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 important in life, it’s also important in business! Before making any business decision, it’s critical that you 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 closely evaluate your decisions before taking action. In the above case, implementing your idea immediately would have caused 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:
Question: 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 more important things such as marketing and customer service.
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 wait to hire because you need to use your time more wisely. The time is right to hire.
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 doing this will come naturally to you and will allow you to avoid the pitfalls of badly planned business decisions.
That’s The Way I See It!
A Touch of Business.com
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