You may have heard people claim in the past that there’s ‘never a wrong time to do the right thing’. Whilst this may be the case in some instances, in business, the reverse can often be true.
Working with companies in the past, I’ve often witnessed occasions where businesses have been negatively impacted by taking the right action at the wrong moment. Quite simply, in the world of business, timing is everything. If you act at the wrong time, it could have an adverse impact on your company.
Too Many Tasks
Many business owners make the mistake of acting at the wrong time because they are so laden down with tasks and responsibilities. When faced with an overwhelming amount of work, there’s a temptation to seek to ‘get the job done’ as quickly as possible, in order to be able to ‘tick off’ the to-do list.
However, every task that you complete in a certain order will have impact on the direction of your business, and on future results.
Right Actions, Wrong Time: A Cautionary Example
A Business Owner operating within the retail industry invests in a number of new products. This immediately presents him with a series of tasks. He needs to consider marketing, taking photos, creating product descriptions on his site, packaging and much more.
Instead of adopting a measured approach and planning the launch of the new products carefully, he hastily adds them to the site. As a result of not organising proper marketing, the products aren’t seen by many people, and not many sales are made. However, his competitor has seen them; and has also recognised their potential.
Soon, the same competitor has invested in a similar product, has launched it far more effectively and is receiving the majority of the market interest. In contrast, the original business owner now has a stock-room full of product that has lost its fresh appeal, and will have to fight harder to sell it.
What Should You Do?
When faced with a set of tasks, follow these steps: Ask , Plan, then Act.
Ask: To ensure success in business, it’s important to seek out the help and guidance of others, particularly if they have expertise and experience that can add value to your own business practices. If possible, find a mentor who can work with you to ensure that you’re prepared to take action at the right time and in the correct manner, in order to maximise results for your company.
Plan: Planning is an integral part of business success. Firstly, identify the results you want to achieve. Then start assessing how you can make that happen. What steps will you need to take to achieve it? What tasks can you delegate to your employees to increase productivity and efficiency? How can you make sure that your actions yield the best possible results?
Act: Lastly, it’s important to not confuse planning with procrastination. Once you’ve made your plans, it’s vital to act decisively, in order to achieve results.
Doing the right thing in business terms is important. In fact, it’s how your business will develop and experience growth. However, acting hastily, without due planning or guidance, can have serious implications for your success.