I recently had the opportunity to work with Duane Reed, the Founder at Inside Success Training and Consulting, Inc. and the President of CEO Focus. He asked a great question. While most businesses are looking at opportunities for growth, Duane asks "What's your business velocity?" A car stuck in first gear will eventually travel a great distance, but how fast does your car or, in this case, your business run normally without overheating (late nights, communication mishaps, deadline scrambles)?
After all, being at the right place at the right time is how you tap those new business opportunities, but you need the infrastructure to adjust course and travel there efficiently.
A lot of this has to do with good decision-making: isolating a few reasonable alternatives and being able to compare them in an objective, informed environment. Duane recommends developing an infrastructure to make good decisions, as businesses struggle more often, not because they make poor decisions, but because they fail to make decisions in the first place.
One excellent resource for businesses in this regard is Second Opinion, which offers a lot of unique decision-making resources. This innovative company has replaced the old model of decision-making in which leaders must rely on input from people too close to be objective, uninformed opinions or high-priced consultants.
Other ways Duane lists to increase your business velocity are deepening relationships with your existing clients, increasing your product offerings and cutting costs, but he says that decision-making is often the linchpin. If you can improve the infrastructure behind your decision-making, you can travel much faster, more reliably, just as if your car had gotten a brand new transition.
(Photo by Mattia Righetti on Unsplash)
Tom McClintock is the owner and founder of Relationship Martech.