Today’s management literature is filled with references to speed. If we’re following the trends, we’re all growing more “agile” and likely “lean” in the process. We’re working in “sprints” and “bursts,” and of course, we’re “teaming” whenever possible.
Other firms are “reacting aggressively” to competitor moves and one CEO I was talking with described a “blitzkrieg move” (lightning warfare) into a new market segment. Another top executive emphasized wanted his team to be more nimble in response to competitor issues.
All of this motion may be helping our waistlines, dancing moves and cardio health, but I’m not convinced that speed is always the right answer.
Sometimes you just have to slow down to go faster.
4 Key Situations Where Pausing Before Acting Makes Good Business Sense:
1. Hiring Key Talent. While you might be critically short of talent in certain areas of your business, this is one area where haste will indeed make waste that you can ill afford to create. Hire slow. Get to know your candidate over time and in multiple settings. Work hard to assess mutual culture fit and involve the candidate with his/her potential team members. The opportunity cost of a poor key hire is too big to let the need for speed govern your actions.
2. Learning to Better Understand Your Customers/Prospects. Surveys, focus groups and executive customer visits are no substitute for taking the time and doing your best imitation of an anthropologist, observing customers or prospects in their natural settings. Watching individuals interact with your offerings or, better yet, trailing them for a period and cultivating a deep understanding of “a day in their life,” is a slower moving, deliberate process that has the potential to gain more insights and ah ha moments than a lifetime of online surveys.
3. Responding to Competitor Moves. While this might seem like the perfect situation to employ instantaneous response, there are many situations where a pause to better understand the move and cultivate a thoughtful, complete response may be in order. If your competitor is playing checkers, you might want to redefine the game as chess. The danger on one hand is being lulled into an unwinnable and ongoing set of tit for tat moves that destroy value for both firms. Also, a good competitor will throw strength against your weakness and if your response is from that perspective, you end up chasing your tail for a long time. Consider a broader response. Use your superior understanding of your customers to redefine your package of offerings. Kick back with something you do very well that is meaningful to your clients and let your competitor chase you. In most cases, simply matching a response is a fool’s game.
4. Restructuring the Team/Organization. This is one that some firms engage in like clockwork, and while organizational design is indeed a competitive tool, it is one to use sparingly and only based on a crystal clear strategy. Too many firms restructure first and then look for the strategy, when the right approach is to do just the opposite. Beware the temptation to simply move boxes on charts and think you are solving something. Most often, you’re not.
The Bottom-Line for Now:
I prefer adjusting my team’s cadence to the demands of a situation over an ungoverned pursuit of speed. And yes, sometimes the cadence is fast quick cycles, sense and respond, but in the circumstances above and many others, good managers see the risks in speed and the gains from slowing to consider the next actions. This coping with speed places huge pressure on top management to clarify strategies and goals and for all members of a firm to strive to connect their work and their pace to the bigger picture. While speed is inherent in our world, sometimes it truly pays great dividends to slow down and assess the situation.
Originally published at artpetty.com. Published with permission.
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