Speed of Execution
Are you an idea generator? How many good ideas have you written down in your notebooks or locked away in a vault in your mind stored with a fuzzy intention for someday? Ideas are everywhere, and they’re always evolving. That’s why it’s not the idea itself that matters, but the speed of execution. Acting upon your ideas is critical to getting them off the ground.Speed of execution gives you advantages. For starters, the quicker you validate your idea, the more prone you are to continue working on it. Speed also gives you an edge in the marketplace. If you can execute on your ideas quickly, you’ll leave your competition in the dust. Above all, speed of execution forces you to get clear about your idea and streamline your execution.
Validation Is Key To A Successful Idea
Whether your new idea is an add-on to an already existing business, or the budding seed of a new business, validating it as quickly as possible gives you a better chance at success. Validation can only happen by putting your idea in a market where you can test it. The faster a new business makes its first sale, the more motivated the people working the new business will be. That first sale proves the idea works, and that’s exactly the kind of fire that gets people excited about the new idea they’re working on. Why waste time on ideas that don’t work? The other benefit to the validation scenario is that the faster you find out what doesn’t work, the quicker you can understand whether to scrap the idea or improve it.
Leave Your Competitors In The Dust With Speedy Execution
While you’re competitors are busy fiddling with their ideas, you should be busy getting your ideas out into the world as fast as possible. Grab a hold of your target market’s attention by getting your new product or service in front of them first then innovate quickly to keep them focused on you.Spending too much time thinking about an idea and tweaking it to perfection means that your competition is getting in front of you. Don’t let that happen. Instead, stop focusing on what others are doing, and turn your attention to working on your own ideas quickly. Remember that the first version of your product isn’t the last. Once you’re in the marketplace you’ll receive valuable feedback to help you modify your idea to make version 2.0 even better.
Use Speed To Streamline Your Process
In order to validate your ideas quickly, and be first to market, you need to be able to execute your ideas fast and efficiently. This means there is no room for time and money wasters. Streamlining your process in order to keep it working takes diligence. When something begins to create a bottleneck in your process, it’s necessary to find the problem and solve it quickly to keep the whole system moving smoothly along. This means you need to be clear about your vision which keeps you focused on what you are doing, why you’re doing it, and where you’re going so you can lead your team all the way to the finish line.Remember, only big businesses with bottomless wells of capital can afford to waste tons of time and money when bringing something new to the market only to realize it fails because the market doesn’t want it. For smaller businesses, speed of execution means saving valuable resources for when they’re most needed, staying on top of the competition, and creating smooth business practices that will serve well in the long term.