It May Be Time to Pull the Plug on That Outdated Project

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.

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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

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