perhaps shocked and startled by the 2008 financial crisis — it’s not enough to simply spend indiscriminately. They have to feel that what they’re spending their hard-earned money on is going toward a worthwhile brand. That may be why millennials consider themselves more brand-conscious than Generation Z, the generation coming up after millennials. About seven in 10 millennials consider the brand when they make a purchase, which is higher than the five out of 10 that is average for all U.S. adults. This means today’s brands have to not only be conscious of their image, but of creating messaging that resonates with these millennials. While baby boomers watching your YouTube ad might not resonate as much with brand messaging that touches on core values like sustainability and environmental impact, you can expect that millennials are indeed listening. Of course, not all brands naturally lend themselves to sustainability and environmental impact messaging. You may want to consider the other brand values that resonate with millennials, including: Health and wellness Transparency Authenticity Customer support The unboxing experience 3. Prioritize experiences over entertainment “Pics or it didn’t happen!” Ever hear this familiar millennial refrain online? It’s not a coincidence. Millennials make their experiences a point of emphasis, perhaps more than any other generation. If the 2008 financial crisis affected millennials’ attitude toward money, it also reflects another one of their defining traits: They tend to prefer experiences over things. For many millennials, that preference shows up most notably in the need to travel, with about 65% of millennials currently saving up for a trip. You can’t understand how to market to millennials without getting hold of this basic principle. But it’s not just frugality and temperance that are driving these trends. Some believe that millennials are the first generation of consumers for whom shareable content is a priority. “Modern consumers care more about creating an Instagram-able memory than purchasing the hottest new product,” writes customer experience futurist Blake Morgan in an article for Forbes. 4. Be authentic You might remember “authenticity” as one of the key brand traits towards which millennials tend to gravitate. What is it about authenticity that makes millennials more likely to purchase from you? And why do they bother with it in the first place? For starters, authenticity works with every age group. It just so happens that millennials in surveys rate it even higher a priority than Boomers and Gen X. Like anyone else, millennials like to make their own decisions. They’ll even happily tap on a Facebook ad if they feel its values align with their own. But when brands blatantly attempt to dip their toes in the water in a way that feels inauthentic to their core values, ad-savvy millennials have a way of seeing through it. What does authenticity look like in practice? To start with, authenticity is rare. According to the same source, most consumers believe less than half of brands actually practice authenticity. But there are a few other keys to driving authenticity in the minds of millennials. User-generated content: 60% of consumers rated user-generated content as the most authentic. Today’s mobile-friendly audience constantly seeks out word of mouth and online reviews to conduct product research. It follows that any brand willing to put user-generated content like reviews out front is the brand striving to be authentic. Social media: Millennials like to share their triumphs and their frustrations with the public. That’s why it’s sketchy to them when a brand doesn’t maintain a social media presence or actively respond to customer complaints online. To millennials, this means the brand must be hiding something. Also, consider looking into influencer marketing, which helps brands reach out to trusted social media celebrities. Customer segmentation: To help avoid the clash between messaging and the target market, brands should conduct customer segmentation and handle their advertisements appropriately. Avoid blanketing an audience with vague messaging and focus on speaking directly to smaller groups of potential customers, one segment at a time. 5. Use visuals In the same millennials marketing survey quoted above, millennials pointed out how easy it is to see through old tricks like stock video and photography. Brands that put out authentic content will also put out original content, including behind-the-scenes videos or original photographs. The old saying that a picture says a thousand words still has meaning here. But your brand’s messaging shouldn’t be limited to a two-dimensional medium. Consider a website like sketch London, which users can actually interact with. Millennials offer plenty of loyalty to brands — but only to brands that have earned that loyalty through two-way messaging. Visuals like an interactive website can help reinforce the “conversational” approach of your brand. But you can also turn to social media for more visual interaction. Caption contests, customer highlights (such as featuring a specific customer in a post or having them “take over” your social media accounts for a day), and other visual displays of fan interaction show that you’re committed to a two-way conversation. 