Our reader poll today asks: How do you handle a project that clearly isn’t going to meet your goals?
- Kill it as soon as I know it won’t work and then move on: 74%
- Keep trying even though I know it’s a lost cause: 10%
- Double down on my investment and try to make it work: 16%
Don’t sink the opportunity with the costs. Once it’s spent, it’s spent. Resist the urge to try to avoid a loss and recoup sunk costs. A way to get past this hang-up of loss avoidance is to recognize the opportunity cost of not making a new investment. Not only are you throwing good money/time/effort after a wasted cause, you’re missing new opportunities to invest those resources more wisely. Ask yourself “What other productive uses do I have for these resources?” Asking that question can highlight the opportunity you might miss by continuing to chase a dying project.
Do you agree with these poll results? Let us know in the comments below!
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These results were originally a SmartPulse poll in SmartBrief on Leadership which tracks feedback from more than 240,000 business leaders. Get smarter on leadership and sign up for the SmartBrief on Leadership e-newsletter.