How Timing Can Affect The Success Of Your Business
Timing in business.In today’s article I am going to talk about timing in business and how you can use it to your advantage when you’re evaluating your business’s idea, or closing a deal with a client.
When it comes to starting a business, people tend to put aside the factor of timing and focus their attention on the idea itself, concentrating on perfecting the business model, finding the funding and building the team behind the project.
When it comes to sales, many salespeople are too quick in letting down a good idea simply because their timing was bad. When you pitch your idea to an angel investor, a financial institution or whoever wants to finance you, and they say “no, we will not fund your business” it’s not always because they don’t like your business idea. It might simply be that, because it is not the right time or other things that you might not be aware of or it just doesn’t work out for them in that specific moment.
If you believe in your idea and you think that it perfectly suits the demand of a specific costumer, be persistent and come back again. For instance, in his book Mark H. McCormack tells the readers about the time when he tried to close a deal with Bob Anderson right after he became Chairman at the Rockwell International. McCormack wanted to produce a promotional video for Anderson in which the new Chairman would visit various Rockwell sites and explain the role of the company in the industry. Having done this kind of thing before, Mark not only knew that his idea would have worked, but he also knew that it would have helped Rockwell International to grow as a company. Anderson’s response was: “Mark, I just took over this job from the man whose name is still on the door of this company, I will look pretentious and careless if I star in a promotional video now – try again in five years”. Five years later McCormack went back to him offering the same promo. They closed the deal after 5 minutes of chatting.
When it comes to sales, it is important that you use common sense. The nature of a sale, its complexity, the people you are dealing with – are all factors will tell you a lot about how you can use timing and common sense to your advantage. If a customer doesn’t know about your business, a sale will obviously take longer than it would normally take if they knew of your company beforehand. Said so, there is no reason to rush the sale because it will only show insecurities about your person and business. For example, in marketing, when a client contacts you to delegate you to do a marketing campaign for their company, take your time before submitting your proposal. Even if you already had the perfect idea for this campaign and every step was clear in your head, you should allow some time to pass from the moment they commission you the job and your answer. This is because, like most business situations, a marketing campaign requires creativity and inspiration. If you call your client right back the next day, they will wonder how much actual intense and creative conceptual thinking you did before you contacted them.
Therefore, next time you deal with a costumer, consider weather a timing strategy has to be implemented to suit the needs of your client. Timing in business is important! Don’t rush things up.
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