Small and mid-sized companies need to respond promptly when an opportunity arises. However, acting swiftly should not expose the business to unnecessary risks.

We have identified five essential factors for speeding up organizational growth and enhancing impact. We will define and explain these factors here, concluding with an example.

1. Focus

2. Prepare early

3. 80% is (mostly) good enough

4. Improve continuously

5. Delegate wisely

Focus is essential for small and mid-sized companies because they lack the resources for a broad approach. Leaders and team members have limited capacity. With uncertain paths to strong financial outcomes, conserving capital is crucial. Targeting a specific audience simplifies the creation of a compelling brand image. Fewer decisions make the decision-making process easier.

Plan Ahead: Steven Covey introduced the Four Quadrants Framework, which classifies activities based on their importance and urgency. Planning ahead is categorized as Important but Not Urgent.

For small, expanding companies, planning ahead can be challenging. Leaders often juggle both strategic and operational duties, leaving them with limited time. Immediate operational tasks can overshadow those with a long-term perspective. Ironically, activities that seem less urgent are often more crucial in the long run.

80% is (mostly) sufficient: Not all decisions and tasks hold the same level of importance. Some are crucial to the mission, requiring excellence for business success. Others are less critical, where an 80% solution might suffice.

Technical experts (like those in clean tech) might find it challenging to accept 80% solutions. They often aim to gather all the facts and avoid errors, which can significantly delay decision-making and reduce productivity.

Improve Continuously: Small, expanding businesses have numerous chances for enhancement. Many tasks are undertaken for the first time or not very often, requiring a learning curve for each. With proper management, each task will be executed more efficiently and effectively over time.

Continuous improvement necessitates a readiness to take risks and experiment with new methods. It involves learning from both achievements and mistakes. It requires a system to capture insights gained. It involves fostering a culture of learning that prioritizes ongoing improvement.

Delegate wisely: Delegating tasks effectively allows leadership to have more time for strategic decisions, enhancing decision-making processes. Delegation also offers chances for professional development, speeding up the growth of future leaders.

Delegation can also occur externally, involving suppliers, consultants, or outsourced professionals. This type of delegation grants access to resources and expertise not found within the organization. By carefully delegating to reliable external partners, the company enhances its capabilities and fosters faster growth.

Example: Let’s explore how Accelerating Decision Making is influenced by applying the five keys:

• Focus reduces the number of decisions that need to be made.

• The 80% rule ensures decisions are given the appropriate level of attention based on their significance.

• Preparing early ensures that essential decision inputs are available when required.

• Continuous learning integrates insights from previous decisions.

• Delegating allows leadership to have more time for making high-quality decisions.

The result – good decisions made quickly without unnecessary risk. (Accelerating Decision Making will be explored in more detail in a future article.)

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