How do you know when the time is right?

It doesn’t matter what decision has to be made, from the smallest to the biggest life changing moments, it’s not unusual to look for a sign. An affirmation that you are doing the right thing. Throughout our lives we often ask for sign, feeling or gut instinct to prompt us into making a decision.

There are different types of people when it comes to decision making, and I am sure that we can all think of examples in both our personal and professional networks that will take different approaches. Some will ask everybody around them what their opinion is of the situation, what choice they would make. Others conduct their own research for case studies, statistics, facts or reviews. Then at the other end of the scale are those that trust their first gut instinct, “fly by the seat of their pants”, and just go for it! Where do we look for the sign to come from? Some may ask the universe to show them, others pray for guidance. In business we often consult an expert, somebody with more knowledge in the area to guide us to the right choice. It may be various suppliers of the product or service we are sourcing. Or maybe our accountant, financial advisor or business consultant.

So, in a business what needs to happen for you decide to go ahead with the purchase or investment? You may have identified a need, or a lack in some area. This might be a broken or malfunctioning piece of equipment. Maybe the software or IT system is beginning to be outdated. A member of staff has too high a workload and recruitment for expansion is needed. These seem like more straightforward decisions as there is a need to replace a current asset to maintain your business. This type of purchase then becomes more of a tick box exercise through the necessity of the purchase.

The speculative or more forward-thinking purchase is more challenging. This might be triggered by identifying a potential gap in the market you trade in, or a niche that your competitors aren’t taking full advantage of and you believe its worth pursuing. In these situations what will give you the courage to make the purchase or go ahead with the investment. It’s these types of purchases that as business asset finance experts we find all of our knowledge and skills can really help with. These are often the businesses that are looking to accelerate their company growth or try to move in a new direction. We have found that it is a case of managing the risk and reward ratio, along with realistic forecasting. Tailoring bespoke options with regards finance can allow for these decisions to be far easier, rather than attempting to fit into a set package, rate or payment plan that is dictated by a bank or funder. Again, this is the part we enjoy and specialise in. A personalised service from all of those that you take advice from will mean that they have taken the time to understand your business as it stands plus your goals, targets and aspirations. It is a situation where knowledge truly is power and will allow maximum leverage in all areas of a purchase and negotiations.

The truth is that nobody can see into the future and tell you that you are definitely making the correct decision, but thankfully if you surround yourself with the best support and all of the information, you can stack the odds in your favour. Sometimes you may just need to take a leap of faith.