Gone are the days when doing business was a privilege in the hands of the few. In the current age, anyone can be an entrepreneur by solving one particular problem. Driven mostly by technological innovation–digital technology is making every aspect of business move at warp speed. There are real benefits to this real-time business capacity: getting to market faster, capturing value quicker, and immediate responses to customer needs. New ways of reinventing the current way of doing things is inspiring entrepreneurs to use all the information available to start new companies and to disrupt all industries. Innovation in all forms is vital for recalibrating products and categories to surpass the preexisting way of doing things.
Make Speed Your Competitive Advantage
If you Google the idea you are percolating, you may find many companies operating in the same arena. How do you innovate as a challenger brand, climb to the top, or remain the leader?
Among many factors, one of the most important is: “The Speed of Business.” Imagine if your business is an agile chariot powered by four thoroughbred horses. To sustain the competitive edge, each horse must be in synch, galloping ahead at full speed. If one horse slows down then only three are running in fast mode–eventually slowing all of them. Such is the truth with any business, you must maintain race pace, you have to keep running at full trot, get things done quickly, and execute fast to change the world.
A established mantra for any company should be: whether you have a thousand horses or only a few, only if each one is running at its fastest pace will it make the most impact. Like the chariot with four horses, your business must be coordinated in mobilizing your purpose, all areas of expertise, all departments and all the teams must be working together at the highest speed or eventually risk failure.
Speed doesn’t have to translate to stress, from a business context. It can only be achieved with a clear vision and strategy where every horse knows where they are going and why? Every company–whether a nimble startup or a large, established firm–needs to find ways to speed up or get left behind. Here are four simple rules to help you move faster:
Speed Up Your Business With A Well-Defined Strategy
There’s no shortage of opportunity with a well-defined strategy. When setting up the company strategy there is: data to be analyzed, customers to satisfy, competitors to fend off, uncertainty in the business environment to be accommodated, and skill gaps in certain areas to be closed. However, when these various elements are integrated together you will improve the processes while empowering the people needed to execute them. Better results will soon follow.
A well-defined strategy will:
- Speed up processes
- Improve competitive position
- Bring to market new and improved products, stemming from better customer and market data
- Provide information for improving products and services
- Improve on business capabilities
- Reduce risk management
A well-honed strategy will help align the company, better understand the customer mindset, narrow the focus to drive growth, and drive the right conversation with prospects.
Speed Is Reliant On Clear Communication
Building a fast-team culture is contingent on clear communication. As business leaders we should explain the what of the insights and the how of applying the findings, your customers and employees also need to know the why as well, pertaining to why the company is important and the value it adds to the customers. Clear communication is critical for employees to rally and align. It’s also integral to executing the team plan and in pouring insights to persuading new customers to join the movement.
Speed Is Built On Productivity
Highly productive workplaces have workers who are skilled at planning their to-do-list based on top priorities. These workers are focused on specific outcomes and have skills for managing a high volume of information and tasks.
Highly productive work cultures imbibe four facts:
- Working longer hours does not necessarily mean higher productivity
- Age and seniority are highly correlated with higher productivity since seasoned employees are generally more productive than junior colleagues
- There are no differences between genders on productivity
- Collaboration and productivity can take place from anywhere
Speed is dependent on productivity to unlock the strength and creativity needed to address the greatest challenges. Establishing a higher level of productivity can secure a company viability.
Speed Is A Reflection Of Clear Vision
Visionary leaders like Abraham Lincoln, FDR, Winston Churchill, and Nelson Mandla didn’t simply react to the most imminent threats confronting them, they also looked beyond the horizon. They were guided by their vision for a better future, after the more immediate challenges had been overcome.
Innovators should spend time envisioning the future. Explore and envision where you want the company to be when the current crisis passes. This aspiration should be consistent with your longer-term vision. Consider both threats and opportunities to accelerate new growth offerings.
Develop a strategy to walk back to your envisioned future in the present-day. Prepare a path from your long-term aspiration to your focus point today. When you start in the future and walk backwards you can:
- View things without being constrained by the way things are today
- Objectively view goals in terms of dollars and cents
- Decide which investments should be given priority
- Be prepared to learn and pivot
- Rally your team around your vision
Achieving the fasted speed in harmony for business to go farther together
Urgency leads to business transformation. To fully reap the reward from innovation, business leaders need to quickly put in place operational and structural changes to get business done. FrontAd can give you speed in reaching new customers and visibility with an affluent audience. Bottom-line is that speed of execution is the ultimate competitive edge in any organization. In today’s world, economies of speed are more important than economies of scale.