When we have a project in the works, it’s not uncommon getting super excited about it. Going through the process of bringing a project to life – dreaming, planning, designing and redesigning, figuring out all the details, etc. – usually makes us really attached to it, relentlessly picturing the fruits of its completion every day.
Having such deep interest and connection to a project can really make results stellar, but it can also set a person on a dangerous path – being blind to the signs that project is a no-go and not realizing when it’s time to scrap the idea and start anew.
Because of this tendency, it’s important to stop every once in a while and review your projects with a clear head, deciding which you should scrap. Today we will discuss the best strategies you can rely on when determining which projects you should continue working on and which ones you should let go of.
Effective ways to evaluate projects viability
If you have multiple initiatives going, you should always keep a keen eye on their success. Here are basic strategies which can be used for determining if a project is worth keeping.
Track return on investment.
All your projects may seem equally successful at first glance, but you must dig deeper to decide which of them are not viable economically and should be abandoned. To discover that, calculate how many financial resources have been put into each project, as well as economic output which was received. This may leave you surprised with an actual return on investment that each initiative offers.
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Evaluate track record.
You should not only account for the economic benefits of the project but follow their success through every step of its duration. When we view something as a whole, the journey that took it from point A to point B usually remains unseen. Yet, if one must see how well a project really goes, they should evaluate each step of its realization, reviewing mishaps as well as gains encountered along the way.
Estimate how projects are affected by current circumstances.
We live and work in an ever-changing world, so when reviewing ongoing affairs we must not rely on the data we started with, but check back with the reality once in a while. This can be done by periodically conducting a SWOT analysis. It stands for Strength, Weakness, Opportunity, Threat evaluation. Learn more about SWOT analysis as well as how to do it here.
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Research how well a project will fulfill current customer needs.
Life is very dynamic as well as highly susceptible to change, whether it’s slow or abrupt, as we all discovered in a previous year. Therefore, don’t expect business to be static, too – it shifts, adapts, changes, shaped by the circumstance, same as the wants and needs of your audience. Because of this inevitable tendency, always consider current conditions as well as relevant customer goals while tracking or comparing the feasibility of your initiatives.
On the right track
Putting a stopper into something once you invested your energy, time, money into it is very hard, but regardless of how badly it feels it’s something you must learn to do if you wish to reserve your resources for plans or ideas that will likely succeed.
Hopefully, our tips will allow you to evaluate your projects with a more collected approach, as well as learn to effectively analyze their course, timely determining which ideas to keep and which to meet!