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Stop Something Good to Invite Something Better into Your Business

Differently Aligned Podcast – Episode 8

by Adina Levy

In this episode, I’ll be sharing more about the concept of sunk cost fallacy and why we tend to hold on to things that we’ve already invested in, such as time, money, or effort, and how this affects our business decisions.

Whether it’s reassessing our business services, business model, team dynamics, or even our calendar schedule. I want to help you maximise your joy in life, your profit in business, your ease and flow and goodness of business and alignment of the business to you. And we don’t just do that by only cutting out things that are not going well. We actually need to continually question everything that we’re doing in our business and lives as well.

What can you let go of in your business, even if it’s going well, that by letting it go you may likely invite in more good things, more calm, more alignment, more money, more chill, and bigger impact when all of that alignment is going on for you.

Links & Resources

Aligned Business workshop live on Saturday, 22nd June 2024 –  Get 10% off with code POD10https://courses.ndbusiness.co/offers/S9wu3NE8?coupon_code=POD10


Very limited spots! Register now or add yourself to the waitlist for future workshops.
More info here: https://ndbusiness.co/aligned-business-workshop/

Free things for neurodivergent business owners: ndbusiness.co/freebies

Learn more and join the collective here: https://ndbusiness.co/neurodivergent-business-collective/

Learn more about future events: 

https://ndbusiness.co 
www.instagram.com/neurodivergent.business 

 

Transcript

 Welcome to the Differently Aligned Podcast for Neurodivergent Business Owners. I’m Adina Levy, an autistic ADHDer and a multiple business owner. From a card-making business at age 8, through to handmade cloud cushions, running a speech therapy team with a traditional office, and now to my lean, profitable, nimble, and fun online businesses, Play. Learn. Chat. and Neurodivergent Business Coaching and Consulting.

I’m all about supporting neurodivergent business owners like you to build a business that is aligned with your brain, your skills, your passions, your wants, your support needs and your life. And it can be profitable, fun and impactful along the way.  

So join me for ideas, support, conversations and guidance to grow your business without burning out. Let’s turn up the fun, the flow, and the alignment.

This podcast is recorded on the Aboriginal lands of the Gadigal and Bidjigal people. I acknowledge the traditional owners elders past and present, and I extend my acknowledgement to any Aboriginal first nations people listening in.  

I’ve spoken before on the podcast about the sunk cost fallacy. I think I have. I’m pretty sure I have. The sunk cost fallacy is why you place a lot more value on things that you have already invested. Time, money, effort, energy. All of those things. Rather than being able to more rationally assess. Your path forward. 

Basically, we tend to hold on to things that were already. Involved and invested in. And carry those into the future, whether or not they’re actually the best path for us. 

One of the things that I support a lot of Neurodivergent Business owners to do is to question everything that they’re doing, whether it’s the services that they’re offering. The business model that they have. The team. That calendar schedule all of these things because we break it all down. Question it all. And build it back up from there. 

Now it’s one thing to say goodbye to things that are no longer serving us when those things are not great. So when we’re feeling stress or when things are not profitable, it’s one thing to say goodbye to those. Aspects. And that can be hot enough. 

But what’s even harder is saying goodbye to something that’s good to invite something in that’s even better. 

I want to help you maximize your joy in life, your profit in business, your ease and flow and goodness of business and alignment of the business to you. And we don’t just do that by only cutting out things that are not going well. We actually need to continually question everything that we’re doing in our business and lives as well. But he will focus on the business angle. 

So we’re going to think about this idea that things can be good and you can still step away from them. And this applies to life. It applies to business. The reason this came up for me is that this week I said goodbye to something that was really, really good, but also not currently the best path forward and not very aligned for me. 

This is not a paid sponsorship, but Mr. Branson. I’d be open to it. Anytime. I love the Virgin active gyms, I have been going to the Virgin gyms on and off for eight years, maybe. I’ve been a member, I think three times. So I’ve joined and quit about three times as my life. Pattern so shifted. And in this time I’ve had two kids. So that’s been a little, well, actually a big part of why I’ve joined. Quit, posed. Overlap. 

The gym that I’ve been going to has a pool, a sauna, a spa. And it’s just one of these parts of my life that I’ve really, really treasured. It’s about a 15 minute drive from my house, but by the time I park and get out and get there and get inside, it’s probably 25 minute kind of door to door adventure. Each side of. Going to the gym. 

Aside from just really enjoying the gym. It was also very important to my healing and recovery in this period of being a new mum. Second time round. 

