From the course: Creating a Culture of Strategy Execution

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Making tough decisions

Making tough decisions

From the course: Creating a Culture of Strategy Execution

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Making tough decisions

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- Killing a project that's not working, and moving resources somewhere else, is hard to do. It's hard to walk away when you've invested significant time and effort. Looking at those projects as sunk costs can help redirect resources away from failing initiatives and put them on more strategic projects. Taking losses is hard, but the team gets a strong message about your strategic priorities. It also frees up resources to work on more strategic projects. Recently, I had to make one of these very difficult decisions. We decided as a firm, we were going to put on a major conference. My goal was to get 300 people to a premiere event, where my team and I would speak and teach for a few days. I laid out a lot of cash. That cash came out of my pocket. I spent time on this event. I spent money on it. But, our major sponsor, didn't come through. They had told me they would be able to put 100 people in the room. It was nowhere near that. When I looked at what we were in for, in terms of…

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