Project management is a gamble. In business, you make decisions, and sometimes they’re wrong. No matter how solid your plan is, no matter how well your team works together, no matter how much experience you have, and no matter how much capital you have to work with, failure is always a possibility.
When a project fails, it can be devastating: team members can be let go, clients can be lost, and confidence in your company can be shattered, both from the public and from your own team. This article will help you deal with project failure, identifying some tips that should help you pick up the pieces and start again, better than before.
As soon as you suspect that a project is about to fail, take actions to mitigate the damage. Ideally, you’ll be able to see failure coming, and have some time to figure out what you can do in order to prevent the fallout from devouring your company. This can mean issuing a recall for a consumer product, contacting the financial backers ahead of time to warn them, and in extreme cases, downsizing to ensure your company is lean enough to weather the storm.