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In today’s marketplace, it is often the swiftest competitor — not necessarily the smartest — that wins. Speed is increasingly of the essence, no matter what business you are in, so here are some tips to keep in mind:
1. Respond to sales leads quickly. One small business requires staff members to follow up within the hour, by email, fax, or phone.
2. Get comfortable with rapid, strategic decision-making. Five-year planning horizons are out the window.
3. Compress your timetables. One Internet startup rolled out its expansion efforts in 45 days instead of the originally
planned year, beating out competitors.
4. Make speed a part of your corporate culture. Reward employees’ swiftness with stock options, bonuses, or other perks.
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.