The “right time” question is a common one. Business owners want to maximize their chances of success or growth and minimize their potential downside.
The answer to the question though is always the same, there is no right time. You might have a better time to make a move based on your motivation, resource base, or economic conditions just as there are times where things will just be somewhat more difficult.
Typically when a business owner asks me if it is the right time, we dig a little deeper. Often the digging leads to their wanting to find the perfect time.
The reality is there is no perfect time. Often someone waiting for the perfect time just isn’t ready to take the step. They have planned and planned but simply cannot move forward. It is the fear of the unknown. Admittedly, you can’t, or shouldn’t, make your move without looking ahead and planning, but there comes a time when additional planning provides little in terms of increasing the chances of success.
The other common time owners ask about the right time is when they think having the right time will allow them to avoid planning. The rationale is that if outside factors are positive a shortened planning process, or even no planning, is needed. Here again the reality is that thorough planning is necessary even in the best of times.
So if you are waiting for the “right time” to make your decision, quite often the real reason behind your question leads back to your planning. Either you want to skip it or are so enmeshed you can’t move forward.
The bottom line is there is no right time, just better or worse times. In either case, good planning is the best thing you can do to maximize your chances for success.