#business #economic Created at 2022-12-19 # [Anonymous feedback](https://www.admonymous.co/louis030195) # [[Epistemic status]] #shower-thought #to-digest # Related - [[Business/Entrepreneurship/Switching Costs]] - [[7 Powers]] # TODO > [!TODO] TODO # Switching Costs Switching costs are the costs a business incurs when they switch from one product, service, or supplier to another. These costs can include the costs of learning a new system, training staff, setting up new processes, and any other costs associated with changing vendors. Switching costs can be one-time costs or recurring costs and may include both tangible costs, such as fees and direct costs, as well as intangible costs, such as lost productivity or customer loyalty. By understanding and accounting for these costs, businesses can make more informed decisions about switching suppliers and ensure they are making the best decision for their business. ![[Pasted image 20221220074136.png]]