One of the fundamental ways for an MSP business to be successful is to experiment with new ideas and never be satisfied with the status quo. Continually improving your product will enable you to reach a wide range of clients, and it is the foundational piece for any successful company as it leads to innovation and it allows you to try out new ideas. While further experiments can significantly improve your business, it is essential to understand the need to eliminate test trials that are not working. Continually trying new things that are not worth the investment can, significantly, strain your IT business. Here are four factors that can help you determine when it is necessary to move on from an experiment:
1. Missed Deadlines & Overbudget
Are you always missing deadlines and going over budget? Staying within your budget is a critical component for any IT provider in today’s highly competitive business environment. Continually missing deadlines and increasing costs can quickly eliminate the value of a new experiment. Before you begin a new project, it is essential to ask yourself if the research is worth the extra time and monetary investment before you proceed. Avoiding further experiments that can lead to multiple missed deadlines and over budget concerns will enable your employees to avoid wasting time on projects that are not worth the initial investment.
2. Negative Feedback
Listening to employees offers many benefits; whether it is about the day to day work operations or any changes in the work environment. Receiving negative feedback from employees regarding a new project can help you determine if it is worth continuing the experiment. Generally, if a new project received overwhelmingly negative feedback, it is a good idea to listen to your employees and move on before it becomes too late to recover from low company morale. In addition, conducting interviews with employees is also a good practice for any MSP business, as it allows you to receive quality feedback from a direct source.
3. Data Doesn’t Back It Up
Do you use data and analytics on a regular basis? The use of data and analytics is a critical factor in determining the usefulness of a new project. Setting specific goals and parameters will enable you to compare data to determine the value of a new project. If it fails to be supported by analytics, it is best to move on without wasting further time. On the other hand, failure to set specific goals will make it much more difficult to determine the success of a project and can cause a significant waste of time for your company and employees.
4. Scope Creep
Scope creep can quickly derail any experiment as it happens whenever a new project grows beyond the initial objectives. For example, this can occur whenever the cost of labor rises or the amount of work is significantly increased. According to recent research, 43% of projects either go over budget or beyond the initial deadline. One of the best ways to avoid scope creep is to monitor a new project continually and be willing to make changes or eliminate the experiment before it gets out of hand.
Experimentation is a critical component for any successful MSP business as it allows you to test new ideas and create an innovative environment. Understanding when to continue or eliminate a new experiment can be the difference between being a successful or unsuccessful IT provider. Not every new project will pan out, and it is imperative to continually experiment and know when to continue or move on to another project.
