A carefully selected big project can generate enormous long-term value. The key is to select the projects that create value on their own, but also where their individual components add value.

On a recent visit to Toronto, I heard a presentation on why Toronto was trying to attract an upcoming Olympics. The speaker mentioned that the Games themselves were just a side benefit, certainly not worth the enormous amount of time, money and energy it would take to prepare for and then host the Olympics. However, the opportunity to host a world-wide conference for sixteen days, build extraordinary venues that would last for generations, continue to promote Toronto as a world-class city and create collaboration between civic, political and business groups was a truly remarkable and unique opportunity.

On a smaller scale, hosting a party at your home can generate synergistic value. First, there is the actual event, the bonding between good friends, the enhancement of friendships and the creation of good memories. In addition, the yard gets cleaned up, bushes get trimmed, the house is put back in order, new furniture is purchased and new tools for taking care of your property are mastered. The big project, the party, generates a whole series of activities that when placed one on top of another amounts to great short-term and long-term value for you and for other people.

There are five keys to successfully implementing a big project that generates synergistic value. That is, where the value of the whole project is greater than the sum of the individual components.

1. The Umbrella Increases Commitment And Pride
2. The Short-Term Impact Is Clear And Significant
3. Customers Perceive Great Value
4. Each Component Has Great Potential
5. The Combination Of Components Generates Multiple Possibilities

THE UMBRELLA INCREASES COMMITMENT AND PRIDE

If an umbrella represents the big project, then the spokes of the umbrella represent all of the components that need to be put in place in order to achieve the project. When deciding whether or not to attempt the achievement of the overall project, I encourage you to ask yourself, "If we are successful, will this project raise the level of commitment and pride in our organization to a higher level?" If the answer is not a resounding "yes", then you may want to reconsider doing it. The reason is because if the people involved in the project are disappointed with the final impact it creates, then they will perceive their involvement as a waste of time. The project itself needs to stir emotions. There are great examples of this in the book, Organizing Genius, by Warren Bennis and Patricia Ann Biederman. One example is the making of "Snow White and the Seven Dwarfs" by The Walt Disney Company. This took two years, but both during the project and after it was viewed by the public it created enormous levels of commitment and pride within the organization. THE SHORT-TERM IMPACT IS CLEAR AND SIGNIFICANT

In the early days of Apple Computer, hundreds of dedicated employees poured themselves into their work in order to deliver the personal computer. Their vision was absolutely clear, and they knew the impact would be significant. This drove them. If the impact of your project is unclear or considered insignificant by your team members, it will not generate the level of concentration needed to perform at an exceptional level.

CUSTOMERS PERCEIVE GREAT VALUE

The value of the project must be understood by your customers. For example, if you implement a new operating system with the intent to speed up service and invest enormous amounts of time, talent and energy into its development and marketing, then the customers need to perceive the difference. If they do not perceive this as great value, then it was a poor investment. Make sure that your big project is addressing an important need for your customers and prospects and that they are able to perceive the increased value to them.

EACH COMPONENT HAS GREAT VALUE

This is the part that is oftentimes overlooked. If the project only generates a great short-term benefit, then it probably is a poor project. On the other hand, if the project causes people in your organization to develop new skills that can be used in a variety of future projects, new equipment to be purchased and mastered, new facilities to be built that can be used for multiple purposes in the future, the emergence of new leaders within your organization, customer relationships to be strengthened and new ones formed, and new technology to be understood and made practical, then you have generated a great deal more value than just the immediate outcome.

THE COMBINATION OF COMPONENTS GENERATES MULTIPLE POSSIBILITIES

A truly successful big project raises the bar in terms of what can be accomplished in the future. When many different parts of the organization are improved simultaneously, the combination generates multiple possibilities. Take the example of The Walt Disney Company. In creating "Snow White", new technologies, new characters and a new medium (the full-length animated film) were created. As a result, The Walt Disney Company was able to license Snow White products, eventually create Snow White features at Disneyland, make dozens and dozens of animated films, and build a new studio which would eventually enhance the skill level of thousands of animators.

As a top performer, it is crucial that you visualize and implement the big projects that generate enormous short-term and long-term synergistic value.

About Dan Coughlin

Visit Dan Coughlin's Free Resource Center on Business Acceleration

Dan Coughlin teaches practical ideas on how to improve business performance. He is a business keynote speaker, management consultant, executive coach, and author of four books on leadership, sales, branding, and innovation. His books including Accelerate, Corporate Catalysts, The Management 500, and Find a Way to Win. His clients include GE Capital, McDonald's, Coca-Cola, Marriott, Boeing, Abbott, Toyota, Subway, Kiewit, Prudential, Denny's, and the St. Louis Cardinals.

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