6. Maintain your blog Believe it or not, there are few things as unsettling to a millennial as visiting a company website and finding out their last blog post was from 2019. It’s the digital marketing equivalent of pulling up to a store and finding the interior offices completely abandoned. But you shouldn’t maintain a blog just to avoid this conundrum. You should make your blog a reason to visit your website. Statistics suggest that well-written blogs can create a 55% increase in website visitors. So, you aren’t only doing it as a strategy for marketing to millennials. You’re also doing it for the search engine algorithms that are looking for recent, fresh, updated content. And given that 55% of millennials ignore brands that don’t show up well in search results, you can consider a clean, fresh, frequently-updated blog a good way to reach out. It’s true that many millennial shoppers may only glance at your blog before purchasing. But that glance can be well worth the time and effort it took to create that post. Not only do enhanced search results help you attract more customers, but millennials performing online research want to tick off the “active blog” box before they decide to buy from you. After all, in their minds, if you can’t manage a blog, what does that say about your ability to cater to modern shipping standards? Refund policies? Or even the quality of your product? 7. Offer incentives In one respect, millennials are much like any other generation: they can’t pass up a good incentive. But you should pay attention to the quirks of millennial advertising preferences if you’re going to create a compelling incentive. While a simple coupon will entice just about anyone, keep in mind that millennials value more than money. As Forbes notes, millennial employee incentives often focus on providing millennial employees with more options at work. It might be simpler to cut them a check, but in practice, millennials value time and experience just as often as financial incentives. Your digital marketing approach should reflect that. Millennial buying preferences are shaping the world in unexpected ways, as well. For example, many millennials — by now well-versed in shopping online — bring their B2B preferences to their functions in B2C roles. When millennials are shopping with a company’s budget, they may look for the same differentiators they look for when shopping for themselves, including: Incentives for customer loyalty: This is just as true in B2B as it is in direct-to-consumer brands. Millennials understand the value of consistent business and are willing to shop around until they find a brand that’s willing to invest in a long-term partnership. Choose-your-own-incentive plans: Some millennial customers may choose a price discount if they can. But the back-and-forth between the buyer and the brand is just as important for millennials. Offering multiple options for incentives and allowing the customer to choose which they receive gives them a sense of investment — they’re creating a bargain of their own making. Experiences over things: Receiving a gift card from a company is hardly an Instagram-able perk. But gift packs with unboxing experiences speak the language of the modern digital buyer — as do other experiences that reflect the products and services your company provides. Don’t be afraid to get creative in finding ways to turn your offerings or professional services into a one-of-a-kind experience. 8. Make inbound marketing informative There is no single master key to unlocking all millennials’ hearts. But if you track your inbound marketing data with precision and consistency, you may find a few patterns for marketing to millennials that pop up over time. Information from your inbound marketing is only going to get more important. Millennials, after all, care more about privacy than previous generations. And in the coming years, as regulations crack down on sharing customer data with third parties, advertisers will need first-party data to glean information about their customers’ preferences. First-party data is the knowledge you get directly from your audience. When they fill in their address, for example, you’ve gained some demographic information about your market. But not everyone is going to fill out a shipping form right away. You need other ways of getting information from inbound customers, such as: Surveys Email addresses Customer service interactions and feedback Social media polls and feedback In the future, leads aren’t only going to be valuable because they represent a potential purchase. They’re going to be valuable because warm leads also come packed with information you can use to tighten your messaging and make more sales. How to target millennials through paid ads Millennials are just as open to paid ads as any other generation. But it may not seem that way if you can’t quite figure out what they’re searching for online. To write paid ads that resonate with millennials, try to keep the following in mind: Millennials often search as part of product research: Try to remember the intent behind every keyword. For example, someone typing “best DSLR camera reviews” is likely in the market for a DSLR camera. Someone searching for “best stock photography” might be in the same overall photography segment, but it sounds like they’re not looking for a camera. Make sure your message meets search intent before you give up on a campaign. Use advertising to gather information: Yes, the primary goal of advertising is to drive sales. But as first-party information becomes more valuable, you should also use ad campaigns to test your marketing hypotheses. According to Adweek, 65% of millennials are more than happy to trade information for incentives, like discounts. Keep mobile in mind: Your paid ads should appear far more on mobile than desktop. Considering the aforementioned 7:1 ratio at which millennials use phones as opposed to home computers, you’ll be more likely to find your audience with a focus on mobile advertising. How to advertise to millennials on social media Approach your millennial advertising campaign as you would any new agency project, as many of the same principles hold up when you’re marketing to millennials on social media. Social media platforms like Twitter say when they’re displaying a sponsored ad, true. But millennials aren’t going to completely avoid ads that speak to their needs directly. To better learn how to advertise to them on social media, make sure the message matches the platform. What social platforms do millennials use? Facebook Despite Facebook’s reputation