Yesterday's Decisions Are Expensive
4 Thoughts
History isn't a reason to keep spending.
What you've already invested doesn't automatically make something worth continuing.Familiar problems can become invisible.
Live with something long enough and you can start accepting it as normal.An outside perspective changes the question.
Instead of asking how much you've already put into something, ask whether you'd choose it again today.Past success doesn't guarantee future relevance.
What worked before still needs to earn its place in the business now.
4 Lessons
Evaluate today's reality.
Make decisions using what you know now, not what you hoped would happen when you started.Don't confuse commitment with good judgment.
Sticking with something simply because you've invested heavily in it can cost you even more.Be willing to change direction.
A decision doesn't have to be permanent just because it was once the right one.Get opinions from people without your emotional attachment.
Sometimes they can see what you're defending instead of evaluating.
4 Challenges
Look at your business like you're buying it today.
What would immediately concern you?Choose one thing you've kept because of how much you've already invested.
Would you put fresh money into it today?Review one client, offer, employee, project or process you've stopped questioning.
Does it still make sense for the business you're building now?Get an outside perspective.
Inside the Deal Maker Alliance, you can put real business issues in front of other business owners who aren't attached to the history behind your decisions.
Quote of the Week
"When the facts change, I change my mind. What do you do, sir?"
Often attributed to John Maynard Keynes
The money you've already spent is gone.
The time you've already invested is gone.
The only decision you can control is what deserves your next dollar, your next hour and your next year.
Don't keep feeding an old decision just because you want to prove the old version of you was right.