They have a fabulous crash there. And I took me there from the day she was six weeks and one day old. So. Pretty much the youngest baby that they’ll take and the crave stuff were phenomenal. They loved her. She was, just an easy little kind of potato of a baby has partially at that age. And it was just something that we did together. 

It was punctuating the week. So it wasn’t just a week of us being home alone and, living baby life, it was actually. These beautiful moments of reprieve, where I could feel a little bit more in my. Other roles in life, my roles as a human, my roles as a business owner. My roles as a person who exercises my roles as just me. So I wasn’t fully being mum 24 7. 

I really thrive when I am able to spread my roles across the day, rather than just do one thing all the time. 

So in those early months, it was a fabulous way for us to pass the time. It was really good for my mental health. I was able to connect with a little bit of me time, as well as do a little bit of computing and sit in the cafe and get some stuff done and just, even just have some time to scroll Instagram, mindlessly. 

Sorry, you can hear, I love it. I’ve loved it there. I am sure I’ll be back. If my life path makes it make sense as well. So I had a bit of an emotional moment on my last day there, which was Wednesday the week just gone. And I just recognized the bravery and the. The challenge of saying goodbye to something that’s really good. So it’s completely optional for me to say goodbye to it. 

But in keeping the gym membership, I was racking up other costs, time costs. More beneficial mental health activity costs and physical health activity costs. I would find myself not going for a walk, but instead going to the gym. And that was my kind of carved out exercise time in a day. 

But actually going for a walk is really, really important to me and I live in a beautiful place where I get to see the ocean and a lot of nature. And I just kept missing that because I was at the gym. 

I also have very limited time to actually do work. So I technically have about 18 hours of kind of childcare time where I could do work in my week. And it was finding it really hard to carve out almost an hour of that to get to, and from the gym, let alone, the time at the gym is fine,  that extra commute and travel time. Really cobs into my possible work hours in the week and, contributes to my work spilling into other hours, like late nights on the couch. 

So I can hold these ideas in mind. It was not easy for me to come to this decision, but it did feel right when I finally did. I can both say goodbye to that gym membership. That was really, really good for me. Recognized that it was there in that period of my life for that particular reason. And it served a wonderful purpose. And let it go to invite in more other good things. In its place. 

So the other concept that I just touched on is the concept of opportunity cost. So. What this means is by staying at the gym, doing that good thing. I’m reducing the ability to do other things with the time with my physical energy. With the money for the gym membership. 

So everything that you choose to do means that there’s other things you’re choosing not to do. And it’s something to continually question. The challenge is of course there’s the unknowns. We don’t know what we’re not saying yes to, because sometimes they’re invisible or we don’t know the result of our potential actions. 

And that’s what you really need to take a leap and get an experimental mindset and be prepared to try saying goodbye to some things and see what else that invites in. 

This name has come up quite a bit in my conversations with my clients and my Neurodivergent Business, Collective members lately as well. And it’s shown up in a few ways in their businesses. 

I’m going to share what some of these have looked like and see if they resonate with you. I want you to feel that if any of this sounds like something you might need to consider for your own business, is there something that’s working not well and you need to let go of it? Well, that’s probably an easier thing to decide. But also, is there something that’s working okay. Or even very well, but that just by letting it go, you might invite something even better, bigger, more spacious, more aligned into your life. 

For one of my clients, they are letting go of a long-term client. Who’s holding a spot. That kind of covers the space where they could fit into other clients, but they’re also considering adding in a group program in that time. They love working with that long-term client. But. It limits. 

About the spot that’s held for them, which is the one they’ve held for a long time. And I think it’s the only one that works for them. It’s actually blocking future possibility to make double the revenue or even more than double the revenue. So they’re just thinking about that one at the moment. I’m not sure what they’ve decided. 

This comes up very often when it comes to software switching costs and costs, not just money, of course, but time, effort, energy learning, a new platform. So, whether you’re looking at your client management system, your payment processing system, your calendar booking system. Your email management system, whatever. Digital tools you’re using to run your business. 

There might be something that’s going pretty well and you just used to it, but there could be something else out there that is even more phenomenal and it’s going to streamline things even more. But even better for your clients, for your team, for yourself. 

It’s always worth thinking about, and again, with is friction where a platform or an app is not working for you. It’s much easier to address that and think I need something better, but still very much worthwhile looking into what are you already doing? That could be even better, even if it’s still going well right now. I am not saying always shake things up and I’m not saying fix things that are not broken. 

