How Timing Can Affect Your Decisions
Have you ever driven down a busy city street and found yourself having to stop at every light? Then on another day, you drive down the same street, and all the lights are green. It’ all about timing. Just as timing is essential in life, it’s also important in business!
Before making any business decision, you must ask yourself, “Is this the right time?” Making a habit of this would help you avoid many problems. Having “perfect timing” would allow you to take advantage of a wealth of opportunities.
Imagine having a great idea that you’re ready to introduce to the market, but you decide to wait because you feel you can make it a bit better. It takes you another month to refine your idea, and again you’re ready to implement it, but you still want to make improvements. That takes you two more weeks.
Finally, you’re satisfied that it’s ready. You’re about to introduce your great idea to the world only to discover that someone else has just beaten you to it. Your timing was off.
Sometimes it’s better to introduce a slightly inferior product that can be improved rather than waiting too long and having someone else gain the majority of the market share.
Asking yourself if your timing is right will prompt you to carefully evaluate your decisions before taking action. In the above case, immediately introducing your idea would have allowed you to capture the majority of the market share.
Another scenario is that you’re just starting out, and you get a few orders. You feel great because business is good, so you go out and hire a secretary. Suddenly the steady trickle of orders comes to a halt; now, you’re stuck paying a salary that you can no longer afford. Was your timing off? Yes!
How can you determine when your timing is right?
You might try approaching your situation in the following manner:
Is this the right time to hire a new secretary?
If I wait:
I’ll have to work more hours, but I’ll save money on wages.
If I act now:
I may overextend my budget. I will be free to focus on my specialty, which is marketing.
Exploring The Consequences:
Exploring the positive and negative consequences of taking action could make you realize how important it is to spend more time on marketing and customer service.
It would be a disadvantage to waiting to hire. You need to use your time on what you do best, and that’s marketing. Your marketing efforts are what will keep your business open.
Asking the right questions will help you see things clearly and allow you to make informed decisions. Get into the habit of asking yourself, “Is my timing, right? Eventually, this will come naturally to you and allow you to avoid the pitfalls of poorly planned decisions.
That’s The Way I See It!