The big goal or the money

In the pursuit of improvements and changes, we often forget about money. And yet the economic feasibility of a project or changes in a project is the most important priority. "Where is the money here?" - is the most important question we as managers should be asking ourselves at every sprint. It is ideal to train the team to operate in a priority mode based on economic feasibility!

However, the story of the Sydney Opera House, which I stumbled upon, is a prime example of how a larger and more inspiring goal proved to be more important.

In 1957, Jorn Utzon won an international design competition, and his idea for a large-scale concert space was judged "the most original and creative solution" among 230 proposals from more than 30 countries. The project had an excellent argument, the budget was 8 million dollars, and the construction took four years. In reality, the deadline was missed, the budget continued to grow, and the amount of work only increased. It took 14 years to complete the project, and the budget was 1300% over budget.

From a business case perspective, it was a complete disaster!

But the project became the Sydney Opera House, a symbol of Australia, and one of the most popular arts and entertainment venues. About 11 million people visit it each year and according to Deloitte, it is valued at $4.6 billion in Australia.?

It seems that sticking to a budget, schedule and primary plan are not the only criteria for a successful project?

It is important to articulate a big goal that reflects value and reveals the main reason for the existence of this project. This will awaken the team's intrinsic motivation and provide a deeper understanding of why your idea goes beyond just making money.

The EY Beacon Institute writes that "targeted" companies are 2.5 times more effective at driving innovation and transformation, and on average they generate 30% more revenue per year from innovations launched last year.

So what's more important to put in the budget or get a cool result?