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How Important is Speed for Your Business?

May 3, 2017

importance of speed to businessHaving a good product is not enough for a business to survive. It is but one cog in the machinery that is your company, and there are other factors that need to be considered in order for your business to prosper. One factor that you will need to take into consideration is speed.

Being expedient is one thing that businesses truly need, and good business owners know that being fast is required if you want your enterprise to succeed. You might be asking, speed at what? Well, you need everything to be fast. Your service, your website speed, your response to queries, your production line, and even how you think has to be fast.

Why is speed necessary for a company’s success? Here are some reasons:

When you are slow, your rivals will overtake you – it’s just like cars on the road. If you are running too slow, other vehicles around you will speed by. If you are all heading in the same direction, they will get there ahead of you. If you were to pick up customers along the way, those who get to them first will definitely be the ones picking them up. Always remember that your business is not the only one in your niche, and others will take advantage of your weakness (or your lack of speed) and capitalize on it.

Business is, after all, a race and whoever get ahead of the pack will definitely win it. This does not mean however that you should sacrifice everything else for speed. You also need to ensure that you do things with speed as well as integrity.

Expediency with customer needs equals satisfied customers – when you are in a restaurant, getting your food to the table quickly often means that your hunger will be satiated sooner. When food does not get to you quickly, your hunger will worsen and this will make you grumpy. A grumpy customer is an unhappy and unsatisfied customer. Even when the food that arrives is good, the fact that you waited too long for it to get to your table will already have an impact on how you perceive the restaurant as a whole.

This same concept applies to other businesses as well. When you serve your customers in a timely and fast manner, you end up with satisfied customers. When you make them wait forever to get what they want and need from you, you simply end up with disgruntled clients who, despite the superlative quality of your product, will not want to deal with you ever again.

No matter what kind of business you are running, whether you are an online enterprise or not, speed should always be a consideration of yours. If your website is not as fast as your competitors’, or some parts of your site are slow, you can and will lose customers. The same goes for the delivery of products, the answers to customer queries, and even the production of items on your assembly line.

If you do not have the kind of speed needed to stay ahead of the pack, and to keep your customers satisfied, you need to find a way to get that speed, and fast.   

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