Can your missed deadlines ruin big ideas?

Can your missed deadlines ruin big ideas?

5 MIN READ, MARCH 31, 2022
5 MIN READ, MARCH 31, 2022
Deadlines cause people stress but at the same time stimulate them to work productively. Having time limits and meeting them is one of the ways to make sure you achieve your goals. To finish tasks in time is essential, but it takes discipline and determination. In this article, we discuss deadlines, how they may affect business and share tips on how to avoid burning time frames.
Let's imagine. You wake up on a lovely early morning. Your brain begins to drive you into a panic. The long-awaited product launch you've been slowly working on is about to happen. You don't have everything ready for it yet. The morning doesn't seem so lovely and sunny anymore.

You sit down at your laptop and start working. You realize that you need more work on your project. How could you miscalculate the deadline? It's not your first project. You have taken into account all the mistakes from the past. Before we calm down, let's look at the statistics.

A study "Entrepreneurial Learning and Strategic Foresight" found that startups launch their second product six weeks later than planned. Moreover, with the next product, the delays continue to increase. Holding out until the next round of investment may become even more difficult.
Quality VS Quantity

Your brain settles down and decides to choose quality over missed deadlines. In the long run, it may be favourable for your long-term goals. What a relief – you can relax! But wait. It's better to deal with this destructive phenomenon. Otherwise, you're likely to repeat it.

As the authors of the study mention, founders often spend more time estimating time-to-market when planning. It leads them to overlook many changes that will require adding new features, for example. Even with a working quality prototype, a founder may not realize and miscalculate the time a team needs for additional steps and tweaks to launch a new qualitative product. As a result, it leads to delays in the scheduled release date.

At the same time, the situation for founders after 2020 has changed. The stakes are rising along with record investments and the significant emergence of new businesses. Speed is valued more (you snooze, you lose), and the inability to set exact deadlines can become a barrier for the startup founder. So, choosing quality also comes with risks.
How to avoid burning deadlines?

1. Try to think ahead.
Think about what you know and what you don't. Understand that some people may not be available, and some resources may be delayed. As you gain experience with projects, you'll realize how quickly the complexity grows. Make changes to your timeline to account for more things that can go wrong.

2. Test and start small.
Ask friends, your beloved ones, partners, etc., to test and launch your product in a small sample to identify minor flaws. In the end, it can help you avoid delays in your journey.

3. Schedule "buffer time."
There will always be factors beyond your control, and you may overestimate your capabilities. Take your initial estimate and increase it by 25% to provide a more realistic timeline. If you think it will take four weeks to launch a new feature, set aside an extra week for delays. Add periodic milestones so you don't go off track.
A word from EMERGE

Meeting deadlines can be a two-way street. On the one hand, it can be painful, but on the other side, it's an effective tool for getting things done. We recommend using it to clarify purpose, motivate people and create positive change.