Do you know what a “speed gap” is?
It’s the lag time between your customer request and your (or your competitors’) performance. Sometimes it seems like it is hard to gain momentum. You feel like you are slugging through mud. How do you pick up the pace?
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The key question every leader should ask:
- Do we operate like a high-wire tightrope artist or a quarter-mile hurdler? The tightrope artist makes deliberate moves with every part of the body and mind in sync. One little adjustment not in alignment can end up in tragedy. The hurdler however, runs the race and has a practiced high step gracefully moving over and past hurdles on her way to victory.
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Every leader should put in place the time and attention to review the business systems, processes and outcomes with a focus on speed and agility. What can you do to rethink the steps and deliver the output? What would happen if we could get the product or service out 25% sooner at the same cost?
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The classic mindset is to try to get a business plan or product 95% right before taking action. This is great in theory, but it rarely works. Fail fast / Fail cheap centers on taking a business idea or strategy and breaking it into bite size pieces you can test throughout the definition process. Therefore, you can eliminate failed actions quicker with less cost, and make aggressive decisions for ideas that pass.
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The Plan-Do-Study-Act (PDSA) is a useful methodology for documenting a test of change. The PDSA cycle is shorthand for testing a change or idea by developing a plan to test the change (Plan), carrying out the test (Do), observing and learning from the results (Study), and determining what modification should be made to the test (Act).
The results achieved with implementing these techniques include, but not limited to:
- Minimize risks, time & money;
- Make change less disruptive;
- Reduce resistance to change;
- Learn from ideas that work;
- Learn from ideas that do not; and
- Increase business speed.
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Companies do not survive unless they are agile, resilient and innovative. Given such high stakes, a company must have targeted strategies to increase the speed and urgency of business.
Call IntelliThink LLC today and get your Speed On!