missionincdevelopment

I know. I know. The old adage actually says, “If it ain’t broke, don’t fix it,” but when you are developing strategy for business keeping an open mind is key. Sometimes we must cut our losses to save ourselves money and headaches in the long run.

We have all been in a situation where we need to decide whether or not to forge ahead…or get out while the going is good.  Many leaders choose to forge ahead despite the fact that all evidence points to calling it quits.  It is important to know that not all expeditions yield treasure.  A project, idea, or program that does not offer substantial value to your business or organization, needs to be analyzed and if necessary…canned. Staying with a bad idea until it is a good idea can have damaging effects on the health of your organization, as leaders pour time, energy, and resources at something that will never fully live up to its own potential.

When I lived in NY, I founded an arts organization called Community Arts United.  The organization was designed to bring about unity in the arts community and coordinate grassroots efforts for funding and other resources in the community.  It sounded like a wonderful idea and for a few months we saw success in the numbers of individuals that were attending events and were reaching out to us to partner on projects.  However, the market would not have us for long.  After a few events it was clear to us that the arts community was very much segmented and wanted to stay that way.

At the same time we saw that there was an interest in our becoming an online resource for all things happening in the arts locally.  We were hoping that our organization would get people together in person…but it seemed that what they really wanted was a way to interact online, announcing their events and promoting their artists.  At the time CAU had a pretty impressive mailing list and was positioned to fill this need in the community.

When the Vice President of CAU suggested that we switch gears and focus on becoming an online arts resource, I was reluctant to move in that direction. I had envisioned in dreams sugar plums and artists dancing hand in had singing spirituals after all.  This web thing just felt too impersonal. I wanted change. Visible change. But the VP was right. A few years later social media would hit and Iwould sit back and watch an organization that could have died that year continue to grow to this day on the wishes of its target audience alone.

There are many reasons why we hold onto projects, things, or ideas we should have let go a long time ago.  Sometimes we hold on because we are concerned about losing the respect of others.  Sometimes we are worried about the affect “quitting” will have on our career and on the way others perceive us.  Sometimes we feel we have reached the point of no return- where so much time, energy, or money has been invested in a project…it becomes a huge loss to us if we pull out. What we fail to calcuate however, are the costs of maintaining a project that is going nowhere. The stress and impact on future or existing projects can be hard to measure but significat nonetheless.

Accept the fact that not all of your ideas are genius. According to a recent article in Strategy & Business magazine,  it can take as many as 3,000 raw ideas to have one idea that results in one massive commercial success (McGrath, Iss.55) This speaks to our need to continue to be creative and take chances, while keeping in mind that not all projects need to- or should be seen to their completion.  In business it is okay and important to make mistakes, but we should always look to see to it that those mistajes are as inexpensive as possible.

Knowing when to say “when” can just what the doctor ordered when it comes to positioning your business for growth in other areas. Seeing clearly and removing clutter allows us to take advantage of other opportunities.  Die-hard commitment to a project often comes with the best of intentions, but knowing when to let go could be the best thing for your business.