Why we stick with things too long (Focus on the sunk cost fallacy)
I was watching the popular TV series Lego Masters, and something one of the contestants said really got my attention.
Welcome to Focus On, a focus on a specific topic, business or issue for the month.
So what did she say that captured my attention?
“I’m just terrified I have spent this time building something that now won’t be used. I don’t want that to be wasted building time”.
This is the “sunk cost fallacy” - the predicament we find ourselves in...
How to prioritise projects
Every business I've worked in or worked with has struggled with too many priorities. So in this clip I run through four behaviourally nuanced questions to shift and sort what's really most important.
By asking the four questions you'll be able to slot each project into one of the following categories:
Must Do = a clear priority for the business. Life would be significantly worse if you don't proceed.
Nice to do = some upside but could disperse focus if included.
Could do = outcomes are too...
