It’s tempting to keep on trucking. With so much time and money invested, not to mention the political and emotional capital you used to get the ball in play in the first place, that the only thing to do next is to keep pushing forward.

It’s seductive – just a little bit more, we can’t be wrong, keep the faith, stay the course.

And yet. Sometimes you have to call it.

There’s no external measure that’ll make the decision for you – assuming you have a a bit more cash and a bit more time; that the decision isn’t out of your hands.

A good time to think long and hard is when the justifications for keeping on are more about how much you’ve invested than how far you still have to go. This means emotional attachments and sunk costs are factoring too large in you judgement. Think again. If you weren’t already involved, starting from here, today, what would you do?

Bigger budgets don’t make good ideas, and they don’t rescue bad ones either.

Skippy Strategy: Forget sunk costs. Starting today, what would you do?