“In business, there’s a speed gap: It’s the difference between how important a firm’s leaders say speed is to their competitive strategy and how fast the company actually moves. That gap is significant regardless of region, industry, company size, or strategic emphasis. Organizations fearful of losing their competitive advantage spend much time and many resources looking for ways to pick up the pace.
Paradoxically, they should try slowing down instead. In our study of 343 businesses (conducted with the Economist Intelligence Unit), the companies that embraced initiatives and chose to go, go, go to try to gain an edge ended up with lower sales and operating profits than those that paused at key moments to make sure they were on the right track. What’s more, the firms that “slowed down to speed up” improved their top and bottom lines, averaging 40% higher sales and 52% higher operating profits over a three-year period.” –
Harvard Business Review1