Why Speed Is The Wrong Measurement For Success

How important is speed as a variable for success in your career or business?

By all accounts, it's an integral part of success and growth. It seems like every business podcast I have listened to recently or blog I have read all espouse the virtues of speed.

“Speed is the new currency of business” -Marc Benioff, Chairman & CEO of Salesforce.

“The 3Ss of Winning in business are speed, simplicity, and self-confidence” - Jack Welch, former CEO of General Electric.

While I don’t disagree with the premise that speed in the context of making business decisions has major upside, I do however question the broad application of the term speed and I can’t help but wonder if there is not a better substitute?

First, let's examine some benefits of making fast decisions:

• Innovation

• Efficiency

• First to market

Broadly speaking the act of making fast decisions is clearly a net benefit.

My take on this is not to dispute the positive second and third-order effects of making fast decisions but to simply point out that we may be using the wrong term. 

What is Speed

In physics, speed is defined as distance over time. It measures how fast something moves. But it does not have a direction.

For example, if I took a flight from Boston, and due to inclement weather circled the city for an hour, I could measure my speed but I would have gone nowhere.

Now apply the same logic to the business world or your career. Moving with speed and making faster decisions would be counterproductive if there was no feedback loop on your progress. Clearly we need a better word that measures both speed and direction.

Velocity

Velocity is speed plus direction. It is direction-aware. Physics tells us that velocity is a vector quantity simply meaning that a change in direction + speed is required to measure it.

If I took a flight from Boston to Chicago that’s an example of velocity ( speed + direction). 

Words Matter

What we say and how we say it matters. Speed is not a prerequisite for business growth.

It seems to me that velocity is a better way to measure progress in the business world. Making fast decisions ( speed ) and having real-time feedback on the implications of those decisions ( direction ) is a winning formula.