Saying "no" and killing projects that aren't working is an integral part of any good strategic planning process. Letting failing projects continue because of momentum or ego drains valuable resources from unfunded projects. When the market shifts making a project irrelevant or a project is clearly going to fail, act swiftly and pursue initiatives that are working.
- 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 benefits of making that decision were large.…
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- Identify common failure points in a strategic plan.
- Explain how to align compensation with strategy.
- List indicators of underfunding your strategy.
- Describe behavior that can harm strategy execution.
- Define strategic filters.
- Explain how to react to major shifts in your customer's market.
- Identify key metrics for assessing strategy.