Every business owner tries to cut corners and reduce expenses.
After all, slashing your overheads is one of the fastest ways to make more profits.
But trying to achieve your business goals on the cheap can end up being enormously expensive.
This week, Jarod and Jonathan share tales from deep in the trenches of incompetence.
Find out what they learned the hard way, so you can avoid making the same mistakes yourself…
“The sunk cost effect is the general tendency for people to continue an endeavor, or continue consuming or pursuing an option, if they’ve invested time or money or some resource in it.
That effect becomes a fallacy if it’s pushing you to do things that are making you unhappy or worse off.”
Christopher Olivola, Carnegie Mellon Tepper School of Business
“Sometimes you literally just can’t afford whatever the solution is.
That leaves you one or two options: increase your budget or lower your expectations” Jarod Spiewak
“Anytime I’ve had a bad experience working with less experienced people or cheaper contractors, I don’t place the blame on them.
I put the blame on myself for not realizing what my real requirements were at the time.
So I’m not trying to throw shade at them, it’s actually me ridiculing myself for being so naive to think that I could hire someone at that level to get the job done.” Jonathan Kiekbusch
In the past two years, Jarod has nearly tripled the amount of money he spends on producing content. But he has no regrets as he feels the quality is worth it.
“It’s essential to think about the compatibility aspect of the products and services and people that you hire for your business.
Every building block, every “Lego piece,” that you’re using to put your project together has to be compatible with all the others.
And if it’s not, then you’re going to create churn. You’re going to create friction and a lot of the time, people don’t realize that until it’s too late.” Jonathan Kiekbusch
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