Bets, Not Projects

An insight that jumped out of a write-up on A Modern Approach to Strategic Planning by the folks at Nobl:

Create “bets,” not projects. Calling initiatives “bets” might seem like semantics, but it’s more honest about their predictability and risk—how often have you seen a project with targets that are pulled from thin air or completely divorced from reality? With bets, teams feel greater license to double down or fold, depending on the actual results they see in the market. Of course, it’s also important to distinguish bets from essential operations work. Your organization must do what’s necessary and do it well if it’s going to survive, but be extremely critical about what’s truly mandatory—it’s easy for this category to expand.