Realize that the swiftest competitor, not necessarily the smartest, is often the winner in today’s marketplace. Speed is increasingly of the essence, no matter what business you are in.
Consider incorporating the following suggestions into your operations:
Respond to sales leads quickly. One small business requires staff members to follow up within the hour, by e-mail, fax, or phone.
Get comfortable with rapid, strategic decision-making. Five-year planning horizons are out the window.
Compress your timetables. One Internet startup rolled out its expansion efforts in a reduced time span of 45 days instead of the originally planned year, beating out competitors.
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.