Business Tips

Know When To Hold'em & When To Fold'em

Narrowing your options to one choice is limiting and often results in an impasse. It's important to know when to stick with something and when to give yourself permission to cut your losses and move on. Here are some examples:

• A client relocated to a new city to take what appeared to be a plum position. Three months into the venture, she knew it was a mistake. But after all the effort, how can she admit it wasn't working and move on?
  
• A manager tries for three years to get two key employees to work efficiently. They seem to be in league with each other, when one improves the other's productivity declines. How long should the manager subject himself to this game?

Tip: Knowing when to keep working on something and when to stop is difficult. One key is knowing that there are options. Often, we back ourselves into a corner, believing there is only one solution to a problem (see The Rule of Three). Being able to admit that there are choices is a good starting point to: Knowing when to hold 'em and when to fold 'em.