Yesterday I gave you six random thoughts, including how ‘when you stop seeking approval of others — your power is literally limitless, as well as how My Drunk Aunt’s grandparents died in each other’s arms. 

Speaking of how it was one of those rare cases of dual strangulation…

I was chatting with Stu and here’s how our conversation went. 

Me: Do you have a nickname for your wife?

Stu: Ya, I call my wife Pumpkin.

Me: Why Pumpkin? 

Stu: Cause she always gets smashed around the holidays. 

Me: 

In other news from my BCS podcast…

Your temptation to give up will be greatest right before your greatest success.

Anyhoo…

Your one PROFIT ACCELERATION THING today is: 

‘Sunk Costs’

You could also think of ‘sunk costs’ as ‘escalation of commitment’…

We often invest far more than we should into things that we’ve sunk time, money and commitment into…

Example: 

You bought tickets to the hockey game… but you have a meeting at the same time. That’s more important.

Because you spent money on the tickets… 

… you’re far more likely to go to the game and skip the appointment.

People do this with assets. 

They own a house that declined in value, but they fight tooth and nail to make their money back and not lose money on that piece of real estate.

Would that time and effort be better served in their business to create the same plus far more value / money?

Your coaching client has sunk money into a line of products that are not selling… 

… rather than move them out, they fight tooth and nail to get their money out of that specific product / commitment.

If you’ve ever watched ‘The Profit’ you’d see Marcus Lemonis move dead products out often and quickly for this reason.

People often make unprofitable decisions due to sunk costs / escalation of commitment. 

Don’t be one of them. 

Don’t let your client be one of them. 

Tell the others. 

Now, pick up the phone and go help someone.

Obsessed with your business coaching success,

Karl Bryan

Founder

Focused.com

PS. Learn to say interesting things in interesting ways.

PPS. Marriages break-up from a lack of money over a lack of love X 100

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