How to open a Franchise Ebook

SPECIAL BONUS GIFT!

Franchising Find Your Perfect Fit ~ By: Steve Marr
Today, franchising has evolved into many business opportunities. A franchise offers a pathway to success for thousands of business owners. Perhaps this includes you. Get this free book now! Click Here>>

About Steve Marr

Steve has learned from 40 years of business experience that God's way works. As an author, speaker, radio host, and business consultant...

Contact Steve | Learn More

 

Steve’s Business Proverbs reveal

How to Succeed in Business

God's Way

Hire Steve to Consult your Business >

Steve Marr Blog

Steve Marr's contributions

Oct 02
2017

The Cost of Hesitation

Posted by: Steve Marr

Tagged in: Untagged 

In business we need to balance a lean toward action against being reckless. At times I’ve seen business leaders dither indefinitely when action is required.  We read an example from scripture. “They answered, ‘Come on, let's attack them! We have seen the land, and it is very good. Aren't you going to do something? Don't hesitate to go there and take it over.’” (Judges 18:8, NIV) In this instance the Lord prompted quick action.

 

I was working with “Ed” who was considering launching an extensive email campaign to land new customers. He located a list with 180,000 names and was concerned about the price and the return that he expected.  Six weeks later he was pondering the same question. I suggested that Ed could rent 5% of the list, or 9000 names, and run a test. If the results were disappointing, he didn’t need to go farther. If he got the return he expected, he could fire out his email to the entire list with confidence. The investment of the trial was modest, but five weeks later Ed was still pondering the investment without taking action. Ed wasted more time by not taking action than he would have exerted in taking action.

“Mary” was losing significant money every month in a retail store. In my view the primary issue was location. I told her she needed to pay the penalty for canceling the lease and move to a new location that would give her an opportunity for success. Mary didn’t want to walk away and pay the $25,000 penalty; however, she was already losing about $8,000 a month with little prospects of improvement.  I told Mary she needed to take the risk and move the business or simply close down. Staying in the same location would just eat cash. Six months later she was still in the same location and within the year filed bankruptcy and closed because she failed to take action.

I found myself over thinking a $1500 investment in equipment. I was collecting information and over analyzing the situation. In reality I was wasting time and effort. I needed to simply decide to spend the money or not. When I recognized my indecisiveness I simply made my decision and wrote the check.

All of us need to realize that when we fail to make a decision we have in fact made a choice, a decision to do nothing. There are occasions when this is a good choice, but frequently we need to take action of some kind to move forward or drop the concept.  Hesitation can carry a price tag no one should pay.

Subscribe to the free Business Proverbs e-mail here: http://bit.ly/ncixc1

Comments (0)add comment

Write comment

busy