Feeling like a weight has been lifted off your shoulders, being able to get off that treadmill that is just wearing you down.
You don’t need permission to have a life or business clear out, you are the CEO of your own life and if stuff isn’t working you need to take a leaf out of Marie Kondo’s book and have a complete declutter and refresh.
There is a well-known phrase in business called the sunk cost fallacy, a bit of a mouthful but a useful term nonetheless.
The broad definition is where we have spent a lot of time, money and effort into something, so we feel we have to follow through. We keep going even though the current cost may no longer outweigh the benefits.
We saw this with the Middleton’s last week. Their party planning/supply business went into administration owing creditors 2.6 million.
Even once they started getting into more and more debt, they took out loans to try and keep the family company afloat, this only delayed the inevitable though and racked up even more time and debt wasted on an already failing business.
Now I’m not suggesting anyone reading this owes that sort of money or even has any financial debt. But here’s the thing, maybe we all need to look at some areas of our lives, careers or businesses and say is this worth the continued effort if it no longer brings me joy?
If you run more than one business, constantly have new projects on the go and are not seeing the return, and yet still keep investing even more time and money while struggling to make it work, then maybe it’s time to take stock.
You don’t need to struggle alone either if it’s a business matter you can chat to a business mentor or your accountant. Look at ways you can work smarter, rather than run yourself into the ground physically emotionally and even financially.
If life in general is wearing you down, too much to do and your brain constantly having to think about a million and one things it’s time to address the cause, examine what’s making you feel under so much pressure and see what you can let go of.
Sitting down and discussing your needs and assessing your goals with someone you trust could save a lot of anxiety and help you gain focus. Often all it takes is some fresh eyes on a project or situation to gain clarity.
The sunk cost fallacy is just as relevant in your personal life as business, are you investing time and effort into relationships with family or friends and feel you are putting in far more effort than you get in return?
Maybe you have a house or car that is a money pit and a financial drain, and you and you can’t see a solution.
Then it’s time to reassess, you don’t want to find six months or six years down the line your resources are even more depleted.
It’s time to take action
- Look at where you are right now, are there any areas of your life that need to be streamlined could do with a makeover?
- Are there areas where you need to ditch the junk that is causing that sinking feeling when wake in the morning?
- Talk to someone who is not involved or invested in your situation. Decide exactly what it is you want to see happen.
- Make a strategy for the best way to move forward.
- Take the bold decision to cut your losses or cut ties where needed.
- Picture how life will look once you have made the change and imagine how much better you will know feel.
Your mental health is the priority, you don’t need anyone’s permission to say enough is enough, you are allowed to make the change you need to see in your life and let go of anything no longer serving you, that has become a millstone around your neck and is no longer a joy.
Nothing in life is worth having a debt hanging over you, be it financial or emotional, so seek professional help for business, finance, or your emotional wellbeing. Don’t struggle and become a victim of the sunk cost fallacy.
Saying enough is enough isn’t a failure, it’s just letting go, allowing yourself to move on and walk a new and different path and that is a win.
If you need help to move forward in life, are procrastinating and avoiding making decisions, get in contact and see how we can work together.
Once you are free you will feel lighter, be able to see more clearly and can look forward to a brighter future.
