5 effective ways to mitigate risks in your software project
Small risks at the Yosemite National Park.
Building a new custom software product is an exciting endeavor - but there’s also a lot on the line. You want to build something delightful, valuable, and enduring. A product that makes people’s lives better. Something your customers will love.
You also want to build your product on time, within budget, in line with requirements, and on par with high quality standards. And you’ve been around the block enough times to know that these types of results don’t just automatically create themselves.
There are a lot of ways in which a software project can get derailed. But fortunately, there are also a lot of measures you can take from the start to reduce the likelihood of this happening.
How can you mitigate risks in your software project?
Understanding the most common risks associated with software projects and knowing what steps to take in order to mitigate them will maximize your chance of a great outcome. Here’s what you need to know.
1. Get the right technical resources in place
Making sure you have the right resources for your project from the outset will help to ensure that your project starts - and finishes - strong. Getting the right technical resources means getting both the right people and the right tools.
When it comes to people, you’ll need a team with the knowledge, skills, and expertise to strategically plan, design, and develop an excellent application. If you don’t already have the human resources you need in-house, it’ll be well worth the investment to partner with a custom software firm.
Using the right technology stack will also be critical to success. A tech stack is the set of specific tech tools used to build a software product. It includes things like frontend and backend coding frameworks, databases, and programming languages. Certain tech stacks will be more appropriate for specific types of projects. An expert dev team will know when to use what.
2. Strategically plan before you build
It’s essential to have a solid strategy in place before jumping in and starting to build. First and foremost, you’ll need to make sure the project is viable. Have you already validated your value proposition and market? Have you thought through how you will acquire new customers? One of the biggest mistakes to avoid is creating a product no one actually wants.
The viability of your project will also depend on factors such as timeframe, budget, and the ability to meet all essential business requirements, including any relevant regulatory requirements (HIPAA, etc.). The more thoroughly you plan in advance, the smoother your project will run and the better your outcome will be.
3. Implement a strong communication system
Miscommunication has the potential to cause major problems during a software project. Lay the groundwork for effective communications by establishing a comprehensive list of stakeholders who need to be involved in communications at the beginning of the project - and updating that list as needed.
A software team member (typically a project manager) should track important progress metrics on an ongoing basis and make progress reports to key stakeholders at regular intervals. And remember that communication is a two-way street: frequent feedback from all relevant stakeholders should also be provided to the dev team throughout the project.
4. Use an agile methodology and test continuously
Software teams who use an agile methodology plan, build, and test iteratively in short sprints. There are a number of advantages to this approach. Problems can be caught sooner, there is greater flexibility for changes, and an agile methodology minimizes the risk of building too far in the wrong direction.
Continuously testing and integrating new code will help to ensure that the code is sound. It is also important to monitor that the code is well written, and all code and data should be backed up frequently to ensure that nothing is accidentally destroyed or irreversibly damaged. Data security measures should be implemented as needed.
5. Build a Simple, Lovable, and Complete (SLC) product
A Simple, Lovable, and Complete (SLC) product is a modern evolution of the classic Minimum Viable Product (MVP). Start by building a simple application that can perform one job very well and provide a great user experience. Design your product with your customer’s emotions in mind, and focus on delivering as much value as possible.
Once you’ve built a complete product that is delightful to use and solves one important problem very well, get it out into real users’ hands. With a solid product out in the market and revenue rolling in, you’ll be in an excellent position to add additional features and functionality later - if you wish.
Build your custom software with an expert team
Looking for a highly skilled and experienced team of software experts to help you plan and build an exceptional product? At Basecode we have extensive experience planning, designing, and building Simple, Lovable, and Complete software products using agile methodologies and other risk mitigating strategies. Contact us to learn more.