We gazed intently into the dark waters looking for what was ascending toward us.  Fear, dread and hope mixed together to create a unique sense of anticipation about what we were about to experience.

We were nearing the end of our efforts.  We had tried again and again with no success.  Would this be the attempt that would lead to success and freedom from that which had held us captive?  Would our frustration, fear and dread finally yield to exhilaration and joy?

This attempt was our final option – we had exhausted all other avenues.  If this didn’t work we would either have to go back and keep repeating what had previously not led to success, or we could cut our losses.  This could be an expensive lesson in regard to what we would not do next time.

As we strained to discern an indication our efforts had been successful, our fear and dread suddenly turned to euphoria.  Our efforts had paid off!  We had overcome the odds set against us.  We prevailed.

We got our anchor unstuck!

Four men on a 40’ boat.  We dropped anchor in a beautiful cove off Gambier Island amidst a number of other anchored vessels.  What we did not know was that the bottom of the bay was littered with logging debris and was a bit notorious for snagging anchors.

If you snag an anchor you have a couple of choices.  You can attempt to pull the anchor in numerous directions other than the one in which the current and wind have been pushing you.  We did this on all four points of the compass with no success.  It wasn’t budging.  In fact, in our efforts to free the anchor we crumpled the anchor pulpit.

The pulpit is a bracket of stainless steel extending out from the bow of the boat upon which the anchor sits when not in use.  It is also the pulpit over which the chain rolls when the anchor descends and ascends.  In an attempt to create success we had incurred some unexpected expenses: the cost needed to install a new pulpit.

If our efforts to unsnag the anchor were unsuccessful our final option was to cut the anchor loose and drop it and the entire chain anchor line into the ocean.  We could mark the spot on a GPS and send a diver back later to see if he could retrieve it.  That would be a costly option – at least a couple thousand dollars.

The question we faced was: When do we cut our chain loose, suffer the loss and move on?

Sure, we could keep trying to work the anchor loose, but evening was coming and the winds were picking up.  We were in no danger now, but that could change with the arrival of evening and high winds.  This situation was uncomfortable, but it could get downright dangerous.

In business we can face similar situations to our anchoring challenge…

When we launch a certain endeavour we’re certain it will be successful.  Unfortunately we can encounter unforeseen circumstances that turn our smooth sailing into a storm of sorts.  We put time and effort into addressing the situation with no success.

How long do we keep trying to fix things?  When do we cut loose and move on?

There are no simple answers, but there are key questions we need to ask:

Are we doing everything we can to create success?  Where can we shift our efforts to yield different results?  What are our continued efforts costing us?  How long can we continue to incur those costs?  What other factors could conspire to make the situation more costly?  What is the worst situation we could experience if we cut our losses and move on?  Are we willing to incur those costs?

Do you know when to keep moving forward and when to cut your losses and move on?  Are you willing to ask the right questions of yourself and trusted advisors?  Don’t make decisions in isolation.

If you ask the right questions of yourself and others you have a far greater likelihood of successfully navigating the storms of business to create a successful voyage.