Keep or Cut? How to Decide What Stays in Your Business
Introduction: The Power of Letting Go
Running a business often means juggling countless tasks, projects, and responsibilities. But how do you know which ones truly deserve your time and energy? It’s easy to hold onto activities that no longer serve you, especially if you’ve invested heavily in them.
That, plus the endless onslaught of online “experts” who want to sell you their secret playbooks and “easy buttons” to make 6-figure launches, will have your head spinning with everything you could be doing in your online business to make money and find your version of success.
Trust me, I’ve done it all in my 10 years of online business — from live launching to evergreen, mini courses to memberships, coaching to freebies — and very little was actually a fit for my business in terms of profit and my time management needs.
The truth is, not every task or project is worth keeping. This blog will teach you how to evaluate what stays and what goes using three simple criteria: profit, time management, and fun. By the end, you’ll have a clear framework for making confident decisions that align with your goals—without guilt or analysis paralysis.
Why Deciding Matters: Avoiding the Sunk Cost Trap
The sunk cost fallacy is a cognitive bias where individuals continue an endeavor due to previously invested resources (time, money, effort), even when it's no longer beneficial. This fallacy can lead to irrational decision-making, causing entrepreneurs to persist with unproductive business activities simply because they've already invested heavily in them.
Example: Continuing to invest in a marketing campaign that isn't yielding results, solely because significant funds have already been spent, exemplifies the sunk cost fallacy.
Why It's Problematic:
Resource Drain: Persisting in unproductive activities consumes valuable resources that could be better utilized elsewhere.
Opportunity Cost: It prevents you from exploring more profitable or fulfilling opportunities.
Overcoming the Sunk Cost Fallacy:
Shift Focus: Base decisions on future benefits rather than past investments.
Regular Evaluation: Periodically assess business activities to ensure they align with current goals and provide value.
Questions to Ask Yourself:
"If I weren’t already invested in this task/project, would I still choose to start it today?"
This question helps separate past investments from current and future value. If the answer is no, it’s likely a sunk cost rather than something worth continuing.
"What would happen if I stopped this activity right now?"
By imagining the immediate and long-term impacts of stopping, you can better assess whether continuing is essential or if the resources tied to the task could be better used elsewhere.
Letting go isn’t about abandoning effort; it’s about focusing on what truly serves your business and goals.
Step 1: Is It Profitable?
Profit is the first lens through which to evaluate any business activity. However, profitability isn’t always about direct revenue—it can also include long-term value or intangible benefits.
What Counts as Profit?
Direct Income: Does this activity generate revenue or savings?
Indirect Value: Does it build your audience, improve brand visibility, or lead to future opportunities?
How to Evaluate Profitability
Analyze ROI: Compare the revenue generated to the time and money invested.
Track Trends: Is profitability increasing, decreasing, or staying flat?
Prioritize Potential: If it’s not profitable now, does it have future potential?
Example: Spending 10 hours a month on a task that generates $200 might not be worth it if a different activity could earn $1,000 in the same time.
Using Dollar Values to Identify High-Impact Tasks
Evaluating the value of your time is crucial. Todd Herman, a renowned performance coach and creator of the 90 Day Year program (which I’ve done and learned so much from), emphasizes categorizing tasks based on their dollar value to determine their worth. By assigning a monetary value to each task, you can identify which activities are worth your personal attention and which should be delegated or outsourced.
Implementing Todd Herman's Approach:
Categorize Tasks by Dollar Value:
$10/hour Tasks: Routine activities such as data entry, scheduling, or basic administrative work.
$100/hour Tasks: Intermediate tasks like drafting emails to leads, customer service, or content creation.
$1,000/hour Tasks: High-impact activities such as negotiating with qualified leads, creating marketing campaigns, or developing new products/services.
$10,000/hour Tasks: Strategic decisions like expanding to new markets, finalizing major deals, or long-term goal setting.
Evaluate Your Involvement:
Focus on High-Value Tasks: As a business owner, concentrate your efforts on $1,000/hour and $10,000/hour activities that drive growth and profitability.
Delegate Lower-Value Tasks: Outsource or assign $10/hour and $100/hour tasks to free up your time for more valuable endeavors.
By applying this framework, you ensure that your time is invested in activities that yield the highest returns, enhancing overall business profitability.
For a deeper understanding of this concept, you can refer to Todd Herman's insights on task valuation and time management.
Step 2: Does It Fit Your Time Priorities?
