by Andy
March 10, 2010
Two+ years of lay-offs and downsizing has created a work environment primed to hit the ground running. Let’s hope this economic recovery is permanent. Let’s also hope that corporate America won’t be fooled again by cheap money and irresponsible risk that sped us to this situation. Unfortunately, history tends to repeat itself. And, speed is enticing and very sexy.
For the last two decades or so, speed seemed to be valued over smart. Speed to market, speed of product development, speed to innovate. Those that were first won and those second were tied for last. The 90’s brought us the very speedy .com boom and subsequent bust. The last 20 years sped up our purchase power, which misled Detroit to focus on the wrong products. Even for Toyota (a historical totem for QC), speed to grow created dangerous cars that will hurt its reputation (and market cap) for years to come. Speed to offshore officially transitioned America from a manufacturing-based economy to one that is service-based. Speed (coupled with cheap and lax credit) created a housing bubble that burst on us all.
We’ve all paid the price for a reckless commitment to speed. Now, thankfully, there is an eyes-wide-open commitment to smart. Irrational has led to rational. ‘Shoot first, ask questions later’ has led to ‘hold your fire!’
While speed might get you there first, it’s smart that keeps you there. Being first still has advantages, but firsts must now be truly relevant to the needs of the market. Today’s fear-based economy means companies are looking for safe bets – not first bets. They want to be assured their business partnerships or co-dependences are tied to firms with a strong plan and vision based on intelligent management and commitment – not reckless speed.
But how do you know if these partners are smart and worthy of your attention?
They must let you know. They need to showcase their commitment to smart. They need to explain their vision for success and the role suppliers, vendors, buyers, distributors – everyone plays in achieving mutual success. They need to show and prove each is a valued cog in the category wheel.
As our recovery occurs with a more risk-adverse eye toward the future, let’s hope that our addiction to speed is tempered with a healthy dose of reality as captured by a quote from Bill Gates. “Success is a lousy teacher. It seduces smart people into thinking they can’t lose.”
The infamous fable of “The Tortoise and the Hare” as applied to corporate strategy.
Speed still matters, don’t get me wrong. Slow can be even more disastrous.
The infamous fable of “The Tortoise and the Hare” as applied to corporate strategy.
Speed still matters, don’t get me wrong. Slow can be even more disastrous.
To be honest, I’ve learned far more from a single failure than I ever did from any winning streak. Set backs and disappointments teach valuable lessons. For me, genuine success is the result of implementing and acting on the things I’ve learned to achieve a better result.
One thing I’ve learned is that speed is often over rated. Another lesson is that speed without smart is often fatal.
The first (‘fastest’) mouse rarely gets the cheese. It’s more often the smarter mouse that avoids the traps and achieves the better results.
To be honest, I’ve learned far more from a single failure than I ever did from any winning streak. Set backs and disappointments teach valuable lessons. For me, genuine success is the result of implementing and acting on the things I’ve learned to achieve a better result.
One thing I’ve learned is that speed is often over rated. Another lesson is that speed without smart is often fatal.
The first (‘fastest’) mouse rarely gets the cheese. It’s more often the smarter mouse that avoids the traps and achieves the better results.
Speed is essential … but so is accuracy…when we hustle to get something out, there are times when errors occur. Often the errors are minor and silly oversights, but this is not always the case. The mistakes of speed are painful.
Speed is essential … but so is accuracy…when we hustle to get something out, there are times when errors occur. Often the errors are minor and silly oversights, but this is not always the case. The mistakes of speed are painful.
Great points all. Speed for speed’s sake causes so many more problems than it solves.
Great points all. Speed for speed’s sake causes so many more problems than it solves.
Slow and steady wins every time!
Slow and steady wins every time!
Great post, Andy. Getting to the wrong destination the quickest doesn’t do you any good…
Great post, Andy. Getting to the wrong destination the quickest doesn’t do you any good…
Very well written Andy. It’s not just speed for speed’s sake that kills. It’s also the lack of alternative identification and objective (key word) and thorough risk assessment. This is the opposite of smart. It’s seductive to overstate the pros and rationalize away the cons. If one can act smart yet do it with speed, so much the better. It’s the dumb speeders that get the ticket!
Very well written Andy. It’s not just speed for speed’s sake that kills. It’s also the lack of alternative identification and objective (key word) and thorough risk assessment. This is the opposite of smart. It’s seductive to overstate the pros and rationalize away the cons. If one can act smart yet do it with speed, so much the better. It’s the dumb speeders that get the ticket!
Great article. I think there are some parallels in it to the marketing world’s fascination with everything social media. Speed of adoption can be very important, but a smart understanding of how your customers and stakeholders interact is more so.
Great article. I think there are some parallels in it to the marketing world’s fascination with everything social media. Speed of adoption can be very important, but a smart understanding of how your customers and stakeholders interact is more so.
I was once told, “For every great decision you make, Danny makes five – three of those may be bad but two of them are right on. He’s gotten double the results in the same amount of time.” That bothered me for some time. At least until I began to see the results of Danny’s speed. Those three bad decisions often erased or exceeded the gains of the good decisions.
If your focus is on the long term, quality is the highest priority. Where speed is critical, it must then be built into your infrastructure, processes and relationships. That’s smart.
I was once told, “For every great decision you make, Danny makes five – three of those may be bad but two of them are right on. He’s gotten double the results in the same amount of time.” That bothered me for some time. At least until I began to see the results of Danny’s speed. Those three bad decisions often erased or exceeded the gains of the good decisions.
If your focus is on the long term, quality is the highest priority. Where speed is critical, it must then be built into your infrastructure, processes and relationships. That’s smart.