To inspire your team to turn around a failing IT project with tight finances, emphasize a shared vision and refocus on achievable goals. Communicate transparently about the challenges while highlighting opportunities for innovation and efficiency. Encourage collaboration and creative problem-solving, empowering team members to propose cost-effective solutions. Recognize small wins and celebrate progress to boost morale. Provide clear priorities and realistic deadlines, focusing on critical tasks that maximize impact. Lead by example, showing resilience and a positive attitude. By fostering a culture of accountability, motivation, and teamwork, you can guide the team toward turning the project around.

I would prioritise the most critical features that are essential to the project's success and focus on delivering the minimum viable product (MVP). By narrowing the scope to what's necessary for achieving key outcomes, such as profitability and functionality, we can optimise resources and meet the project's goals within the financial constraints.

The best practices to ensure high performance within a virtual IT team across different time zones are all about focusing on communication and collaboration: -Enhancing clear communication protocols through Slack, Teams, or Asana for real-time updates. -Try to schedule key meetings during the overlap of work hours for easier collaboration. -Ensure the tasks are well-documented such that team members can make progress independently, not waiting on others. -A rotation of shifts in order to have continuous coverage without burdening any one team. All these elements balanced can really help in the improvement of team efficiency and responsiveness.