Wasting time is something that happens in virtually every business, from the smallest start-up company to the largest enterprise organisation. However, it is the smaller businesses that feel the greatest effects when time is wasted on projects that just aren’t going anywhere.
Why Time Wasting Is a Big Problem for Small Businesses
Small businesses do not have the luxury of the vast number of staff members that larger businesses employ. Because of this, it is much more noticeable when team members are spending large amounts of time on a single project. When your team is on the smaller side, other business activities can be hurt when all of your focus is on a project that is wasting time. This could harm your relationships with customers and make it more difficult for your business to grow.
How to Recognise when a Project is a Wasting Time
When a project is clearly unproductive, it’s time to take stock of things and ask yourself if it is a waste of time.
Consider the following contributing factors:
- Unclear goals or requirements – It is incredibly difficult to finish a project when those
working on it do not have a solid idea of what they are supposed to be doing. Without clearly defined goals for the project, your team will likely end up having to repeat work or
make endless modifications to get it right.
- Constantly changing scope – If a project started out as one thing but has grown and
evolved to encompass several different targets, it is unlikely that the project will ever be completed as new tasks continue to get tacked on.
- Low morale – When the team working on the project has a bad attitude surrounding it, it is probable that they do not fully understand why they are working on the project in the first place. In this case, it is likely that their efforts are being wasted.
If these factors are present, it might be a good idea to pause and study the project carefully and assess if changes just need to be made or it must be cancelled outright.
Making the Decision to Terminate a Project
It can often be a difficult decision to call it quits on a project that you have been working on. After all, you may have already invested significant amounts of time—and often money, too—into the project, and you don’t want all of that to go to waste. However, your time may be better served elsewhere in your business, rather than in trying to save a sinking ship of a project. Try to avoid allowing yourself to be emotionally attached to the project, simply because your team has been working on it for so long. Aim to be objective instead.
To help guide you in making your decision, you’ll need to ask yourself several questions.
- Are other areas of your business suffering because of the amount of work the project is
- Is there a feasible way that the project can be saved?
- How will cancelling the project benefit or hurt your business?
It is important to weigh the pros and cons of cancelling the project before making your decision.Try to avoid allowing yourself to be emotionally attached to the project. Click To Tweet
Just because you have to cancel a project does not mean that all is lost. While it is still fresh in your mind, evaluate what went wrong with the project so that you and your team can learn from the experience. Evaluate the work that was done to see if anything can be salvaged or repurposed in other areas of your business. If the goal of the project is still one that is important to your business, perhaps it can be achieved in a different way or you can go back to it in the future. Take whatever you can from the failed project, and use it to continue to grow and improve your business.
Build Live Give Club Can Help
Being part of a mastermind program might just be what you need to improve and grow your business. By joining Build Live Give Club, you’ll be part of a group that will guide you in making important business decisions such as pulling the plug on a project that’s going nowhere and help you uncover key insights and information for increasing profits while reducing work hours significantly.
Head over here to reserve your spot in our free webinar (you could also download our e-book 5 Key Profit Drivers for Scaling Your Business—another free item) and get started on getting your business to the next level.