Speed: A Key Indicator of Success for Your Business
Our society’s values are constantly changing and companies are tasked with adapting to these changes. Speed can play a huge difference in whether or not your business can keep up with these changes and the competition.
Here are 4 reasons why speed is everything to the success of your business:
- You must consistently increase and maintain your speed, or your competition will pass you. Your competition is working to reach the same goals as you. If you take your foot off the peddle you risk losing market share and opportunities for innovation.
- Audiences expect you to be fast. Your customers will always be waiting for the next feature or product to enhance their experience. For example, there is a new iPhone or Samsung Galaxy almost every year because customers expect new products.
- The faster you learn, the quicker you can innovate. The faster you learn from your mistakes the faster your company or department will improve and evolve, leading to more solutions and innovations in less time.
- Working fast creates a culture of speed. Efficiently working through your goals is a business skill just like any other, and if encouraged enough can become a valuable part of your company’s culture that will promote timely results and solutions to new problems.
Originally published Mar 8, 2019, updated Mar 23, 2020