{"id":18484,"date":"2023-10-24T06:44:31","date_gmt":"2023-10-24T06:44:31","guid":{"rendered":"https:\/\/mysourcefunding.com\/leadership\/running-a-business-heres-how-speed-can-be-your-ally\/"},"modified":"2023-10-24T06:44:32","modified_gmt":"2023-10-24T06:44:32","slug":"running-a-business-heres-how-speed-can-be-your-ally","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=18484","title":{"rendered":"Running A Business? Here\u2019s How Speed Can Be Your Ally"},"content":{"rendered":"
\n

Wunderkind Mark Zuckerberg, co-founder of Facebook, once declared that he and his colleagues would \u201cmove fast and break things.\u201d<\/p>\n

That phrase, which seemed to legitimize recklessness, became an informal motto at the tech giant as well as for many other aspiring entrepreneurs.<\/p>\n

Frances Frei and Anne Morriss, cohosts of the TED podcast Fixable, are upending that mindset with a fresh mandate for businesses: move fast and fix<\/em> things. They are coauthors of a new book (Move Fast & Fix Things: The Trusted Leader\u2019s Guide to Solving Hard Problems<\/em>) and are working to rehabilitate the notion of speed in running a business.<\/p>\n

Frei teaches at Harvard Business School. As an officer at Uber, she helped the company navigate its crisis in leadership and culture. Morriss is an entrepreneur, leadership coach, and founder of the Leadership Consortium.<\/p>\n

Frei and Morriss encourage people to be impatient with progress. At first blush, that notion seems counterintuitive.<\/p>\n

Morriss explains: \u201cWhen you\u2019re moving fast and fixing things, measurable outcomes are better\u2014creativity, innovation, achievement,\u201d she says. \u201cBut the real tell is the emotional state of your stakeholders. Employees are confident, focused, and energized. Customers are sticking around and co-producing great products and services. Suppliers are eager to be a part of what you\u2019re building. Impatience gets a bad name, but we define it as taking full, even radical responsibility for each other\u2019s success.\u201d<\/p>\n

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So, what are the advantages of solving problems at an accelerated pace?<\/p>\n

\u201cYou actually get to solve them,\u201d Frei says. \u201cNo one has ever said to us, \u2018I wish I had taken longer and done less.\u2019 What we do hear, again and again, is the opposite, the recognition that I waited too long and the moment to create change passed. The truth is the clock is ticking. The opportunity for change is finite. It\u2019s not just what we do, but how fast we do it, that makes the difference between good intentions and having impact.\u201d<\/p>\n

For leaders who want to boost performance for both themselves and their teams, there are tell-tale signs of stalled performance.<\/p>\n

\u201cWe start with trust and speed,\u201d Frei says. \u201cSome clear signs that you\u2019re in trouble on trust is high churn of talented people, disengaged managers, and a transactional culture. You\u2019re in trouble on speed when process is valued more than outcomes. If you\u2019re spending most of your time in meetings\u2014with agendas that are suspiciously similar to previous meetings\u2014then you\u2019re moving too slowly.\u201d<\/p>\n

Both trust and speed are key ingredients in the success of most enterprises. In their initial work with clients, Frei and Morriss use a \u201cFix Map\u201d to assess an organization\u2019s current situation.<\/p>\n

\u201cThe work we do that gets the most attention is our partnership with companies in Reckless Disruption,\u201d Morriss says. \u201cThese are companies that are moving fast but inflicting too much collateral damage as they go. But most companies are in Responsible Stewardship, building trust without also realizing their full potential for impact and innovation. Their challenge is to use the trust they\u2019ve built as a foundation to move faster.\u201d<\/p>\n

Frei and Morriss point to authenticity, empathy, and logic as the essential drivers of trust in an organization. Frei offers an example of how each one of the three contributes to a high-trust culture.<\/p>\n

