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How do you leverage executive sponsorship for project success?

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As a project manager, you know how important it is to have the support and involvement of senior executives in your projects. Executive sponsorship can make or break your project's success, especially in complex and high-risk environments. But how do you leverage executive sponsorship for project success? In this article, we will explore some of the challenges and opportunities for project managers in the context of executive management, and share some tips and best practices to build and maintain effective relationships with your sponsors.

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Giles Custerson

Delivering Growth Strategies for Founders, Owners and Boards Senior Financial Services Leader I Founder I NED I

1 What is executive sponsorship?

Executive sponsorship is the active and visible participation of a senior leader in a project or program. The sponsor is responsible for providing strategic direction, securing resources, resolving issues, and championing the project within the organization. The sponsor is also the main link between the project team and the executive team, ensuring alignment and communication. Executive sponsorship is a critical factor for project success, as it can increase stakeholder engagement, reduce resistance, and improve project outcomes.

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Giles Custerson

Delivering Growth Strategies for Founders, Owners and Boards Senior Financial Services Leader I Founder I NED I
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One aspect worth noting is that the sponsor should ensure that the project delivers within the strategy and objectives set out by the Board. They must also ensure that it delivers fair value for consumers, and is within the regulatory and cultural framework that the firm has set out.

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2 Why is executive sponsorship challenging?

Despite the benefits of executive sponsorship, many project managers face challenges in working with their sponsors. These challenges can include a lack of clarity in the sponsor's role and expectations, a lack of commitment to the project, a lack of alignment between the sponsor's vision and the project's objectives, and a lack of trust in the project manager's expertise or judgment. All of these can lead to confusion, conflict, low visibility and support, scope creep, and change requests.

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Giles Custerson

Delivering Growth Strategies for Founders, Owners and Boards Senior Financial Services Leader I Founder I NED I
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One of the key risks is a lack of buy-in from the sponsor. This is often seen in mandatory regulatory changes where firms can often see the cost but not the value.

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3 How can you overcome these challenges?

To successfully manage a project, project managers must establish and maintain a strong and positive relationship with their sponsors. At the start of the project, it is important to define the sponsor's role and expectations, as well as agree on the frequency and format of communication and reporting. Throughout the project, the sponsor should be kept informed and involved, with progress, achievements, risks, and issues highlighted. Additionally, the project should be aligned with the sponsor's vision and goals, and the value and benefits of the project for the organization and the sponsor should be demonstrated. To build trust and credibility, project managers should deliver on their promises and commitments, be honest and transparent about the project's status and challenges, and show their competence and confidence. Respect for the sponsor's authority and expertise is also essential.

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4 What are the opportunities of executive sponsorship?

Working with executive sponsors can also create opportunities for project managers to enhance their skills and career prospects. For instance, you can learn from the sponsor's leadership style, strategic thinking, and stakeholder management skills, and apply them to your own projects and career development. Additionally, the sponsor can help you expand your network and visibility within the organization, as well as outside. Leveraging the sponsor's connections and influence can help you build relationships with other senior leaders, potential clients, and partners, and showcase your skills and achievements. Moreover, the sponsor can be a powerful advocate and sponsor for your career growth and progression. Impressing the sponsor with your performance and potential, and seeking their guidance and support for your career goals and opportunities can help you advance your career.

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5 How do you measure the impact of executive sponsorship?

To measure the impact of executive sponsorship on your project success, you need to define and track some key indicators and metrics, such as stakeholder satisfaction, project performance, project outcomes, and project learning. Stakeholder satisfaction includes the level of satisfaction and engagement of the project's stakeholders, including the sponsor, the executive team, the customers, and the users. Project performance measures the degree to which the project meets its objectives, scope, schedule, budget, and quality standards. Project outcomes assess the extent to which the project delivers the expected value and benefits for the organization and the sponsor. Lastly, project learning captures the lessons learned and best practices, as well as the feedback and recognition received from the sponsor and the organization.

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Giles Custerson

Delivering Growth Strategies for Founders, Owners and Boards Senior Financial Services Leader I Founder I NED I
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Monitoring and evaluating success is vital. This should include a summary of key learning which will help evidence to the Board or the exec team of the key considerations derived from the project.

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How do you leverage executive sponsorship for project success?

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5

1 What is executive sponsorship?

2 Why is executive sponsorship challenging?

3 How can you overcome these challenges?

4 What are the opportunities of executive sponsorship?

5 How do you measure the impact of executive sponsorship?

Executive Management

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How do you leverage executive sponsorship for project success?

1

2

3

4

5

1 What is executive sponsorship?

2 Why is executive sponsorship challenging?

3 How can you overcome these challenges?

4 What are the opportunities of executive sponsorship?

5 How do you measure the impact of executive sponsorship?

Executive Management

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