When is it time to say good-bye?

If you think about some of the projects you have on at work at the moment, which ones have you invested the most time, resources, money, attention and expertise in? The more we invest in something the more committed we can become. It might be implementing a new CRM, marketing a new product/service or training someone into a role. 

No matter what it is, the more effort we invest, the more we want to see the reward, the return on our investment. Makes sense right? But what if we don’t see the reward? Do we find it hard to say good-bye? 

Often our judgement is clouded, and decision making to keep, kill or tweak something we are heavily invested in becomes biased. The desire to follow through on something we have invested time, effort, or money into – even when it won’t be worth the effort or return on investment is called the ‘sunk cost fallacy’.

I can think of a few relationships that I stayed in because I fell trap to this fallacy. Maybe you are staying in a role that you’ve been in for a while waiting for the promotion (after all you’ve invested so much already). Maybe it’s a product that is not flying and needs to be cut? Maybe it’s someone in your team that is just not right for the role, no matter how much you encourage and train them.

Whatever the situation, I think a great question to ask yourself is; Am I persisting because the evidence tells me to? Or is it because I’m finding the decision hard because of the time and investment to date? 

We ponder this and many more when we work on ‘Managing our Priorities’ in our Working as One program. Let’s chat if you want to re-prioritise where your team and workplace are focusing.

PS If you lead teams, business units, organisations or people and culture you might be interested in attending our FREE event about our Working as One culture program. For more details visit https://canwetalk.co/events