The more hours of our day we sink into a failing task, the harder it is to admit that we may have made a mistake and move on. We continue to sink more wasted hours into the task in a fruitless attempt to make up for the time we’ve already wasted. The better plan is often to simply cut your losses, change your approach or scrap the task and make the most of the rest of your day.
Our brains don’t naturally work like this. When we have invested precious hours into something, we go into “loss prevention mode” in which we do anything we can to protect our investment. Unfortunately, in an effort to save wasted time, we just end up wasting more time!
It’s Human Nature
Here is an example of this concept using money rather than time from a study detailed in Psychology Today that says a lot about our time management:
In a hypothetical situation, participants were told that they had just invested 9 out of a total 10 million dollars developing a product when a competitor released a better and cheaper version. Knowing they could never compete with this new product, 80 percent of participants still said they would continue to invest the remaining 1 million dollars.
While logic would conclude it is better to lose 9 million dollars than 10 million, our natural instinct tells us to keep spending in vain in an attempt to recoup the lost money.
While this study had to do with money, I’m betting that if the study involved deciding whether or not to devote one more day, week, or month to a failed project, the results would be the same.
You’re Not Giving Up
There is a difference between giving up on yourself and cutting your losses when it comes to time management.
When a plan isn’t working, continuing to throw time at it won’t help. When you hit the pivotal moment in a task where you can either scrap it or keep going, ask yourself:
1) Will circumstances change in the future that will make my approach more likely to work?
2) Can I rework my plan without giving up on it entirely?
3) Is this plan the only way to achieve the results I want?
If you answered “no” to these questions, then stop throwing more time at a failing task, cut your losses, move on, and try a different approach or a new direction altogether. You’re not “giving up” on yourself, but rather are making a calculated decision to make better use of your time.
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One thought on “Cutting Your Losses”
“Back in the day” we used to say – “Don’t through good money after bad money.” I suppose we could alter that to say – “Don’t through good time after bad time.”