KCARD

Keeping Sunk Costs From Sinking Your Decisions

Keeping Sunk Costs From Sinking Your Decisions

“Well, I’ve already got so much into this crop, might as well see it through...”

“I spent a whole lot of money to start this project, so I need to spend more money to get it done.”

If you hear yourself saying this, do not make any sudden movements. You are about to sink a decision by considering your sunk costs. “Sunk costs” refers to money that is already spent. No matter your next decision, that money is G-O-N-E with no recovery, so if you try to base your decision on those costs, you could end up throwing good money after bad.

Co-op 101: Seven Ways to Improve the Odds of Success

Co-op 101: Seven Ways to Improve the Odds of Success

Developing and operating a successful business is never an easy task, but operating successful cooperatives can be even more challenging due to their unique business structure and the group dynamics involved. Here are seven ways that a cooperative can improve its odds of success:

Aligning Personal and Business Goals for Success

Aligning Personal and Business Goals for Success

KCARD works with a lot of farmers and business owners. Some are happy with their business, some are happy with their personal life, but the ones that are happiest with both aspects have found a way to align their personal goals with the goals that they have for the business. Sometimes, that means stepping back from their business and acknowledging that the plans that they once had for the business no longer match their current lives.