Why Moving Fast In Business Is So Important
I witness many businesses that spend way too much time trying to figure out the right ways to do a project before moving forward and in the end these projects stall out or never get anywhere. I also find that many businesses get way too caught up in the estimated budgets, timelines, etc instead of just moving forward in some sort of agile format.
I am totally for thinking through how to do things the right way, but I find too many businesses take so long in this process that by the time they get started and maybe even finish the project, they are already way behind the status quo of what is considered best practices. These businesses are always in a constant state of catch up to the status quo and they just can’t get to where they need to be.
Here are my main reasons for moving faster!
Technology Is Rapidly Evolving
This is obvious but I still think people just don’t fully grasp this. eCommerce is taking over, AI is taking over, automated cars will take over! SaaS is taking over. If your business does not have a technology component to it, its only a matter of time before a competitor leverages technology to build an advantage that you can’t compete with. Don’t be the taxi cab industry. Figure out how to put technology in the drivers seat instead of just feeling like you can’t keep up…
Fast Moving Can Lead To More Iteration:
Chances are that no matter how much you plan and think about the right way of doing this, until you launch something you won’t really know how well it works. The faster you can launch new projects / initiatives the faster you can iterate and improve them. Its very rate version 1 is great, its usually version 3 or 4 that really makes the money. If its takes to long to get to version 1 you will never get to version 3 or 4.
Moving Fast Often Leads To More Failure:
Failure is good! Obviously if you fail too much or fail in critical ways it can harm your business but you cannot learn without failure. If you can endure more “micro” failures from moving fast you will learn more and become better than your competitors.
Customers Like Fast
Customers don’t want to work with a slow moving business that is not improving and adding new initiatives that make their products and services better. They wan’t fast speedy service and products that solve their problems or fulfill their wants. Moving slow will eventually be a death sentence for your customer base because there are so many fast on demand options out there like Uber etc in more and more industries.
Vendors Like Fast
Companies often neglect the value of their vendors. If you are a slow moving business vendors will start putting effort into the relationship because they can find better customers.
Partners Like Fast
Partners, just like vendors can often make or break your business. Partners don’t want to work with a slow moving business that can’t innovate. They want fast growing innovators that will bring big impact to their bottom line. If you move to slow they will find other partners, or prioritize you less and less.
Moving Quickly Keeps You Ahead Of Slow Competitors
Moving fast can simply be a competitive advantage. Your competitors are likely moving slow if you are not in a technology dominate industry like distribution, manufacturing or something that is not traditionally run by technology companies. Moving fast can be a huge competitive advantage and help you build a strong foundation that other companies can’t catch up to.