April 27


How Speed Becomes Imperative in Business

The faster you drive, the more likely a fender bender becomes a deadly crash.

The speed of our actions both in driving and in business certainly move us quicker to our destination. When moving at high rates of speed, however, any mistake or error in judgment amplifies that error and can transform a bump in the road to a life-threatening event.

Why do so many entrepreneurs have this insane desire for a fast buck, quick response and immediate action? Does speed of action translate to saving time, money or relationships?

In the world of business, speed is normally associated with success. An “overnight” sensation always gets more press because building a thriving business over 5, 10 or 20 years simply isn’t newsworthy. It is less interesting due to our fascination with the quick hit and the unrealistic desire for the “get rick quick” method. Sure, we all SAY that we don’t buy into fast money schemes. In our hearts, however, we all want to save time and get to our destination faster. There is a curious dichotomy between our tortoise and the hare attitudes in business. We WANT our customers to engage with us quickly but we KNOW that relationships require time to develop.

The next time you consider any method, technique or process that hastens building a relationship, pause and consider the last new relationship you developed. Did you engage with the person quickly or over a longer period of time? Did you transact business in a matter of minutes, hours, days or months?

For many of us the speed of our engagement is a direct result of the amount of our investment. We don’t think for more than a moment when deciding on a $20 dinner, whereas we may research a $30,000 vehicle for weeks before a purchase.

When it comes to relationships, your are putting more than our money at stake. Oftentimes, you are engaging your network, your contacts and your reputation. For new relationships the slow process of building trust is not only good business, it is wired in our interpersonal communication. Move too fast and you may not only lose the sale, but lose any chance to recover later.  The golden rule works 100% of the time.

Speed kills on the highway of life, too.

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