Pull the Plug on a Project/Product – DigitalPPT
Pulling the plug is always hard, but sometimes it becomes the necessary “evil” to do so. While it never gets easy, knowing how and when to do it, is not only “right” for the business but helps team become more adaptable, innovative, and resilient.
While we have all continued to work on projects that we know need to be retired , I firmly believe that they all started with the right intent to solve either the unmet needs of the market and/or add business value in one way or the other. The pace of change ( the only thing constant is not change any more, it’s the pace of change) and every evolving consumer needs, behavior and innovation/disruption etc is making the shelf life of projects/products unpredictable – no matter how critical, big, investment heavy( not only $$) these projects may be.
As a leader, manager and even a team member, we have to recognize and accept that this may happen. And we need to correct the course of action as it is not only about sunk cost ( $$, resources, etc) , there is a huge element of opportunity cost as well.
We need to stay objective and acknowledge and recognize this and make decision(hard) whether to persist, pivot, or pause.