The Hidden Cost of Moving too Fast
Fast is great when running from danger or in a competition based on speed, but not when pursuing dreams. Not when doing anything important.
When we move too fast we miss the lessons. We lose the chance to savor the journey. Our minds don’t have enough time to form the memories that will stay with us into our golden years.
In business this is especially important. There is so much focus on launching big and growing quickly. Raise more funds. Hire more people. Get as big as you can possibly get as fast as you possibly can.
The problem is that businesses might be able to grow that fast, but rarely do people. That’s why so many people find that their businesses have outgrown them.
Before you can learn to lead a business of 1000 or even 100, you need to learn to lead a business of 5 and then 10 and then 20. It is far better you are given the chance to grow at the same pace as your business so that you will both be able to fulfill the needs of the other.
Let me make this one distinction before we proceed. I’m not talking to those are building solely to sell and get out. If you are flipping businesses then this isn’t for you. I am speaking to those who are building something that they want to nurture and grow. Something they would love to pour their life into. IT’s those people I’m trying to help right now.
Let me touch on three areas where moving too quickly could harm your business or at least put you in a position where you aren’t capable of leading it any longer.
Moving too fast creates a poor foundation for the basics
At the start of every business it needs someone who is capable of facing a multitude of unknown challenges. The bigger the business gets, the bigger and more plentiful the challenges.
When I started my first company I had never hired before. I had never had to consider the legal components of forming and running a business. The taxes, the records, forms, etc. It was all new to me. You may have different experiences, but there is plenty that is still going to be new to you as well.
Then there are are all the functional departments. If you hope to lead your business you will need to have a foundational experience in every area of that business. The surest way for that to happen is to move slowly. Take your time and be a part of all of those initial experiences. What will be gained is invaluable.
It could be said when moving fast you can get investors who already know all of this stuff. It’s true, but do you know what also benefits from moving slowly? Trust.
Getting into relationships with investors who may or may not have the same goals and aspirations that you do is a recipe for disaster. Besides, bringing in people who already “know all this stuff” is not an excuse for you to not also have some strong basic knowledge yourself.
The trust that’s needed in a business doesn’t only apply to investors or outside relationships. As an owner you have to establish a trusting relationship with the team that you are building.
This brings us to our next topic.
Moving too fast might make you a poor coach to others
Not everyone values the ability to help others navigate the journey of their professional or personal lives. You know who generally does? People who start businesses.
Contrary to what you might think, most people don’t start a business to make lots of money. They certainly aren’t against it. They usually just have a higher purpose in mind.
When most people set out to start their own business they are often searching for independence and flexibility. They want to pursue something they are passionate about. They want to accomplish something challenging or meaningful.
Does that sound like you? If it does then you are well suited to assist others who desire the same thing. But only if you don’t move too fast.
If you breeze quickly through all the experiences of your own journey you stand to forfeit all the lessons learned along the way. Unless the only lesson you want to hand down is, don’t go so fast.
As your business grows you will likely be hiring people that so many of the same goals you are in pursuit of. What an opportunity. You will be given a chance to mentor yourself from years ago. What would you tell yourself back then?
Your ability to coach those who come along is directly related to your willingness to experience and learn from those lessons yourself. Slow down and savor the present so you can invest in the future.
Moving too fast can cripple your culture
As the leader of your business you are the CCO, Chief Culture Officer. You determine the temperature of your business. When you grow too fast you invite chaos into your culture. You take shortcuts because there is so much to do. Hiring is just one of the places this manifests.
Every person that you hire changes your business. For better or for worse. In those early slower days you get to make choices that will lay a foundation for what you look for when you hire. Who you look for.
You aren’t hiring for merely a set of skills and experience. You are hiring a person. And that person has responsibilities, values, and dreams. When hiring it’s your job to make sure those things are in alignment. A team is far more content and productive when they are chasing the same things with the same principles.
When you move too fast it’s hard to find time to really consider your values or the true mission of your company. These things take a back seat to product, support, sales, forecasting, and the every day work.
The only way these things become a priority is if you make them one. You have to slow down and remember that the day to day stuff will always be there, but not if you don’t give them a stable foundation from which to operate.
There is a tremendous benefit in moving slowly
Perhaps the greatest benefit of moving slowly is the opportunity to pause. Take a moment or several to consider the path before you. Weigh the options, consult a trusted mentor, or just sit with them for as long as necessary.
I promise you will make better decisions. And most important, they will be decisions you can live with.