When it comes to running a business, there’s always a lot of pressure to get things done quickly and with minimal resources. It can be especially difficult when you have a big bet project in the works – those projects that require long-term investments and carry greater risks than short-term wins. That’s why it’s so important to maintain support for your big bet projects. Here’s how to do it.
Rules of Thumb
When maintaining support for big bet projects, one of the most important rules of thumb is the 80/20 rule – spend 80% of your time on short-term low-risk incremental wins and 20% on high-risk long term bets. This strategy helps to keep stakeholders engaged while also allowing you to invest in bigger projects that could potentially yield greater rewards in the future.
Benefits of This Strategy
There are several benefits to this approach, including being able to show direct impact with each small win and giving yourself the benefit of doubt when resources are scarce or other needs become higher priority. It also allows you to create momentum over time, as each small success builds upon the next until you eventually reach your ultimate goal.
How To Implement This Strategy
In order for this strategy to be effective, managers need to implement it carefully and intentionally. They should track successes along the way and measure KPIs regularly so they can adjust their approach if necessary. Additionally, managers should be transparent about progress with their team members so everyone is aware of what has been accomplished thus far and what still needs to be done in order for the project to succeed.
Common Challenges
One common challenge that may arise when attempting to maintain support for big bet projects is resistance from stakeholders who are more interested in short-term results than long-term goals. Another challenge is a lack of resources or personnel needed in order for the project to succeed – this can cause delays and frustration if not managed properly by a manager who understands how best allocate resources efficiently over time without sacrificing quality or results.
Conclusion:
Maintaining support for big bet projects is essential if you want them to succeed. By following the 80/20 rule – spending 80% of your time on short-term low-risk incremental wins, while 20% goes towards high risk long term bets – you can ensure that your project remains viable despite any bumps in the road that might arise along the way. Track successes with KPIs, stay transparent about progress with team members, manage stakeholder expectations, and allocate resources wisely in order to increase chances of success for your big bet project!
