Speed of execution is the ultimate weapon in business! Speed is a defining characteristic — if not the defining characteristic — of the leader in virtually every industry you look at. 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? A brilliant idea can put you on the path to success, but only solid execution can keep you there.
The speed of your execution can be the difference between success and failure. The quicker you validate your ideas, the more prone you are to begin and continue working on it. Additionally, the best way to beat the competition is to constantly execute faster than the rest. And, above all, speed of execution forces you to get clear about your idea and helps to streamline your execution.
Validate, Validate, Validate
Validation can only happen by putting your idea in a market where it can be tested. Whether your new idea is an extension to an already existing business, or the budding seed of a new one, validating it as quickly as possible gives you a better chance at success. Why waste time on ideas that don’t work? The quicker you can understand what works and resonates with your audience, and what doesn’t, the quicker you can understand whether to scrap the idea or improve it. The sooner you know whether your idea is worth pursuing, the better.
In short, idea validation is like a form of risk mitigation to test and tweak your idea before you invest a significant amount of time and resources to building it. And the faster a new idea is adopted, the more motivated you will be to continue to grow it.
A lot of first time entrepreneurs find themselves waiting around to launch a product in the hopes that the product is perfect before the outside worlds sees them. However, the reality is that most successful businesses are the ones that get to the market quickly and then out-execute the competition.
If you spend too much time in the brainstorming and tweaking phases of your product launch, while you’re worrying whether or not your product is ready, the competition is out gaining that competitive advantage.
The best way to beat the competition is to be your own competition. Each version of your product should be significantly better than the last. And, while your competition is focused on the current product, you’ll be ten steps ahead already working on version 2.0. You know what they say, its hard to hit a moving target.
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.