The best preparation for tomorrow is doing your best today. – H. Jackson Brown, Jr.
In business, there is the idea of sunk cost. Sunk Costs are locked forever in our past, and we cannot change them. Humans seem to have psychological hang-ups about sunk costs. They worry at us viscerally.
We see this in Vegas, where people play the same machine or place the same bet, believing they must get their money back eventually. We see this in the stock market, where investors will double down on bad buys for ineffective companies.
It is a hard lesson to learn, how to walk away from poor, prior choices.
Make no mistake – there is value in history. The challenge is recognising when to leave baggage in the past. There are helpful idioms – this is not a particularly new idea, after all. “Do not pour new wine into old wineskins” and “Don’t throw good money after bad” are just a few.
My thought this week is simple. There is an energy about campus I find infectious and addicting. As I approach my tasks this week, I want not to let past structures, actions, and costs influence my choices and recommendations for the present. Instead, I’ll mindfully ask: “What is the best use, today, for the resources entrusted to my care?”
From time, talents, or funds, what resources are in your care? What will you let go, and what is bubbling to the top?