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A small business owner will typically work hard to develop a clear standard for achieving a successful outcome, which makes it possible to recognize success when it happens. Yet it’s also critical to set up a measurement for determining when it is time to stop investing in someone or something—an advertising campaign, a marketing effort, or even a new employee. Lacking such a failure standard, we are informed mainly by opinions and hopes, which can lead us to make choices that drain vital resources for too long.
Take some time this week to consider your people and projects—do you have measurable end points for both positive and negative outcomes? Challenge yourself to know up front when enough is enough, however difficult it may be. In doing so, you are likely to save not just time and money, but a lot of frustration for all concerned.
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
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