I see something interesting when companies go from being sufficient to being excellent. It’s something that’s universal that I’ve noticed across the board. When companies go from something they are good at or sufficient, to being amazing, to being powerhouses, to being highly profitable, they usually increase in the speed of experimentation. They’re doing more, and more, and more to learn and evolve and increase their value to it, in less and less time. It’s a breakthrough moment.
We as business owners should be looking at how we can experiment more, how we can try more things and do more. As my businesses grow, I’ve been able to increase the speed of experimentation, and as many will know, the speed of failure. As you do more and more things and as you test more and more things, not everything is going to work. You’re often going to fail, and it’s okay to fail. But if you’re experimenting quickly, and you’re failing quickly, and you’re learning quickly, you’re also going to have a great number of successes. More well-conducted tests, more failures, more learning, is going to lead to more success. If you can smartly increase the speed of that, and the velocity, you’re going to increase the velocity of your successes. One of the things I see when I see a business breakout, is that they start experimenting successfully, and with a lot of speed and regularity. A lot of failures, but a lot of wins.
What are you doing in your business to increase your speed of failure? Your speed of experimentation to find more successes? Join us in the comments below and let us know about what you’re seeing.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Flo Holzinger.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.