Project profitability isn’t the job of just one individual or department. When you’re seeking to raise your game with project profitability, you need teams that can collaborate throughout project lifecycles and across functional disciplines. Sales must bid on the right projects at the right fees. Project managers need to assign the right resources to that project. And your talented professionals have to deliver their work on-time and on-budget. While all of that happens, you’re charged with monitoring budgets vs. actuals to avoid overruns, ensure profitability—and analyze the data to make even better bids in the future.

Here are five important steps your firm can take to achieve, preserve, and enhance project profitability