\u201cAn organization with high logic can reliably meet the needs of its stakeholders. Think FedEx delivering your package versus our underfunded US Postal Service. An organization with high empathy reveals that it cares about you. Think about any company with a devoted following\u2014Wegmans or Shake Shack or Chobani yogurt. They\u2019ve made it clear to their customers how much they matter to them. Finally, an organization with high authenticity does what it says it will do. Patagonia has made a clear commitment to the environment, not just in its words but in its bold actions. Companies that are trusted deliver on all three\u2014authenticity, empathy, and logic\u2014at the same time. And, perhaps most important, when one of these drivers gets wobbly, company leaders move quickly to steady it.\u201d<\/p>\n

Many leaders seem to get lost in the weeds while chasing the wrong issues. Morriss explains what gets in the way of identifying the problems that should be addressed.<\/p>\n

\u201cThe main barrier we see is the absence of curiosity, which typically presents as over-confidence in our own judgment and perspective,\u201d she says. \u201cWhen something isn\u2019t working, we advise leaders to assume they don\u2019t yet know what the real problem is and aren\u2019t getting all the information they need. As leaders, we get seduced into thinking that our job is to say the right things, but it\u2019s really to ask the right questions.\u201d<\/p>\n

Morriss suggests the keys to repairing and rebuilding trust when it\u2019s become fragile.<\/p>\n

\u201cFirst, own it,\u201d she says. \u201cAcknowledge the cost to the business and its stakeholders. Then move quickly to figure out which of your three trust drivers is in trouble because the remedies are very different. You can\u2019t solve a logic wobble by doubling down on empathy, which is what we often see happening with breakdowns in employee trust. Employees want fair compensation and a path to advancement. They want their core needs met by their employer, and some companies respond by saying, \u2018We value you so much, let us show you by putting great snacks in the break room.\u2019\u201d<\/p>\n

There\u2019s no doubt that empowering people is critical to moving fast. Frei offers an example of a company that\u2019s getting this right.<\/p>\n

\u201cTech companies are good examples because the speed of technology innovation has changed all of our lives at a dizzying pace. For example, one reason Microsoft is winning right now is because CEO Satya Nadella and his team\u2014particularly his Chief People Officer, Kathleen Hogan\u2014invested in building a culture of empowerment and belonging, not just for some of their people, but for every single employee who walked through the door.\u201d<\/p>\n

Frei and Morriss point to Southwest Airlines as a successful company that \u201cdared to be bad.\u201d Frei explains the lessons that leaders can take from Southwest\u2019s example.<\/p>\n

\u201cSouthwest delivered best-in-class prices by choosing to be worst-in-class on other aspects of the flying experience,\u201d she says. \u201cBy denying passengers some in-flight amenities like meals and assigned seats, Southwest could turn their planes around faster at the gate, which ultimately meant that it could charge lower prices. The airline was bad in the service of being great. The lesson for leaders is that physics applies to you, too. You can try to be great at everything you do, but it\u2019s not going to work, and it\u2019s going to leave your organization in a state of exhausted mediocrity.\u201d<\/p>\n

Again, some of this may seem counterintuitive. After all, Morriss says, doesn\u2019t history teach us that progress takes time?<\/p>\n

\u201cYes, progress takes time,\u201d she says. \u201cBut change can be measured in the minutes, hours, and days it takes to identify a problem and start the flywheel of action that leads to a solution. If you look closely, even history lurches forward when changemakers decide that the moment that matters most is now<\/em>.\u201d<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Wunderkind Mark Zuckerberg, co-founder of Facebook, once declared that he and his colleagues would \u201cmove fast and break things.\u201d That phrase, which seemed to legitimize recklessness, became an informal motto at the tech giant as well as for many other aspiring entrepreneurs. Frances Frei and Anne Morriss, cohosts of the TED podcast Fixable, are upending […]<\/p>\n","protected":false},"author":1,"featured_media":18485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[76],"tags":[],"class_list":{"0":"post-18484","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-leadership"},"yoast_head":"\nRunning A Business? 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