as being for everyone — including older audiences and baby boomers — today’s millennials still use it at astonishing rates. For example, 87% of millennials in the U.S. use Facebook at least once per week. And that’s good news: Facebook is one of the most sophisticated online platforms for advertising, especially when nailing down a specific target demographic. Twitter Marketing to millennials on Twitter is to find them in their element. Sponsored tweets with videos are especially powerful for connecting your brand to a Twitter user’s specific need. It’s worth noting that millennials on Twitter tend to be the affluent millennials, according to Twitter’s own data. This makes the platform a surprisingly appropriate place to advertise big-ticket items. Pinterest The median age on Pinterest is about 40, or the age of the older millennials. This makes the platform another great outlet for marketing to millennials who have had some time to form a career, generate disposable income, and grow in affluence and spending power. YouTube Your YouTube marketing strategy should highlight the importance of visuals that resonate with millennials. With over two billion worldwide users, t’s not just millennials on the platform. But YouTube will give you a “101” course in advertising to millennials. You’ll have to hook them in the first few seconds of every video, supply worthwhile content that entices them to learn more, and build a strategy that represents your brand as transparent, authentic, and willing to engage with your audience. How to plan a millennial marketing campaign with Wrike Ready to turn your knowledge of how to advertise to millennials into practice? Our professional services management software can help you organize these insights, plan your campaign, and align your team for precise marketing execution. A millennial-targeted advertising campaign won’t happen by accident, but Wrike’s marketing campaign templates will help you get your bearings as you whittle down your target audience to one of the most important demographic segments in the world. Use Wrike’s project management workflow templates to break up the production into smaller steps, ensuring you don’t bite off more than you can chew at any particular milestone. You can also integrate members of your team into Wrike so that everyone is on the same page when it comes to brand messaging and authenticity. After all, if you’re going to speak to today’s millennial, it helps to speak with one voice. Get started with Wrike today.
Not all projects should kick off with a handshake agreement. Some are too complex and have far too much at stake. For the big projects, with many stakeholders at every step, you should vet contractors, seek out bids, and review your options before you get started. And even then, you may find yourself crossing your fingers in the hopes you’ve made the right decision. Before you turn that key project over to someone just because you heard they were the best, stop. Slow down. Take a breath, sit down with your team, and create one of the most important documents required to complete big projects: an RFP. What does RFP stand for? So, what is an RFP? An RFP (which stands for request for proposal) is a business document that outlines a new project. In an RFP, you’ll ask prospective contractors to submit their bids for completing that project. It’s common in businesses like construction, for example, when a business can’t build its own sites. As Investopedia puts it, an RFP “is a project announcement posted publicly by an organization indicating that bids for contractors to complete the project are sought.” In other words, when you create an RFP, you’re asking businesses to submit their best estimates for completing what you need to get done. But the RFP is more than just an “ask.” It should also provide enough details about the project so that the aspiring bidders can provide an accurate estimate of what it would take to finish it. The more accurate the RFP is, the more likely it is to solicit bids that line up with real-world results. When are RFPs issued? You might issue an RFP whenever you have a large, complicated project with a significant budget. This is particularly true in the public sector. Typically, government agencies issue RFPs to solicit private bids, opening up price competition between bidders and maximizing the quality of results for the price. For example, the National Association of Counties (NACo) includes its own instructions for governments creating RFPs. This isn’t to say that RFPs are public-only documents. Any time a private company needs to consult outside help from bidders and contractors — who often enlist subcontractors themselves — an RFP could be an effective way to start. RFP benefits go beyond inviting potential bidders to submit their estimates. These documents should also include details of the project. Critical details include project milestones, regulatory requirements, and any pressing calendar deadlines. The more clear the RFP is about these requirements, the more it will naturally filter out any bidders who can’t meet the project's scope. What kind of organizations use RFPs? RFPs are particularly adept at lining up potential contractors for complex, service-based projects. For small projects with one contractor and one deliverable, an RFP might not be necessary. However, professional services that require extensive project planning and the employment of different skills, equipment, and labor are much more complicated. This makes their pricing and planning more complex. RFPs are common across a range of businesses, but they’re especially common in the following industries. Construction companies The project might have a simple goal: to build a site by a specific date. But anyone who’s worked in construction knows that even a project with a simple goal can be susceptible to scope creep. An RFP for construction companies should define key stakeholders, establish the expectations