Here is another valuable Management Tip of the Day from Harvard Business Review. To sign up for a free subscription to any/all HBR newsletters, please click here.

* * *

It’s hard to let go of a project or objective that you’ve invested time and effort in. But it’s important to put those emotions aside to judge each initiative on its merits — and kill projects that may be holding you or your company back.

o Simply put: If the value of what you are doing now is lower than the value of what you could be doing instead, change course.

o Don’t wait until everyone agrees that there’s no harm in abandoning the project.

o Make the initiative prove its value, taking into account other options and alternatives.

Doing something that brings in $1,000 of value may seem worth doing, for example, but if it’s keeping you so busy that you can’t put resources into endeavors that may add $10,000 of value, you are saving dimes but losing dollars.

Adapted from the HBR Guide to Thinking Strategically

To check out that HBR article and join the discussion, please click here.

Here’s a direct link to dozens of other Management Tips.