I’ve always been fascinated by the concept of Sunk Costs – it’s one of those discussions that intellectually most people understand – as long as it applies to someone else!  However when it comes to your situation, things aren’t always so clear.

Just so we’re on the same page, sunk costs are essentially old investments (time or money) that are now irrecoverable.  Logically they should have no bearing on any decisions going forward (they’re sunk costs that you can’t get back) however there is a very real psychological component that tends to impact decisions.

How often have you heard someone say something like:  “I can’t let Susie go, I’ve invested all of that time and money into training her”.   It’s not a rational statement, the only thing that matters is whether or not the business owner believes Susie is going to deliver more value than her future salary.  If the answer is no, then she should ‘let her light shine brighter elsewhere!’ as one of my old bosses used to say.

How do you catch yourself from getting caught up in the Sunk Cost trap?

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   photo by DuckBrown 

It can be really tough to be in Professional Services – especially if you’re on your own. 

Lawyers, Accountants, Doctors, Chiropractors, Consultants – there’s a bunch of people that fall into that list and all of them go out and fight the good fight during the day and then you’re expected to put on your marketing and sales costume when you have some free time and generate new business.

Like most business owners,  you’re really good at what you do…your craft…but you’re not necessarily great at the sales and marketing game.  In fact if you’re like most of us, the idea or marketing kind of makes you uncomfortable and you would much rather spend your time doing what you’re great at and just have clients show up on their own.

However, unless that’s a particular superpower that you happen to have (“Captain Marketing?”) then you’re in the same boat as the rest of us in terms of needing to consistently generate new business and clients. 

The good news is that there are some great (and comfortable) ways for Professionals to market themselves very successfully.  Here’s one example below:

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The really fun thing about kids is that they have the confidence that they can do anything.  They want to believe in the fantastical – that Harry Potter spends his school years at Hogworts, that Percy Jackson has a pen that turns into a magical sword for monster killing.  That they can explore the world, find new horizons and create amazing new things!

I think they’re right.

I remember reading science fiction when I was a kid (I know – the nerdiness started early…) and imagining all of the fantastic technology that would be out there in a few short years – we still don’t have flying cars yet, but I think mobile phones, electric cars, flying suits, GPS systems and the Wii would all qualify as incredible innovations!

The point is that we live in a time when people have the capabilities to create a business that can hit millions in revenue with little to no formal advertising (just some viral videos).  Yes these are dark days, but they are also great days to step up and make something happen.

Check out the video below if you really want to get a shot of inspiration:

If you can’t see the video embedded here, you can also find it on Youtube.

What are your thoughts about today’s business climates and possibilities?  Share your thoughts in the comments below.

Shawn Kinkade  Kansas City Business Coach