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April 19, 2009

Sometimes it is better to walk away

Is it always business at any cost? When is it smarter, and more profitable to walk away?

When you are faced with any form of auction. be it online freelance sites, price sensitive bidding only, and the dreaded reverse auctions I have seen recently. Get out of there, they do not value your work and they see you as a commodity.

There will be other chances, this won't be your last chance to bid on a large tranche of work, and there are many other prospects who do value what you can provide.

It is easy to be misled on size. "It's a huge opportunity / contract" has been the cry hat has sent even the largest of us into a profit losing spiral. (Check out the recent losses by BT, Accenture and Fujitsu )

You have far better things to do with your time than spend several months or years fighting to implement an underfunded program with narrow or non-existent profits. 
And the worst thing about competing on price is that you could win...