The best laid plans of the most successful project managers can go seriously awry, as the new Wembley stadium delays and the spiralling costs of hosting the 2012 London Olympics have shown.

British business is no stranger to project overrun; in fact, it seems that projects are generally expected to come in late and beyond the budget. Given that projects such as Wembley and the 2012 Olympics are overseen by the elite of the project management sector, what hope is there for the directors of smaller organisations, which have fewer resources at their disposal, and have to manage their own business projects?

Projects can fail for common reasons: over-optimistic financial estimates; unrealistic timescales; unforeseen circumstances. But, according to Scott Wilkinshaw, head of marketing at the Association of Project Managers, the owners and directors of small and medium-sized enterprises (SMEs) face the added pressure of limited resources. "They usually have to manage projects alongside their regular activities, or delegate them to someone else within the organisation who may also lack the necessary time and experience," he says.

One solution is to invest in project management training, now more accessible for the SME sector. Simon Buehring, director of training provider Knowledge Train, says: "The demand for project management skills is increasing as more businesses recognise that a project-based approach is crucial to success."

Individuals can grasp the basic principles of project management without having to get embroiled in Gantt charts or the PRINCE project management methodology. They can learn how to understand the project life cycle, define and plan the various phases of the project, assess risks, budget, and review and audit phases as the project progresses. These principles can then be applied to almost any business objective, from hitting higher sales targets, to reducing expenditure on office supplies.

But these newfound skills must be used in conjunction with existing ones, warns Peter Race, a professor at Henley Management College. He says: "Project management is not a standalone function. It is becoming a mainstream business activity that requires a broad range of competencies, including softer skills, such as communication and team working."

Project management: the directors' view

Director: Martin Mason
Company: Golley Slater
The project: Flexible working

Martin Mason recently introduced flexible working, overseeing the project from conception to launch. He says: "It was a complex procedure that required careful planning. There were legal implications, for example-whether we were breaching any terms of the employment contract-as well as the practicalities of the scheme.

"It had to provide flexibility without creating situations where we were understaffed, over-staffed, or where client accounts were not being properly managed." The project took around two months.

Mason, an MD who has had no formal project management training, insists that the principles he used can be applied to manage any business project. He adds: "You have to think it through, identify the potential pitfalls, and make allowances in terms of time and cost to ensure completion on target."

Director: Melanine Wood
Company: Pleasure Island theme park
The project: Installing a new attraction

Director Melanie Wood's role includes managing the installation of new attractions at the Pleasure Island theme park in Cleethorpes. Working on timescales of around 12 months and budgets in excess of £500,000, the completion of a new ride, from design to installation, depends on meticulous planning and team work. "The ride that we launched last summer was completed two days before the official launch," she says. "With such high public expectation, and a huge media campaign, missing a deadline would be disastrous."

Detailed planning, daily consultation with the chief engineer and allowing for every eventuality have seen projects completed on time and within budget. But, she adds: "The one factor you can't plan for is the weather, which can have a financial impact if you have to compensate disappointed visitors."