One of the hardest lessons of running a business is knowing when to let go of an expense.
Currently, I’m evaluating a subscription service. It’s not overly expensive, however, I don’t have the time to utilize the information.
I know the information is very valuable and worth the price of admission. The problem with this membership is its exclusivity. Once someone cancels, that’s it. They’re out for good.
But, how much is it truly worth to my business if I never actually put it to use?
Therein lies the dilemma. Should I continue to spend the money each month, knowing that one day (which may never come) I will be able to put the information to full use, or should I discontinue my membership, thus locking myself out?
After months of pondering, I’ve decided the best solution would be to cancel my membership and focus fully on my projects.
I plan for the future, but I deal in the here and now. I have already accumulated a wealth of information from the membership (almost a year’s worth), but now it is of little value to me.
Lesson learned: When faced with such decisions, it’s important to look at how the expense is effecting your overall business, your stress levels, and how it will affect your future.
If the negative aspects outweigh the positive, then it’s time to let go of that expense.
