There's an old adage: "prepare to fail, if you've failed to prepare". Never is this more true than when related to Project Management. Many managers think less preparation is needed now that we have tools such as MS Project to guide and warn us when things are going pear shaped. Bad preparation is worse than bad execution, as one leads to the other and makes a mess of your plans. Instead of playing catch-up for things you failed to do at the start - here's how to plan your project properly.

Know your team

It sounds obvious - you think you know the group of people you'll be working with. Not necessarily so. There may be external contractors that you have to call in to fix unforeseen problems - the same with staff. You might have to get expertise from another department, or find key team members off sick and have to call a temp agency. If you've prepared for eventualities (even if it's just getting the number of the local agencies, for example), then it stops you getting into a panic over having a workforce that is too small to do the task in hand.

Know your budget

This is the number one reason why projects fail, or don't succeed as well as they should. We've all gone over budget, but the more realistic you are with your spend, the less you will have to worry about begging the boss for that bit more leeway. Maybe you've done a similar project before, so you think you know how much things cost. Not necessarily so - prices escalate, inflation moves, costs change. If something has happened (for example, a shortage of material), it will bump up prices more than you've budgeted for. Remember to also give yourself a buffer, so that going slightly over budget won't be like going into the red.

Know your task (and be flexible)

In some projects, even the final result will change depending on what the business needs. In some industries, targets change so fast that flexibility is the key to keep a project going. Remember that just because you have programmed it into software or hired the staff, or bought the equipment: it can't be set in stone and unchangeable. Your boss might want different results; timescales might change because of something else that happened higher up the food chain. Be prepared to change, but without losing focus.

Know your limitations

There is a tendency for project managers to be afraid to ask for help - because they have the term "manager", they see it as a sign of weakness. No need! You are a team leader - and team working means that you should be able to delegate, ask staff to "act up" and change your own role to best suit the project itself. Good managers are able to combine both hands-off and intensive micro-management depending on the situation and the person, not because they feel obligated to act a certain way in the role. Prepare to give up power, as well as being able to wield it in a diplomatic way.

Overall, there are some key elements that you should be thinking about long before the official project "start" date. Planning is a major event that will help you to focus, know what's being done and when, and not panic when changes - either positive or negative - come along to change you or your task. Happy preparation means happy projects - and a happier team all round.