How To Make Speed A Fundamental Facet of Your Company
Speed; the ultimate weapon for any business looking to make leaps and bounds in their target industry. In fact, all factors remaining constant, it’s a given that the fastest company in any arms race will win. Speed is a vital characteristic, if not the major characteristic that every industry leader possesses.
Why is this the case? In the technology industry, for example, speed is seen as a major asset when it comes to product development. In fact, a majority of people will agree that agility and speed are how one successfully sells a product.
Creating a category killer
So what are the building blocks that make a company increase its frequency and speed? Divulging deeper into the subject, one feature comes to light; speed is all about making critical decisions and executing them promptly. Success depends on whether a company has the backbone to develop speed on a regular basis, as well as a definitive job salaries structure.
Making those vital decisions
Here’s the deal breaker. Many companies waste a lot of time making and remaking decisions. The process itself becomes cumbersome. A key takeaway is making the decision is much more important than the actual decision that was made.
To develop the first monumental muscle of speed, a company has to have the habit of beginning every decision-making process by considering these two subtle factors. First of all, how much time the decision will take, and secondly, how much effort will be put in the decision process. When a company has considered these two factors, speed naturally becomes a part of their structure.
This isn’t to imply that every decision should be made promptly as there will be certain decisions which are more critical than others. It might be essential at times for a company to wait for more info before executing a decision.
One ought to comprehend that some decisions can be catastrophic and damaging if carried out with misguided velocity.
The misconception of speed and decision making is that one leader has to call all the shots. In retrospect, that might have worked a few decades back when the digital age had not transcended into the business scope and influenced every level of departmental structure.
Today, however, it is vital that the decision-making process be a joint-team effort with influential partners in the firm, pushing towards a final goal as one voice. However, there is also a downside of this.
In some cases, consensus building might slow down the decision-making process, especially if there is a disagreement between members of the team.
Avoiding excessive debate
A subtle art is knowing how and when to end the debate and to execute the decision. Many leaders are at times reluctant to put their foot firmly on the ground and make the final call in situations when both camps bring forth convincing arguments.
At times, the ‘my word is law’ system can be beneficial, especially when the factor of speed comes to play. Executing a decision promptly not only saves time but unknowingly edges your business above the competition.