Accelerate Through the Curves: Racing Strategy and Project Management

I've noticed that some companies come out of tough economic times stronger and more competitive while others, sometimes even industry leaders, emerge from a recession with less market share and less ability to compete. Auto racing strategy might give us some insight.



As a teenager I learned, much to the chagrin of my father, that accelerating through the turns was where the race could be won. The straight-aways gave all the advantage to the car with the biggest engine, but the curves were where the best driver could win. I never had enough cash to have the biggest engine, so I had to learn to take advantage of the curves.



On the straight-away, when times are great and the economy is going full-steam ahead, organizations don't need to be nimble. Cash is flush, business is good, and little inefficiencies here and there aren't considered a really big problem. But change things around—throw in a downturn in the economy—and much like driving a 1970's muscle car into a curve, most drivers will slow down to avoid the "crash and burn."



A great example of this took place on October 23, 2001. Right smack in the middle of a pretty significant economic downturn, Apple revolutionized the way we listen to music with the introduction of the iPod. Since that time over 220,000,000 million have been sold. What's more, in my opinion, there isn't another electronics vendor that has been able to duplicate the iPod/iTunes combination. Apple accelerated through the curves, everyone else slowed down to avoid the "crash and burn."



The tendency for self-preservation encourages many business leaders to slam on the brakes when times get bad. They hunker down, cut costs, and hope it won't last long. However, slamming on the brakes might not be the best way to thrive in an economic downturn.



Organizations doing project based work all realize that some projects provide more value to the organization than others. In fact, there's an entire software industry dedicated to project and portfolio management—with a mandate to help companies identify and eliminate inefficiencies (some just do it better than others). When times are tough, making the right decisions about which projects to pursue and which to abandon becomes critical.



Here are three things I suggest will help you accelerate through the curves:



1. Use pre-determined metrics to evaluate projects based upon business value—Project selection in tough economic times sometimes means choosing the "best" projects over "good" projects. There is never enough time or resources to do every project.



2. Scrutinize the strengths and weaknesses of team members to effectively utilize their talents—Let's face it, some people are just better at some things than others. Organizing teams to exploit individual strengths increases efficiency, synergy, innovation, and ultimately corporate profitability.



3. Trim the fat, but leave the muscle—Admittedly, there may be some in the workforce that need to be let go—but trimming the fat might mean adding some more muscle. Exiting an economic downturn mean and lean isn't the same thing as exhausted and crippled. Accelerating through the curves requires a tight suspension and a good set of tires—expecting the workforce to do more and more with less and less is eventually like running on a bald set of tires.How is your organization doing in these tough economic times? Are you racing through the curves? Let us know what you're doing to exit the current economic challenges stronger and more competitive.



About this Author: As an "accidental" project manager and marketing veteran with over 25 years of experience, Ty Kiisel makes the concepts and best practices of web-based project management software accessible to both the expert and novice project professional by weaving personal experiences, historical references and other anecdotes into daily discussions around effective leadership approaches that maximize the effectiveness of project teams. Ty is also the host of the popular podcast, TalkingWork.com.