finance articles businesses business management business marketing Technologies finance accounting Industrial Manufacturing starting a small business Investment health information

Tips for ignoring sunk costs

There are different ways that a company handles sunk costs. Depending on what type of company you are will depend on what sunk costs you will have. If you are looking for ways to ignore sunk costs, here are some tips.

The first tip for ignoring sunk costs is to involve you emotionally is to get advice from some one that is not emotionally invested. The best way to do this is to get an outside advisor. An outside advisor can give you the best advice on investments that have sunk.


The second tip for ignoring sunk costs is to first admit that you made a bad investment and start to move on. It is some times not easy to admit when you have done something wrong, but it is the best way to start mobbing past it so you can ignore it.

The third tip for ignoring sunk costs is to make sure that you learn from your mistakes. If you have made a poor decision that ends up costing you more than it is worth you just need to leave it at you made a bad choice and get out while you can. For example say that your company decides that it wants to make it's own software for keeping track of your inventory. After months and months of trying to figure out all of the different bugs it is just barely doing what you need it to do. You then find a program that does everything you need it to do and more and it costs $2,000 you are into your program more than that already. The best thing to do is walk away from the costs you are already out and pay for the other program. By ignoring your sunk costs and just moving on you will not be out any more money. But if you decide to continue on working with your computer program you are going to end up having more sunken costs then needed.

The fourth tip for ignoring sunk costs is to figure out what is going to cost more to continue on trying to nurse your already sunken costs back to where you need them to be which might never happen? Or is it better just to ignore your sunken costs all together and walk away? It is usually better to just ignore sunk costs because it will end up saving you a lot of time effort and money if your do.

These are just a couple of tips for ignoring sunk costs. There are so many other tips that go along with ignoring sunken costs. The main thing to think about when you are emotionally involved with different costs is that it is better to ignore it and leave it alone then it is to continue making more sunken costs. If you keep pouring money in, it gets even harder. This is the best way that you will be able to help yourself ignore the sunken costs. If you want more information on sunk costs and different tips on ignoring sunk costs or when you should ignore sunk costs you can do some research. Find different companies that are similar to yours and see what type of sunk costs they have. This will also give you an idea about what your competition has tried and how it has failed. There are so many things out there that can be categorized as a sunk costs you just need to find out what different investments you are making that are ending up being more of sunk costs than they are being good costs. Then you can take the some of these tips for ignoring sunk costs and put them to the test.

FREE: Get More Leads!
How To Get More LeadsSubscribe to our free newsletter and get our "How To Get More Leads" course free via email. Just enter your first name and email address below to subscribe.
First Name *
Email *


Get More Business Info
Sponsored Links
Recent Articles

Categories

Copyright 2003-2020 by BusinessKnowledgeSource.com - All Rights Reserved
Privacy Policy, Terms of Use