The short clip below is a perfect example of the long term impact of decision and execution velocity (D&E velocity).

There’s 40 years between the 2 pit stops!

And it made me think about the impact of D&E velocity and why this is such a critical area for businesses that want to scale quickly and efficiently to pay attention to?

You see, D&E velocity is the ability of an organisation to make and execute decisions quickly and effectively.

In scaling our property business from a local company to a national organisation, it became very clear how important it was to make good decisions.

Why?
Well, firstly, it allowed us to execute on opportunities quickly. In a rapidly changing market, businesses that can make decisions quickly can be the first to market with new products or services, or as was the case for us, to acquire the most suitable companies. This gave us a significant advantage over our competitors.

Secondly, D&E velocity helps businesses to adapt to change. As a business scales, it will inevitably face new challenges. By being able to identify these challenges in advance and make good decisions quickly to address them, businesses can adapt well.

Thirdly, D&E velocity helps businesses to improve their efficiency. When decisions are made quickly, there is less time wasted on rework or delays. This can lead to significant cost savings.

So here are 8 factors to harness D&E velocity:

  1. Create a culture of decision-making where people feel empowered to make decisions without having to go through a lot of red tape.
  2. Streamline the decision-making processes to identify and remove unnecessary steps.
  3. Empower employees so they have the authority to make decisions within their areas of responsibility.
  4. Use technology to support decision-making, increasing speed and accuracy.
  5. Set clear goals and objectives to help focus decision-making and ensure that decisions are aligned with the overall business strategy.
  6. Communicate effectively to ensure that everyone in the company understands the goals and objectives, as well as the rationale behind decisions.
  7. Be prepared to make mistakes. No decision is perfect, so be prepared to learn from your mistakes and make adjustments as needed.
  8. Celebrate successes. When decisions are made effectively, take the time to celebrate the successes. This will help create a culture of positive reinforcement and encourage people to continue making decisions quickly and effectively.