In a world where speed is often seen as a liability, two Harvard Business School professors argue that moving fast and fixing things can be a recipe for success. By embracing a culture of experimentation and continuous improvement, businesses can gain a competitive edge while maintaining high standards of quality.
Speed has a bad reputation in business, much of it deserved. Discussions of quality problems at Boeing or the collapse of FTX or even Quibi’s dramatic flameout often zero in on speed: Things were moving too fast for anyone to see the obvious flaws in leadership or culture or business model.
The Problem with Speed
The emphasis on speed can lead to shortcuts being taken, and important details being overlooked. This can result in a range of problems, from subpar products to catastrophic failures.
A Better Approach: Moving Fast and Fixing Things
However, speed is not inherently bad. In fact, it’s often necessary for businesses to move quickly in order to stay ahead of the competition. The key is to balance speed with a willingness to fix things when they go wrong.
Frances X. Frei, a professor at Harvard Business School, and Anne Morriss, an entrepreneur and leadership coach, have written extensively on this topic. In their book ‘Move Fast and Fix Things‘, they argue that businesses can move quickly while still maintaining high standards of quality.
Frances X. Frei is a renowned American business executive, author, and professor.
She served as the SVP of The Service Group at General Electric Company from 2006 to 2011.
Frei has also worked as a senior advisor at Kleiner Perkins Caufield & Byers.
Her book 'Unfinished Business: Women Men Work Family' explores the challenges faced by working professionals in achieving work-life balance.
Frei's expertise lies in organizational design, leadership development, and human capital management.
Established in 1908, 'Harvard Business School' (HBS) is one of the world's leading business schools.
Located in Boston, Massachusetts, HBS offers a range of programs, including MBA, doctoral, and executive education.
The school has a global network of over 75,000 alumni and faculty from more than 100 countries.
HBS is known for its case study method, which involves analyzing real-world business scenarios to develop critical thinking and problem-solving skills.
The Benefits of Moving Fast and Fixing Things
By moving fast and fixing things, businesses can gain a number of benefits. These include:
-
Increased agility and responsiveness to changing market conditions
-
Improved innovation and creativity
-
Enhanced customer satisfaction and loyalty
-
Better decision-making and problem-solving
In order to achieve these benefits, businesses need to be willing to take calculated risks and experiment with new approaches. They also need to have a culture that encourages learning from failure and continuous improvement.
Conclusion
Moving fast and fixing things is not a zero-sum game. It’s possible for businesses to prioritize speed while still maintaining high standards of quality. By adopting this approach, businesses can gain a number of benefits and stay ahead of the competition.
- hbr.org | Leaders Can Move Fast and Fix Things
