E27: The Cost of Sunk Cost Fallacy with Kronda Adair

Have you ever continued down a path in business that you knew wasn't for you, but you just kept on going because you had already invested so much time and money into it? If you're like most, and the answer is yes, then you've experienced today's topic first hand. In this episode, we're talking about Sunk Cost Fallacy and how it can be detrimental to your business if you don't get a handle on it. Building awareness around this behavior is only half the battle. You also need to learn how to decide when it's time to cut your losses. In this episode, we talk about three significant ways I see this show up in business all the time. I also share specific examples from my business when I had to cut the cord, cut my losses, and move on, despite it not being easy or cheap to do. Dealing with these decisions is tough and can slow you and your business down, but there are things you can do to minimize their occurrence, and we talk about them in this episode.

Om Podcasten

Begin As You Mean to Go On is about working hard once at the right things that will actually move your business forward toward long-term success without burning yourself out. I'm Kronda Adair, founder of Karvel Digital and I'm passionate about empowering you to take control of your digital marketing. Here’s the thing, I care more about your success than whether you like me. I'm going to give you some tough love sometimes but you'll also hear what's necessary to reach your goals. Sometimes you'll sit down with just me and we'll talk about what it truly takes to build a service business beyond six figures. And other times, I will invite special guests to share their wisdom about overcoming mindset blocks, strategies for taming your tech and methods for automating your business. Ready to stop spinning your marketing wheels and get serious about creating an online marketing engine for your business? If so, you’re in the right place! Hit that subscribe button now so you don’t miss a thing.