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Speed of business

Date: 07/21/2006 | Category: Business | Author: arvind

Speed of doing business is the most critical aspect of successful business. Gone are the days when the firms were in sellers market and buyers had to wait for products to be delivered after depositing the payment. 

High speed must be inculcated in various disciplines. For example, as a small business owner you may fix the response time to a new sales lead to be one business day. Employees accomplishing this benchmark can be rewarded with bonus or extra commission. Same applies to people involved in sourcing their products. Cost of money and time should be considered before arriving at the final cost of landing. Time calculations should be quantified in terms of opportunity sales. 

Your mission statement and actions should clearly spell out the importance of time and its speed management. Recent history has proved beyond doubt that the companies running at a higher speed are succeeding more than those not coping with time pressure. What better example than Google?

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