Definition
Used to urge someone to make a decision and take decisive action or cease delaying and indecisiveness.
You can't keep hesitating; it's time to fish or cut bait and decide whether to commit fully or give up.
They need to fish or cut bait and decide whether to invest more resources or end the project altogether.
Now that you've proposed the idea, it's time to fish or cut bait and decide if you'll actually implement it.