From the course: Assessing and Improving Strategic Plans
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Not making tough choices
From the course: Assessing and Improving Strategic Plans
Not making tough choices
- Saying no and killing projects that aren't working is an integral part of any good strategic planning process. Letting failing projects continue because momentum or even worse, ego, drains valuable resources from unfunded projects. There's huge opportunity costs here. When the market shifts and it makes a project irrelevant or a project is clearly going to fail, act swiftly and pursue initiatives that are working. I learned this one the hard way. I personally faced this challenge last year. My firm made a large strategic bet. It was a top priority for my organization. I put a lot of resources against this project. Time and money. When the project hit a point where it was clear that the results wouldn't be what I wanted them to be, I pulled the plug on the project. I killed it immediately. That was really hard to do. It was a large financial loss. And guess what? That loss hit me personally. This is my firm. That money came out of my pocket. Talk about a difficult decision. But the…
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