New projects or initiatives can be exciting, but sometimes business leaders can be blinded by their own excitement and push forward even when things aren’t going as planned. If you think this could be happening to you, it may be wise to reflect on any signs that could indicate a need to pause or stop a project altogether.
To help get you started, nine business leaders from Young Entrepreneur Council list signs to look out for that will help you determine if you should pull back on (or completely halt) a project or initiative—even one you’re excited about.
1. The Costs Are Outweighing The Benefits
One sign is when costs significantly overshoot the budget without a corresponding increase in expected benefits. In my experience, this indicates a lack of control or unrealistic planning. Stop and reassess the situation, as pushing forward usually leads to financial failure.This is easily avoided by constantly assessing the project and comparing it to its original version on the whiteboard. – Idan Waller, Bluethrone
2. Team Members Are Pointing Out Challenges
One sign to halt or slow down a project is when other team members are consistently identifying potential challenges. While their input or questions may seem to some leaders like “negativity,” this is a misunderstanding of what their brains are doing. Embrace their input, as they will help achieve goals by proactively identifying and addressing hurdles. – Benji Rabhan, Aboutly
3. You’re Dipping Into Your Emergency Funds
If you’ve had to turn to your emergency funds multiple times throughout your run, that’s a sign that you should pull back from a project and maybe consider other opportunities. It shows that, despite your attempts, things aren’t working out for you. When that happens, it’s wise not to be clouded by your excitement and instead make a rational decision—which is to simply move on. – Jared Atchison, WPForms
4. You’re Not Seeing Results
If you are not getting results and the cost is creeping up, then it is probably time to stop investing in the project. Make sure you are tracking your ROI and ensure that your end goal will yield positive results. Don’t continue with a project that’s become a money pit just because you’ve already invested resources into it. – Jennifer A Barnes, Optima Office, Inc.
5. It’s Affecting Your Day-To-Day Work
Imagine this: You’re doing great with your usual work, and everything is running smoothly. But then, this new project storms in like a wrecking ball. Customers start complaining, work gets slower and you’re losing resources quickly. When your regular work suffers because of the new project, that’s a clear sign you should rethink and maybe slow things down. – Adam Preiser, WPCrafter
6. You’re Unable To Deliver On Your Promises
One clear sign that you need to pull back on a project is when you’re not able to deliver what you promised to your customers. If you find yourself getting close to launch day and the product is not in good shape, let everyone know there will be a delay instead of releasing something that only works halfway. Your audience would much rather wait and have a complete, fully functional product. – Daman Jeet Singh, FunnelKit
7. It’s Using Up Too Much Of Your Time And Resources
If a project is taking up too much of your time, resources and personnel without demonstrating any meaningful purpose or tangible results, then it’s probably time to reconsider and take a step down by putting that project on hold. Allocate your resources and energy to a more meaningful and promising project that will deliver better results for the efforts and resources invested. – Candice Georgiadis, Digital Day
8. There’s Conflict Among The Team
When team members are constantly disagreeing and causing conflicts, it’s a clear sign for leaders to pause and reconsider the project. Internal conflicts harm teamwork, lower morale and slow down progress. It’s important to address the issues, promote a positive work environment and reassess the project’s feasibility before moving forward. – Sujay Pawar, CartFlows
9. It No Longer Aligns With The Company’s Vision Or Goals
When the strategic objectives or priorities of the project no longer align, it is essential for leaders to consistently evaluate whether a project is still in line with the overall strategy. If it becomes apparent that the project no longer serves the company’s long-term vision or fails to address the current needs of the business, it may be wise to reconsider its continuation. – Ian Sells, JoinBrands.com
