Before you speed up, know where you are going
In the nineties, first to market was the panacea. Who gets the new telecom innovation out in the market first? Lucent or Northern Telecom. Market entry faster than the competition was deemed critical. But what about direction? How relevant is speed if you are going in the wrong direction? Lucent and Northern Telecom were adept at introducing new telecom switches fast. Users wanted “routers.”
Remember Kodak? Speed is pointless if you are going in the wrong direction.
Once the correct direction is set, then how do you move faster than the competition? It all comes down to decision-making clarity.
Be the decision agile. Decision making will consume the time available to it. You rarely need more time. Often, you must simply choose to decide. Ask yourself: do I need to spend more time on research and analysis? Or, I am using that as an excuse to postpone the decision?
Make the most impactful decision first. As Mark Twain once said, “If it’s your job to eat a frog, it’s best to do it first thing in the morning. And if it’s your job to eat two frogs, it’s best to eat the biggest one first.”
Make decisions that will make the most difference first.
Only make decisions once, unless validated, new data presents a better profit opportunity and reason to change your mind.
Don’t seek advice from unqualified. Talk to experts in the field or those who are known for good judgment. Make it your own decision, but with input that will make it veto-proof.
Prioritize. Some decisions are trivial and trumped by speed. A few conclusions are worth the laser focus. Set the correct direction and practice. You will speed up.
You don’t need expensive consultants or a large budget. You need leaders.
Satish Mehta
Author, Speaker, Coach
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