How to increase speed in your business…

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Transcript of video:

My name is Nick Leighton and for the next few minutes you are exactly where you want to be.

This is originally recorded September 15, 2020 for Facebook Live - uncut and uncensored.

Let’s talk about: Speed.

Amid the COVID-19 pandemic, business leaders say their organizations are making extensive changes with one overriding goal: to increase the speed at which they adjust strategic direction, make and implement tactical decisions, and deploy resources. What’s more, recent survey findings indicate that making a special effort to gain speed pays off. Fast organizations outperform others by a wide margin on a range of outcomes, including profitability, operational resilience, organizational health, and growth.

You better believe it - your competitors - and the larger ones at that - are discussing how they can move quicker.

Yet adding speed is not as easy as stepping on the accelerator. Of executives recently surveyed - a lot report that organizational silos, unclear strategy, and slow decision making frequently interfere with attempts to boost the rate at which work gets done.

Many organizations realize the value of speed during these times of flux and uncertainty. Leaders most often cite the need to react more quickly to market changes as the reason why organizations have made changes during the pandemic. This need is reported significantly more often than factors such as the need to reduce costs, increase productivity, or engage more effectively with customers.

But - for you - the small and medium sized business leader - you have an advantage.

Small is better for speed. Entrepreneurs move quicker. The dynamic leader (they people who are watching on my platforms) know all about speed. There are three things to consider to make your business quicker -

1 - Vision & Values

You need to know your business vision and your core values. As a business owner, you bring this to the organization. We talk about business vision a lot, and if you’d like a cheat-sheet to get yours on paper, please direct message me. This is the direction you’re going.

As Tony Hsieh, CEO of Zappos sys - “Don’t play games that you don’t understand, even if you see lots of other people making money from them.” Stick to your vision.

The values of your company are equally important - they are you Guiding Principles - and they support the decision-making process you and your team make. If you have clearly defined values for your company, then you can make quicker decisions.

2 - Communication

Better communication and collaboration will increase the speed at which your organizations acts. This is true in part by increasing transparency.

Better communication across areas of the business enhances the quality of decision making, promotes the sharing of assets such as data, and prevents work from being duplicated.

In addition, increased communication between team members at various levels of the organization help useful information reach people more efficiently.

Companies can benefit from moving toward a more nonhierarchical, agile models of communication and collaboration that improves the efficiency of information sharing.

And this starts with you - it starts at the top. You should charge teams with specific, customer- or employee-focused missions, and your teams must be clear about what needs to be completed by whom, when, and why.

3 - Technology

Technology and digital enablement quickly enhance engagement with customers and your team.

Technology can build organizational speed by enabling real-time performance monitoring and increasing your team’s efficiency.

Making greater use of technology to enable a hybrid working model can provide your organization with greater flexibility and improved productivity, and digital technology can help develop your team’s functional skills through online and hands-on learning.

In short your business can gain speed and better meet customer needs by embedding technology within your ecosystem.

In the early months of the pandemic, businesses - like yours - across all sectors accelerated their decision making and operations to deal with fast-changing conditions. As the adrenaline from that initial crisis-response period wears off, you must figure out how to gain speed by design. Given the benefits of organizational speed, the question isn’t whether speed is important, but whether yoiu can afford not to build speed into your culture and processes.

Now it’s your turn. What can you do to build speed? Post here – I would love to know.

If you found just one nugget of advice or inspiration in this quick video useful, then please do me a small favor - like and share.

Follow this page & join me next Tuesday - when we’ll take another look into Entrepreneurship and business ownership for today’s economy.

My name is Nick Leighton and I wish you passion, profit and happiness.

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