Many times we come across cost challenges in our projects. Often, funds are removed in the middle of planning and sometimes execution. At other times a natural disaster, union strike, or other unplanned event can exhaust our monetary resources.
When this happens to you, there are some ways you can mitigate before determining you need to cancel your project:
- Evaluate and shift – is there a reserve amount that now may not be needed that you can use?
- Borrow – often there are staff members who just completed a project or new hires that don’t have enough work yet; explore borrowing their time
- Phase Two – will you be able to fund in the next quarter or after the next product launch?
- Evaluate and cancel – what parts of your project were on the “nice to have” side of things?
There are ways to “rob Peter to pay Paul” so you can have a successful, completed project that as with all projects, looks slightly different than Day 1 of Planning.