Sunk costs vs opportunity costs when considering a new business system

A common sunk cost fallacy is the tendency to keep investing in an outdated business system that no longer meets your needs because you have already invested a lot of time and money into it for many years - this time and money is a sunk cost, you cannot get it back.

By not switching to, (or even considering) a new system, that has the ability to improve efficiency and increase profitability, is an opportunity cost. What is the cost of that decision? What are you missing out on?

It is common for these sunk costs to affect your decision-making process when choosing a new business system. However, the opportunity costs is what you are missing out on by deciding not to consider, upgrade and implement a new system. 

The way we do business changes rapidly and there are multiple systems out there promising to increase your profits and allow your business to run efficiently but sometimes its hard to know where to start looking. Onsite Insight consultants spend the time to understand you and your business and can short list options based specifically around your needs.  

Get in touch via email or phone or schedule a free, no obligation online chat to see how we can help your business Simply Become Better.