for the final result, explain cost and budget limitations, and establish realistic deadlines. In turn, the construction company has plenty of information to include in its bid: estimated timelines for meeting milestones, equipment used, insurance and regulatory compliance needs, and subcontractor details. A construction RFP should also include notices for any extra materials you’ll need to review. For example, a business building a new office compound may have no ideas about handling fire safety. But they can build a notice into the RFP asking each construction bid to highlight their fire safety plan for each floor. Marketing companies A detailed marketing project can be a multimillion-dollar effort. Like construction, putting together a large marketing campaign requires skills across a range of disciplines — writing ads, editing TV and internet spots, data and research, and ad buying. An RFP outlines the goals of a marketing campaign while leaving flexibility in the hands of digital marketing experts as to how to achieve those goals. Government agencies A government agency is often unable to offer all of the services it’s responsible for. But with the budget to do so, it can solicit private contractors to place bids on the required work. Government agencies will often hire construction, consulting, educational, and marketing-based services to fulfill the government’s obligations to the public. The RFP is an essential tool here, allowing government agencies to review each bidder while securing the best possible rates. Statement of work vs. proposal: What’s the difference? An RFP asks specifically for a proposal. On the surface, this might sound like the RFP is asking for a simple outline of the labor, budget, and timeline details required to fulfill a project. But a proposal differs from a statement of work (SoW) in that an SoW might be a section of the proposal, but never vice versa: A proposal is an overall pitch for a company’s approach to the project. The statement of work might be one element of this proposal, but a proposal can include other elements like a background on the company itself. Think of the proposal as a marketing tool on behalf of the company doing the bidding. It might include the basic details necessary to submit the bid, but it’s also looking to differentiate the company from the competition. A statement of work is a straightforward listing of the project’s milestones, the timeline, and the pricing of each element. One page within a proposal might outline the statement of work. Unlike the proposal itself, this section is typically written to be clear and is often closer to a list of bullet points. The RFP bidding process is typically the first stage in selecting a company. As G2 notes, it’s also an announcement of your upcoming project. For that reason, requesting a proposal means you’re inviting companies not only to outline their estimates, but essentially to make their best pitch. This puts you in the position to whittle down the best candidates. What to include in an RFP The purpose of an RFP is clear: not only to learn which companies can provide the services you’re looking for but to gauge what a realistic timeline and budget for your project might be. However, without adequate guidance on what to include in an RFP, you may find that businesses submit unclear proposals. Your goal with an RFP should be to cut through the ambiguity and bring clarity to your project. To do that, you’re going to need to include several elements: Relevant company and project history Start by getting a background on what the company is, who leads the company, and whether they’ve completed any similar projects in the past. It’s true that past performance isn’t necessarily indicative of future performance. But if your goal is to build a new downtown office high-rise and there’s only one company who can point to building a previous office high-rise who submits a proposal, you’ve probably got a fair idea that they’re going to be the best choice. The key here is to focus on relevant company and project history. You don’t need details about a company’s founding that have nothing to do with your upcoming project or initiative. Project scope and objectives In a project’s scope, you should provide just as much information as you solicit. This is when you need to make your deliverables clear. But what is a project’s “scope” exactly? It’s a brief document that includes the following details: Business case: This is the overall summary, detailing what the project is, why it’s necessary, and what the project hopes to achieve by the time it’s finished. Budget: Although it can sometimes be difficult to pin down a tight budget, many RFPs will include a basic budget “window” within which companies can submit their bids. Timeline: The overall timeline, especially the deadline, is critical. This is also a way to filter out companies that may be too busy to take on a significant amount of work in your timeline. Milestones: Milestones can be like mile-markers that signify the completion of individual portions of the project. Although not always necessary, it can be helpful to agree on project milestones ahead of time, particularly when subcontractor work is involved. Having milestones planned out in advance helps both sides assess what objectives to hit in order to keep the project on track. Deliverables: Finally, outline what deliverables you want completed by the end of the project. Include as many details necessary to consider the project to be completed, especially if there are any regulatory requirements at play. Project requirements Sometimes, project demands mean you’re working with constraints outside of your control. That may include budgetary constraints, government regulations, or NDAs you require bidders to sign. Don’t hide these in hopes of securing better bids upfront. Include these essential details in your RFP. The sooner you make these requirements clear, the more sure