Speed is critical to success in business.
While this seems like an overly simplistic statement, I’m constantly amazed at how many entrepreneurs and small business owners don’t follow this mantra. Do you ever catch yourself saying something like:
“I just need to wait until I have the money to….”
“I am going to wait for the perfect time to…”
“I need to think about…”
Here’s the deal. Smart and savvy business people don’t need to take a lot of time to make a decision. Here’s the formula: Assess the situation. Quickly determine upside and downside. Create metrics to measure return on investment. Make a decision and commit to it.
Fear is the primary cause keeping entrepreneurs from pulling the trigger with velocity. The consequences of lack of speed – especially in today’s fast-paced, digital world – are severe. They include loss of opportunity, loss of valuable time that can never be reclaimed, and regret and anxiety for not having had the courage of commitment and missing out. The primary fear is manifested in the thinking that a risk will fail. Welcome to being in business. Risks fail all the time. Rarely are failures fatal. Taking risks is the hallmark of an entrepreneur. If you follow my decision-making model above, I surmise you’ll win significantly more than you lose. And even in those losses, there is opportunity.
I’m not suggesting that you take every risk that comes your way. I am suggesting you make speedier decisions. Here’s one important example:
Entrepreneurs often put themselves last when it comes to investing in themselves. They are eager to invest in better equipment and technology, the professional development of their employees, and marketing. While all these are terrific investments, the most important is the growth and development of the owner. It’s the first place that should be considered because without continually improving one’s own self, the rest of the organization will never reach it’s potential. I’ve heard entrepreneurs say, “I can wait on me until we can afford it.” The reality is that they can’t afford to be without it. The faster they grow their skills, the faster the company develops and accomplishes greater things.
Speed to market, speed to being smarter, speed to produce, and speed to reaching your ideal condition as a company are common denominators of successful and significant companies and business professionals. You don’t have to drive 55 on this highway; instead get your engines revved up and speed toward greater success!
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