Are Sunk Costs Killing your Productivity?
It All Begins Here
There's been a couple of instances in business where I've held onto a situation or project because I had invested so much of my time and energy into it. I didn't want to see it fail.
I've seen business owners hang onto products that show a loss year after year. Draining all resources. Generally speaking, business owners are practical people, until it comes to something they’ve emotionally backed.
This, is sunk cost fallacy and if you're human, you can get trapped in it.
It’s the cognitive bias that makes you feel like you should keep pouring your resources into a situation because you’ve already sunk so much into it, whether it’s time, money, or energy.
The problem is that sunk costs kill opportunity costs.
The time you spend on something that’s sunk is time you’re not spending building something else that’s more meaningful.
If you’re holding onto sunk costs in your life, it might look like:
A relationship that’s draining you.
A product that’s no longer viable.
A partnership that’s keeping you stuck.
A financial obligation you need to let go of.
Whatever it is, it’s holding you back from focusing on the 20% that will actually bring results and reach your goals.
IT IS A WASTE OF YOUR POTENTIAL.
You need to cut it off now.
Feeling stuck? If you suspect a sunk cost is holding you back, hit reply to use the worksheet I go through with clients to identify and take your next steps toward progress!
To your success,
Heather