Image: Jametlene Reskp
A lot of readers have asked me the same question recently. They want to know the best way to make business decisions when times are so uncertain.
Here are some ideas and suggestions you may find useful.
Waiting for the right time
Waiting for the right time is always the sensible thing to do. The challenge is that we only know if we’ve acted at the right time, when we look back and join the dots. That kind of certainty is rear view mirror stuff.
Usually, when a business owner tells us they’re waiting for the right time, they’re unintentionally, accidentally stalling.
Yes, of course!
They’re not intentionally stalling. They’re very seldom even aware of it and the waiting is a source of frustration to them. They’ve simply set the bar so high for what ‘the right time’ means to them, that it never seems to happen.
However, even though the stalling is unintentional, it still means decision making is extremely difficult; especially big or tricky decisions. This directly hits their business results, as opportunities are missed and problems that needed to be addressed get worse.
Overcoming the ‘right time’ challenge
There’s no one-size-fits-all answer. The reasons behind setting our bar too high are many and varied. They range from fear of loss at one end, to fear of success at the other. (Yes, many people fear the perceived problems they associate with owning a bigger, more successful business).
One thing we can all do is learn to identify if we have this challenge… if we too are accidentally setting our ‘right time’ bar too high. Identifying we have this challenge is key to overcoming it. Thankfully, it’s really easy to do.
Here’s a quick overview.
- Think of a decision you’ve been putting off. One that you’re waiting to act on, until the time is right.
- Next, write down what the right time would have to look like, in detail, for you to do whatever you’re currently putting off.
- Finally, you need to honestly determine exactly how likely it is, that those things will all fall into place, in the correct order, when you have the money, stability and time required.
If you fully believe you will be in that ‘right time’ scenario in a timescale that’s reasonable, you’re not stalling.
If you believe the likelihood of all those variables connecting the way you want, in a reasonable timescale is low (or non-existent), you’re probably stalling. You then need to work on why… why you’re avoiding doing what’s required.
Overcoming this issue has always been important for business owners. However, with today’s unparalleled challenges, it’s absolutely essential. I work with business owners every day, who are moving with the times. People whose businesses are far more suited to navigating the current terrain and road ahead, than their competitors. I recommend you do the same.
Right now, there have never been more reasons or excuses to stall. At the same time, the risk of stalling has never been greater.
In a nutshell: Take a look at that 3 step process. If you believe you’re stalling, call it out and make the decisions required.