Project risk management methodology for small firms

•We present a methodology designed for internal project management in small firms.•The proposed management model focuses on project risks.•The methodology influences project strategic alignment and results management.•It includes simple tools, formats and risk checklists with recommended actions.•It was tested in 5 projects with different characteristics (sector and firm size).

We present a project management methodology designed for small businesses (SMEs), who need to run projects beyond their normal operations. These projects are critical to the survival of these organisations, such as the development of new products to adapt to the market or new legislation, management system implementations, etc. Very frequently, the managers of these projects are not project management professionals, so they need guidance to have autonomy, using minimal time and documentation resources. The risk management method outlined in this paper is based on extensive research with a large number (72) of Spanish companies. This new methodology considers the factors that are usually neglected by SMEs; i.e., project alignment with the company's strategy and results management. The methodology, based on project risk management, includes simple tools, templates and risk checklists with recommended actions and indicators. For validation it was tested in five different types of real projects (innovation, management systems and ICT implementation) of industrial and service companies with different characteristics.