Your time is a finite resource. Even profitable activities might not be worth keeping if they consume too much time or distract you from higher-priority goals.
Why Time Fit Matters
When an activity eats up more time than it should, it limits your ability to focus on tasks that truly drive your business forward.
How to Evaluate Time Fit
Perform a Time Audit: Track how long specific tasks take using tools like Toggl or Clockify.
Assess Efficiency: Are there ways to streamline or delegate the task?
Align with Goals: Does this activity support your long-term vision?
Example: Spending 15 hours a week managing social media might be better outsourced to free up time for product development or client work.
Aligning Business Tasks To Fit Your Time and Energy Priorities
It's essential to assess whether a business activity aligns with your personal time management strategies and energy levels. For individuals who tend to prioritize others' needs over their own, this evaluation becomes even more critical.
Key Considerations:
Conduct a Time Audit: Track how you spend your time over a week to identify tasks that align with your goals versus those taken on out of obligation. This practice helps in recognizing patterns and areas where time may be misallocated.
Plan Around Energy Levels: Identify your peak energy periods and schedule high-priority tasks during these times. This approach ensures that your most important work receives your best focus and effort.
Set Clear Boundaries: Learn to say "no" to tasks that don't align with your priorities or drain your energy. Establishing boundaries protects your time and prevents overcommitment, leading to more effective time management.
By implementing these strategies, you can ensure that managing your business tasks are not only profitable but also fit seamlessly into your time priorities, leading to a more balanced and sustainable work-life harmony.
👉For a more in-depth exploration of these time management concepts, you can refer to the full blog post on time management for people-pleasers.
Step 3: Do You Enjoy It?
Let’s get real—not every task in business will be enjoyable. But if a task consistently drains your energy, it’s worth questioning whether it belongs on your plate.
The Role of Fun in Business
Fun and joy are often the overlooked factor in decision-making, yet it plays a critical role in motivation and sustainability.
In fact, fun is so important to me that it’s one of my core business values.
You know that feeling of flow when you’re doing something you love? Time falls away and it all feels so easy and fulfilling.
That is the feeling we are going for! Yes, there will always be tasks and responsibilities in our businesses we don’t love — but thinking critically about what we have to do vs. what we’re doing just because we think we should is essential to long-term sustainability in business and avoiding burnout.
Aligning Business Activities with Self-Care and Fulfillment
Evaluating Enjoyment in Business Activities:
Reflect on Personal Fulfillment:
Assess Alignment with Passions: Determine if the tasks resonate with your interests and passions.
Monitor Emotional Responses: Pay attention to feelings of excitement or dread when approaching specific activities.
Consider Long-Term Sustainability:
Evaluate Energy Levels: Identify tasks that energize you versus those that lead to burnout.
Balance Work and Rest: Ensure that your schedule allows for adequate rest to maintain enthusiasm and prevent fatigue.
Incorporating the 7 types of rest into your routine can significantly impact your enjoyment and effectiveness in business activities. These include physical, mental, social, spiritual, emotional, sensory, and creative rest. By addressing each type, you rejuvenate different aspects of your well-being, leading to a more balanced and fulfilling entrepreneurial journey.
Practical Steps to For More Fun:
Integrate Rest Periods: Schedule regular breaks that cater to different types of rest, such as short walks for physical rest or meditation for spiritual rest.
Delegate Dreaded Tasks: Outsource activities that drain your energy (but are still necessary), allowing you to focus on aspects of the business you find fulfilling.
Set Boundaries: Establish clear work-life boundaries to prevent burnout and maintain a healthy relationship with your work.
By consciously evaluating and adjusting your business activities to align with your sources of enjoyment and incorporating diverse forms of rest, you create a sustainable and satisfying work environment that supports both personal well-being and professional success.
👀Learn More: Avoid Burnout: 7 Types of Rest for Busy Work-from-Home Entrepreneurs
Real-Life Example: Letting Go Of My Weekly Newsletter
How I Applied This Framework In My Own Business:
For 18 months, I sent out a weekly newsletter called The Sunday Inspo Email. Every week I would send an email to my list with an anecdote about real life as a mom and business owner, mention the latest blog, and offer 3 tips to work better and 3 tips to live well.
While it was a great way to connect with my audience, over time, I realized it wasn’t serving me as well as I hoped.
In May 2023, I sent the following announcement to my subscribers:
“I am taking a break from the Sunday Inspo Email for the summer, starting today.