What I am saying is I really suggest that you just ask yourself the questions. What should you keep? Is it worth, imagining a life without something that you’ve got in place that could be even better without that thing? 

There might be a marketing strategy that you have in place, and it’s just ticking along and it’s easy, but it’s still costing you money, but it doesn’t take much effort because you just keep renewing it or you keep it going. It may not actually be bringing you results or it might be, but it might not be the best use of your marketing dollars. This happened to me years ago when I had my speech therapy practice. 

And I would advertise in schools diary. I think it was maybe it was a newsletter, but I think it was the diary and I’d pay a fee every term or every year, whatever the situation was, to get. Add in there so that the local community could be aware of the service. Once we had it set up, it was so easy to renew. I think they just sent an email and we just kept saying yes, just renew, renew. It wasn’t a big outlay. 

So it was a lot easier to say yes to. I think I may have got one client through that ever. So was it worthwhile? Probably not for the amount I paid over the years. So the can be a whole lot of inertia. That can happen when you just have something, continue to take a lung. So what else could I have done with those marketing dollars? Now I do quite a lot of Facebook ads. I wasn’t back then. Maybe back then a better use of that money would have been. To treat my team to some cake. I don’t know. There’s always something else that you could be doing with that time, money effort. 

This one’s a little bit trickier, but it has to be named that maybe there’s somebody in your team or a contractor or somebody who’s supporting your team. Or helps you in your business where the work is. Okay. It’s going okay. You ticking along status quo. It’s fine. But just hold in mind the question of what if you didn’t have that team member? How else would you get things done or could you do less of those things? 

Can you remove a whole bunch of things that you were already doing or that team member was doing that actually are not serving your business? 

What could you do with the money that you’re paying that team member to do? I’m not asking this so that you will go and fire everybody, but I do want to just pose the question so that you check in with yourself and you check in with the status quo. 

What is going on for you right now? Even things that are going well. And just wonder what could happen if things were different. If you stop something, what else could you invite in? The last one I’ll share is quite similar to the first one, but it is a clear trajectory towards scaling.

Another one of my business coaching clients is in a service-based business. They are seeing clients face-to-face. And they want to create a course and they have a roadmap. They have a plan. They want to have it out this year. And they know that to make that happen, they need to make the space in their life. In their calendar, in their brain, in the energy. To be able to create that bigger thing. 

 

And they’ve chosen not to fill a spot when a client finished up. So they’ve actively chosen not to go to the wait list. Which would be the status quo answer. And while it does take a bit of a financial. 

Dip in that short term. They know, and I believe, and we’re working towards that. Carving out that space. To work on something bigger will lead to much bigger growth, much more calm, much more alignment for them. 

And then eventually they’ll have the flexibility to decide just how many clients they do want to keep on. So I’m really, really curious to hear if any of these examples might apply to you. It doesn’t mean that you have to go and make the decision, but certainly play the thought experiment. 

What can you let go of in your business, even if it’s going well. That by letting it go, you may likely invite in. More good things. More calm, more alignment, more money, more chill. And  bigger impact when all of that alignment is going on for you. 

You can catch me on Instagram. I am Neurodivergent Business. And please do share what you’ve taken away from this. 

If this episode has been helpful, flick it over to a friend, share the link, share a screenshot of it. And help your you’re neurodivergent business owner friend, connect with some of these ideas as well. 

I would love to have the opportunity to support you further. So the best way we can do that coming up soon. Is, I’ve got my aligned business workshop on the 22nd of June. 

It’s happening online. So you can zoom in from anywhere in the world. I’m pretty sure in the UK, it’s a pretty weird times. I’m like right in the middle of the night, but Hey, I’m not going to tell you what your sleep patterns are. It’s a live workshop. 

When you reflect. You learn your plan, you discuss, you get clear on what your version of an aligned business needs to be and start making moves towards that plan. 

As a big thank you for listening to the podcast. You can register for the align business workshop with 10% discount. So use the code pod 10 P O D N. The number 10. All of the links you need for that is in the show notes. And what I really wish for you is. The insight, the bravery. 

The daring to let go of something good. Even something small. So that you can invite in something even better.

Thank you so much for listening in. I hope that you’ve taken something helpful from today’s episode and please do share it with a fellow neurodivergent business owner friend. You can find me on Instagram @neurodivergent.business and all the links that I’ve talked about are in the show notes.

Remember, your business can feel aligned and easy and it’s okay to do business  📍 differently. I’ll see you on the next episode.