First, a word. It’s a business owners’ privilege to be able to decline projects. Of course, this privilege has its problems.
To choose the projects that will best serve your business, choose the projects your business can best serve. This requires that you have an accurate picture of your business’ strengths and weaknesses. Identifying these strengths and weaknesses can be humbling for business owners. However, it’s an invaluable process that too few people undergo. Looking honestly at your organization’s capabilities can provide surprising inspiration and direction. You’ll likely be surprised by what you find out.
No one I know has ever regretted taking on a project for which he or she knew he or she could provide unparalleled expertise and service. Conversely, no one has regretted turning down a project he or she knew was not in his or her circle of competence and enjoyment.
Good project management is key for this. The best way to see what you’re capable of is to look at what you’ve done. As a business owner, you should know what has been successful and what hasn’t.