Speed Kills

Photo by Marc-Olivier Jodoin

If there’s one expectation I have of the people with whom I work, it’s this: I will not compromise on speed, execution, or efficiency. I don’t care how much bigger we get; I want speed, I want execution, I want efficiency. I am greedy in these three areas. I want them all.

Your Next Five Moves: Master the Art of Business Strategy by Patrick Bet-David and Greg Dinkin

In a book brimming with incredible insights and ideas such as this one, its hard to highlight just one or two key takeaways.  But given the fact that speed is everything in today’s world, this quote really stands out.   

But how can you increase speed in your business?  According to the book, improving these four factors will enable your business to move faster:

  1. Functioning Speed: This is the core of a business and revolves around talent, such as hiring, training, and support systems.
  2. Processing Speed: The processing factor includes aspects that influence the speed of product delivery, manufacturing, purchasing process, etc.
  3. Expansion Speed: This factor affects how quickly a business can enter new markets, bring new products to market, or make acquisitions.
  4. Timing Speed: The fourth and final factor is all about knowing when to act, including announcing a new product, hiring a new employee, or making any other strategic decisions. 

The world moves at a lightning-quick pace, so the only way to compete is to move even faster.  Making decisions that improve each of the above factors will make any business quicker and nimbler, which gives it a fighting chance against more prominent competitors.  Larger firms don’t simply win because of their size anymore.  Faster, innovative startups can beat large, established companies if the latter has become a complacent, slow-moving bureaucracy.  Just ask Blockbuster or Sears.