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The Need for Speed: How Fast Decision-Making Reduces Risk and Creates Growth

While carefully analyzing your business strategy and considering all aspects of implementation is important, quick reaction and agility is of even higher importance. The markets today are very dynamic and those that are successful are making decisions on the fly. Recent survey shows that customers and clients often prefer a response in a timely manner over efficiency. The top metric of customer support for most customers is the quickness of service. Speed can often lead to lower risk in business world, from procurement and supply chain to accounts receivable and finance. Swift business processes challenge entrepreneurs and promote mental agility, while delays can lead to complacency and lethargy.

Key Takeaways:

  • Quick delivery caters to today’s impatient audiences who live frenetic lifestyles.
  • Large enterprises succumb to analysis-paralysis and often turn into slow-moving dinosaurs.
  • Accept that mistakes are part of the process; make the necessary improvements and move on.

“Speed allows you to preempt competitors because the faster you do business with customers, the less they purchase from rivals.”

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