Decide your team’s essential intent.
Your team or company’s essential intent can be reflected in your mission statement. Basically, the essential intent will drive productivity in your team/company; it should be concrete and inspirational, but also meaningful and memorable. This essential intent will also enable you to cut your losses when necessary.
Ask yourself, “If we could be truly excellent at only one thing, what would it be?”
Whatever you decide will be central to your team’s essential intent.
Ask yourself, “How will we know when we have succeeded?”
Come up with your end goal and define how you will measure your success.
Cut your losses when appropriate
Ask yourself, “If I weren’t already invested in this project, how much would I invest in it now?, and “What else could I use this time and money for?”. Get a neutral second opinion if needed.