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When it comes to decision making and customer satisfaction, speed is your greatest ally.

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June
17, 2020

5 minutes of reading

Opinions are described Entrepreneur their contributors.


Analysts spend too much time looking at the pros and cons business strategy. Before no action is taken if rivals are starving until your failure market share. 2010 study it turned out that Americans spend 47 percent of their waking hours thinking instead of focusing on current activities. In business, inaction is as dangerous as account collectors are waiting nearby. The street is smart entrepreneurs find out how they go.

A survey Interactive Intelligence found a few years ago that customers value a “timely response” more than efficiency, professionalism, and other factors for call centers. Another one survey the same group found that customers want “speed of service” the most support service.

That’s how fast a quick turn a company can make sustainable and is protected.

Speed ​​reduces risk

Impossible fast venture extraordinary efficiency and the high morale of the employee. Otherwise, quick purchases force businesses to remain lean and stingy, thus risking the common knowledge that Ssnoozers have lost and you should seek to bury slow competitors.

“It’s faster and easier than 99 percent of competitors,” Michael Nemerov says in a recent call. Participated in the CEO of Rush Order Tees, a A garment company that grew from $ 20 million in 2016 to today’s $ 90 million. “We have a deadline, which means we understand the importance of a date date. We have this opportunity unlike most competitors in this business. We always leave opportunities open to meet last minute customer demand in need of an urgent turnaround. “Usually other printing houses do the same.”

Speed ​​allows businesses to collect payments faster. This increases turnover, allowing firms to collect more profits. As the saying goes, perfection is the enemy of growth. A slow competitor may seek to supply the perfect product, but such an approach will reduce the volume of transactions. Speed ​​allows you to drive out competitors because the faster you do business with customers, the less they buy from competitors. You ate to get a large share of the limited cash income spent on your category.

For example, ADHD clients

And 2015 study Microsoft has found that Americans have less attention than a goldfish: 8 seconds. Fast delivery of a product or service satisfies an impatient audience. This satisfies phone addicts.

Fast purchases are a natural progress of business, which corresponds to today’s fierce way of life.

There is still a need for appropriate qualities of solo runners, which are based on charging, taking into account prices. A memorable logo and information pack also help. However, speed overcomes the lack of size. What killed Goliath? Slingshot David. Speed ​​can reduce competition in your area. And it allows to stay fresh in the minds of customers. Rather, quick purchases boost reputation. If you can deliver very quickly, people believe that God is in your craft.

“Doing business is an extremely creative process and the most important form it’s resourcefulness, ”says Michael Nemerov.“ You can be resource-constrained and come up with incredibly smart solutions to the problems you face. You can also have a ton of resources and never come up with a solution. Yours , business ability to solve problems and manage people.

People have high hopes

The younger crowd loves instant fun. A long wait, either at a restaurant, at the airport, or at the concierge, will upset people. Large enterprises, whose executives consider invincible, become the prey of paralysis analyzes and become the slow dinosaurs that have bankrupted the once dominant companies. Where , Blockbuster or JCPenney now? A business with a speed of thinking means providing a product or service almost at a time when consumers expect to grab it.

Why McDonald’s continues to be the leading food chain. The starving patron can eat within seconds of entering the Golden Arches. He chooses not to wait for the infinitely tastier porcelain steak, which takes centuries to refuel on the grill. Restaurants provide free bread or peanuts to promote hungry snacks. Complementary rubber creates the impression of immediate empathy.

Mistakes should pay dividends

“Take responsibility and understand that mistakes are part of the process,” says Alex Nemerov, co-founder of Rush Order Tees. “There is no such thing as perfect, but there is such perseverance. Along the way, we have made thousands of mistakes … None of them really matter as long as you make the necessary improvements in order with customers.”

Finally, fast-paced business is restoring the mental health of solo entrepreneurs, and delays are undermining his sanity. Speed ​​relieves self-doubt and restores self-confidence. This means that the business shoots at all the cylinders, and the cash register rings loudly and very often. As the saying goes, happiness prefers the brave. Not those who hesitantly ponder options in a conference room when time is up. Unfortunately, thinkers are noted by scientists and well-known fans. Thinkers ponder, asking the girl about a date if another gentleman has already asked her out of wedlock.

Slow action is extremely dangerous in a crowded market. Be like David and use this slingshot, because agile surgery has a great chance success.

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