The nature of the “project” can range from a technology implementation or ad campaign to a marketing event, research study, or countless other outsourced services. But the one constant? Each project typically has a beginning, an end, and employees and contractors assigned to deliver the service.

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. 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.