you’ll be that you’re only working with qualified bidders as the process moves on. Similarly, try not to limit the scope of requirements you include. Whether you have business requirements or technical requirements to be satisfied, it’s always better to include these on the RFP so there’s no mistaking them. You don’t want to get 2/3rds of the way to completing a new office building only to find out that the construction company you hired isn’t licensed to handle the windows and didn’t include that estimate in the bid. Selection criteria Ever had a teacher who told you what sections of your textbook would be on the quiz? When you studied, you probably made sure that you reviewed those exact pages. In doing so, you remembered them all. Stating your selection criteria in an RFP is a bit like that. Spell out the precise details that will make you select one bidder over another. Don’t make them guess. When you tell them what variables matter most to you — budget, scheduling, etc. — you make sure every bidder gives their best possible answer on these variables. This makes for better comparisons when it’s time to review the proposals and select the finalists. Timelines Executing is important, but not if a project has so many overruns that it’s only completed years after the deadline. State your project timeline in clear, specific terms. This is essential information that guides other priorities. Contractors can use project timelines to gauge their budget, whether they’ll have to hire subcontractors to supplement their team, or whether they’ll even have the bandwidth to take on this project in the first place. Possible roadblocks An effective plan doesn’t just state what should happen. It also considers the risks involved. Take the time to brainstorm these potential roadblocks with your team, then list them in their own section. Of all the RFP requirements, this may seem the most optional. Why perform this exercise? Isn’t it something that the contractors should consider instead? Simply put, you want to list the potential roadblocks because you still own this project. By making other companies aware of these roadblocks, you can solicit more accurate proposals. Rather than selecting a low-budget option when you aren’t sure if they meet your qualifications, getting the roadblocks out of the way will serve as another selection filter. You’re less likely to go wrong in the long term if you’re upfront about the challenges. Budget The budget is often the top concern for anyone crafting an RFP. That’s for obvious reasons. Budgets determine resources, investments, time, effort, and the amount of labor a contractor can allocate to your project. Even if you’re not confident that your budget is high enough, make it clear when you don’t have any wiggle room. It’s better to receive an RFP response of “sorry — we can’t do it at that price” than to create unrealistic budget expectations in the hopes of generating more responses. Be realistic about how much budget you can allocate to this project so you can get accurate proposals and realistic bids. The budget may also include payment terms, such as when each milestone’s invoice is due. About 63% of contractors say they “sometimes” get paid on time, so don’t be surprised if contracts include payment terms in this section of the proposal. Response guidance Finally, your RFP responses can use a little coaching. Tell these businesses what you want to hear from them and what you don’t. Make sure to include some other key details at the end, such as: Contact information: Who should businesses send their bids to? List the primary contact for the project and how to get in touch with them. Submission requirements and deadlines: Set a hard date, at which point you can gather all of the proposals and review them with your team. Give businesses enough cushion time to prepare an adequate proposal. Required elements: What are the must-have details you need to review in every proposal? Make note of the comparisons you want to make, such as the project’s budget — and let companies know that this information is required as part of their proposal. An RFP example Once complete, an RFP will mostly be an empty form — it’s up to the businesses to fill in the information. It may look something like this: Project overview: This is the part you do fill in. Here you’ll include the details we just reviewed, such as budget, timelines, project details, and any further guidance. Example: Imagine your project is a new website for your company. In this case, the project overview would include the types of pages you’d need for the website, the functionality you’d like to have, and when you’d like to launch the new site. Project goals: With the details in place, think of this section as a little bit like a time machine. Explain what you want the project to look like after everything is said and done. Example: Let’s stick with the website example. What do you want completed by the deadline? A fully-functioning website that’s capable of taking customer orders? Get specific about the deadlines and milestones your project needs to hit for you to consider it a success. Scope of work: Now it’s time to turn the work over to the people filling out the proposals. Explain the level of detail you need in the scope of work, then leave plenty of space for businesses to handle the rest. Example: In our website example, you might compare the scope of work from one project to another. Who is doing custom web development? Who is relying on pre-existing templates? “Scope of work” helps you understand each company’s approach. Roadblocks/barriers: In this section, either explain the roadblocks you foresee, allow the businesses to submit their own thoughts on the matter, or both. Example: Is there existing content that needs to be overwritten? Do you need to migrate to a new web hosting platform before the new company develops your website? Evaluation metrics: This is when you can include your own response