Money sinking in a goldfish bowl

Sunk Costs Fallacy

We've always done it this way...

We've always done it this way... - The sunk cost fallacy

The car is old, but it's been in the shop so many times, one more time won't make a difference. The next repair bill arrives, followed by another. The costs climb until the money would have been enough to buy a car that isn't constantly at the mechanic's. Sound familiar?

The equivalent in everyday digital life is often communication structures and software. You have a program that doesn't quite do what you want it to do, so you tinker with it here and there until it works a little better – but still not well.

Experts have coined the terms “escalating commitment” or “sunk costs fallacy” for this phenomenon: at some point, you've invested so much time, work, and effort that you feel like you can't stop—even though you really should.

Let it go

Letting go is often anything but easy. A sober assessment is called for here, and perhaps an outside perspective is needed. After all, a fresh start is often the best decision and can also be quite liberating.

“I've sunk a lot of money, work, and time into this, so I'm not just going to keep going, I'm going to do it better!”

The old car was familiar and you somehow managed to live with its quirks, but the replacement starts right up. Or: Emails and to-do lists have always been a workaround, but with a project management tool tailored to your needs, communication suddenly runs smoothly.

Sure, you have to learn how to use new tools, but you'll often be surprised at how easy it is.

Go for the new and better!

The last few weeks have been very turbulent. We at DRIVE are also working from home and, fortunately, with tools that work well. Some of them have been in use for years, others are new and may set new standards in the future, replacing old tools.

We would be happy to help you find a new, better solution. You can reach us at pole-position@drive.eu

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