There are SO many reasons why this is the right decision for me, and I know you might be curious about how I made the decision and the factors involved.
In the interest of transparency (and because I know you love how upfront and honest I am with you all), here are the 2 biggest reasons:
My almost 5-year-old is now done with full-time care/pre-k and will be home all day during the summer. He is BUSY and active and a glorious handful. I have to pull back on something (or many things).
After 18 months of weekly emails, it’s clear that while the Sunday Inspo Email is entertaining and engaging for many of you, it has not turned out to be an income stream or working funnel for me (other than small amounts of affiliate/sponsor income periodically).
It is not something that’s going “back in the purse” of what I do in my business - at least in this form.
I am spending the summer working behind-the-scenes in my business - situating, cleaning, organzing, and most importantly - simplifying.
I’ll be working with coaching clients, updating Theme Day Planning Method, and considering what future emails for all of you will look like.
If you can wait for a couple of months to see how I’m going to share, teach, and give via email in the future, hang tight and I’ll be back with you soon (because we all know how fast summer goes).
See you soon Reader, - love ya,”
Using the “Profit, Time, Fun” decision matrix framework, here’s how I evaluated it:
Profit: The newsletter nurtured my audience but wasn’t driving significant revenue.
Time: Writing, editing, and sending it took hours each week—time I could have spent on higher-value activities.
Joy: Although I initially enjoyed the process, it began to feel like a chore.
The decision to stop wasn’t easy, but it freed up time and energy for initiatives that made a bigger impact, like product development and content strategy.
Since that summer, I reimagined my subscriber emails into “Intentional Insights” - which is more behind-the-scenes of life as a Type-A mom running a business and only sent when I have something to say.
Balancing the Three Factors: Using a Decision Matrix
A decision matrix is a simple tool that helps you objectively decide to “keep or cut” your business tasks tasks by scoring them on Profit, Time Fit, and Fun. Here’s how it works:
List each task or project you’re evaluating.
Score each task on a scale of 1–10 (10 being the best outcome) for each factor:
Profit: How much revenue or value does it bring?
Time Fit: How efficiently does it use your time?
Fun: How much do you enjoy it?
Add the scores for a total.
Example Decision Matrix
How to Interpret Scores
High Total Scores (20–30): Keep these activities; they’re aligned with your goals and values.
Low Total Scores (10 or below): Consider letting these go—they’re likely draining your resources without significant return.
Mid-Range Scores (11–19): These might need re-evaluation, streamlining, or delegation.
FAQ: Common Questions About Letting Go
1. How often should I reevaluate my business activities?
Aim to review your activities quarterly or whenever you feel overwhelmed. Regular reflection ensures you’re staying aligned with your goals.
2. What if an activity is profitable but I don’t enjoy it?
Consider outsourcing or delegating. Profit is important, but fun impacts long-term sustainability.
3. How do I let go of a business task without disappointing others?
Communicate clearly. For example, explain to your audience why you’re discontinuing a newsletter and offer alternative ways to stay connected (like I did with my newsletter).
Embracing the Decision: Take Action with Confidence
Once you’ve decided whether to keep or let go of an activity, the next step is execution. This can be the most challenging part, especially if you’re letting go of something you’ve been doing for a long time or something tied to your identity as a business owner.
To move forward, start by creating a clear action plan. For tasks or projects you’re keeping, identify ways to optimize them, such as improving processes, investing in better tools, or delegating parts of the workload. If you’ve decided to let go, outline specific steps for phasing out or transferring the responsibility, ensuring a smooth transition.
For example, if you’re discontinuing a service that no longer aligns with your business goals, communicate openly with clients or customers. Offer alternatives, such as referrals to trusted providers or new services you’re introducing.
If you’re outsourcing a time-consuming task, document your processes to make the handoff seamless. Taking these steps not only protects your reputation but also allows you to focus your resources on higher-priority activities.
Remember, the goal isn’t to abruptly stop—it’s to strategically shift your focus in a way that supports long-term growth and sustainability.
Conclusion: The Freedom to Focus
Deciding what to keep or let go is one of the most powerful skills you can develop as an entrepreneur. By evaluating tasks through the lenses of profit, time, and fun, you’ll free up your energy for what truly matters.
What’s one activity you’re unsure about? Use this framework to evaluate it today—and take a bold step toward a simpler, more focused business.
Have a question or a takeaway from what I’ve shared here?
Let’s chat in the comments ⤵
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