guidance and selection criteria. List out the necessary details or extra materials you need to see for an effective bid. You might also include a submission requirements field here to further explain what every bid should look like before handing it in. Example: Tell the web developers what you need to see in each proposal. This will be up to you. Do you have a hard ceiling on the budget? Mention that. Is meeting the deadline your priority so you can have the website up by Black Friday? Mention that too. What does the RFP bidding process involve? You should have enough now to fill in the precise details of an RFP tailored to your upcoming project. Now what? You can’t wave a magic wand and expect the bids to start rolling in, after all. It may seem difficult at first, but since you’re the one looking to hire, don’t expect it to stay difficult for long. You simply need the contact information for relevant businesses you want to invite to submit a bid. You might ask businesses or organizations similar to yours where they were able to ask for proposals. Or, for some smaller projects, you might visit online resources and project postings to publicize your RFP. Once your RFP is in the hands of multiple businesses, your challenge shifts. No longer are you concerned with finding businesses, but dealing with the (potentially) overwhelming number of bids you’ve received. Organize the proposals and, after the deadline, begin whittling down. Use your key metrics for this funnel. For example, if one bid came in at double your maximum budget, but you have five others at the budget, you can reasonably toss the high-budget proposal aside. RFP response examples The specific RFP response you receive may vary, depending on the RFP itself. But typically, you should expect a cover letter and an attachment of the proposal in full. The cover letter is important and the first mark of a company with strong sales skills. It’s your first impression of the level of care and attention the company gave your proposal. For example, this… To whom it may concern: Attached is a standard project rate for XYZ Company. We very much look forward to serving your business needs. …reads like a form letter. However, a company that has taken the time to vet and review your RFP will address more specific concerns. To [Specific Contact’s Name]: Thank you for the opportunity to submit a bid for your [specific project details]. ABC Company has completed three similar projects in the past, the details of which are attached in this email. You can also find PDF and Word attachments detailing our proposals, as well as the extra materials you requested. It’s not hard to spot which cover letter sounds like it’s more likely to lead to a detailed, well-considered proposal. A good business has time to consider every aspect of their bid to increase their success — especially when companies that submit bids usually only win an average of 44% of them. RFP response tips and tricks What if you’re the one sending an RFP response? The RFP bidding process can feel like a minefield. Here are some time-tested tricks to get your proposal noticed: Take time to understand the RFP There’s no point in spending time on a proposal if you misunderstand the project in the first place. You’ll end up submitting a proposal that is either entirely off the mark or wasting your time with a project that wasn’t right for your business in the first place. However, if you take the time to understand the RFP, every point you include in the proposal will speak directly to your potential client’s needs, making it more likely they’ll accept yours. Review all project requirements thoroughly This is an off-shoot of the tip above. You don’t want to get too far in the project estimation process before you realize that the timeline is completely unrealistic for a company with your limited resources. Learn all of the requirements before you agree to a proposal. Draft possible questions from stakeholders A good RFP is open to feedback and questions. As you work through your proposal, maintain a list of questions that the RFP doesn’t answer. You’ll not only find this useful in researching the project, but the company requesting the information will likely appreciate the consideration you put into your proposal. Create the first draft of your response The first draft doesn’t have to be perfect. Create the first draft with the steps above in mind, but don’t hesitate over every detail. Remember you can always review and edit this response before you send it in. Get it checked by your team Don’t just have one person review the draft. Bring in the entire team. Make sure everyone is on board with the vision for the project — that you’re not writing checks that the company can’t cash, so to speak. Present and submit your final proposal Finally, create a cover letter (like the one above), polish up the proposal, and send it off. If you’re presenting it in person, prepare an overview presentation that includes the basic details. But if you’re presenting it via email only, make sure that everything is available via attachment and that you confirm your RFP is received. Why use Wrike to plan your RFP documents? The RFP is central to getting business done, on both ends. For the organization doing the hiring, it’s critical to get solid work on large projects with reasonable schedules and budgets. For a company submitting proposals, it’s the difference between a full schedule and wishing you had more work. But you shouldn’t try to reinvent the wheel with RFP documents. Use Wrike templates to ensure the proper organization and workflows necessary to build out documents that are professional, comprehensive, and effective. On both sides of an RFP, it’s critical to think of every key detail. It will help two different organizations not only connect, but thrive together. Ready to simplify your RFP process? Get started with Wrike today.
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