How to say no to a new project

And make a strategic choice

Strategy development practice

And make a strategic choice

Peter Drucker is credited with the idea that managers must regularly ask themselves two questions about what their companies should begin doing to thrive and what they should stop doing to thrive. Terminating projects that don’t have a chance to succeed and eliminating unpromising activities and unprofitable products can help an organization free up precious resources and redirect them to the zones of high potential.

Sounds logical. But how can managers tell promising initiatives from insidious resource-eaters? This question is critical when employees are overwhelmed by many ideas, initiatives, or new projects coming from above. It is often the case when a company is managed by people with entrepreneurial mindsets. There are many ways, but I use the following simple but efficient approach.

Every company prospers if it is able to deliver value for five stakeholders groups

First of all, they may ask if this project or initiative is in…