Overcome Fear of Failure and focus on positive outcomes for your new CTRM project?

For clients of previously failed or problematic CTRM (Commodity Trading and Risk Management) projects, the fear of failure can be a significant barrier to success in future projects. It’s understandable that past setbacks can make individuals hesitant to take risks or try new approaches, but this mindset can hold them back from achieving their goals. Here’s how we guide our clients through this issue as early as possible in their new projects.

1. Acknowledge the past but don’t dwell on it: It’s important to acknowledge the client’s past experiences and any pain or frustration they may have felt during their previous CTRM project. However, dwelling on it for too long can cause individuals to become stuck in a negative mindset. Instead, help clients to see the past as a learning experience and an opportunity to grow and improve for future projects.

2. Identify the root causes of failure: It’s crucial to identify the reasons why the previous CTRM project failed. This could include issues with project management, inadequate resources, or poor communication. Understanding the root causes of failure can help clients to avoid making the same mistakes in the future.

3. Create a clear project plan: A clear and concise project plan can help clients to feel more confident about their new CTRM project. Work with clients to develop a detailed project plan that includes timelines, milestones, and clear objectives. This will help to keep everyone on track and ensure that the project is moving forward in a positive direction.

4. Foster a culture of openness and transparency: It’s essential to foster a culture of openness and transparency from the beginning of the project. Encourage clients to communicate openly about any concerns or challenges they may be facing. This will help to avoid misunderstandings and ensure that everyone is on the same page.
   This in our view is the most important element to success, it is ok to put issues on the table, it is ok to make mistakes – be transparent, walk into issues, come up with solutions and move forward…DO NOT, DO NOT, DO NOT hide or sweep issues “under the carpet” it will bite you eventually!

5. Celebrate successes, no matter how small: Celebrating successes, no matter how small, can help to boost morale and keep clients motivated. Encourage clients to celebrate milestones and achievements throughout the project. This will help to build momentum and keep everyone focused on the positive outcomes of the project.

6. Provide ongoing support and feedback: Providing ongoing support and feedback throughout the project can help clients to stay motivated and focused on the positive outcomes. Offer regular check-ins and progress reports, and provide feedback on the project’s progress. This will help clients to stay on track and adjust course if necessary.

By adopting a positive mindset and focusing on the potential for success, clients can become more efficient and achieve positive outcomes on their new CTRM project.