Need for Speed is not only a video game but a motto that each business has to accept each day.
People walk into a fast-food restaurant with a simple expectation: having their lunch on the go without sacrificing valuable time. The importance of fast service is also evident when things break down and people call appliance repair services in Salt Lake City. Not only do people have their appliances repaired on time; they also save money by not having to spend on new ones.
Speed is important for businesses to remain afloat and relevant in today’s market. To better illustrate speed, many businesses adapt well to the market. Even though mistakes happen, moving fast has proven to be more beneficial in the long run.
Apple is a company known for releasing phones every year, each with newer and better features. Besides the products they release, an app is downloaded from the App store every millisecond. That’s fast!
Speed and Business Success
The 21st century has made the world accustomed to speed. People want quality, and they want it fast. This can also be seen in businesses today, where products quickly become obsolete and younger start-ups gain more momentum.
Remember when Friendster was starting out? The company was considered unique but quickly turned obsolete thanks to social media today. Even with a unique concept, Friendster suffered because of their speed not matching the needs of the people.
Businesses today are doing a stellar job in catching on to the fast-changing needs of people. Aside from innovation and offering faster products, businesses have to consider their organizational speed. A bullet train, for example, must be handled properly by someone capable. Otherwise, an accident can occur because of a person ill-equipped for the job.
For businesses to remain relevant, they must also consider the speed of their capital and equipment to be more competitive.
Speed and Breaking Things
People who move fast tend to break objects. In the business world, this means scarce resources require people to make hard decisions. Companies have to be thorough (at the expense of speed) or more efficient (at the cost of quality).
Quality and quantity are difficult to achieve. To address this struggle, people have come up with the 70% rule. This means that if a product or launch is 70% finished, it can be released; if a person is 70% sure about a decision, it can be made.
Beginner entrepreneurs make the mistake of putting their best foot forward and giving their all to a single project. This means the time they spend on that one project could have been spent on others.
Exceptions to the 70% rule
The 70% rule is based on the concept of affordable loss; businesses can afford to be wrong. A business dealing with a nuclear facility, for example, has to be 99% accurate and correct to prevent a disaster that is costly and irreversible. Other businesses and start-ups can apply the 70% rule when releasing a new product. This means that they can place time and effort into other projects and mitigate possible errors.
Today’s market constantly searches for innovations at an unprecedented rate. Companies that focus on quality are good businesses, but better ones can enjoy good and fast results.