This article was originally published with Fast Company

‍

The best leaders recognize that they are the driving force of their company. They understand that they set the vision and tone for their businesses, shaping the culture and guiding the strategic direction. A concept that is discussed less often, however, is that they also set the pace of the company. They are the company's engine—and they decide how fast the company drives, determining the urgency and intensity with which goals are pursued.

In the world of entrepreneurship, time is an exceptionally powerful lever and the only lever you cannot buy more of.  Put simply, the pace at which a company can execute on its ideas can be the difference between success and failure. Leaders who harness this lever effectively can outpace competitors, adapt swiftly to change, and capitalize on the opportunities that emerge within a rapidly evolving technological environment. The ability to create a culture of speed is not just about moving fast, but about making timely decisions, prioritizing efficiently, and fostering an environment where agility is paramount. 

So, how can business leaders create a culture of speed within their organizations? It begins with leading by example and demonstrating a sense of urgency in their actions and decisions. It involves empowering teams with the tools and autonomy to act quickly and removing bureaucratic obstacles that can slow down progress. Setting clear, ambitious timelines and celebrating swift execution reinforces the importance of speed. By embedding these practices into the company's DNA, founders can ensure that their organizations are prepared to move at the pace needed for true innovation. Let's break down a few examples of how you can foster a culture of speed in practice. 

Weekly Standups

Rather than thinking in terms of months and quarters, adopt a mindset focused on hours and days. The most successful leaders rigorously hold team standups, starting each Monday by setting clear, actionable goals for the week. This disciplined focus on short-term objectives not only fosters creativity in execution but also demands rigorous prioritization, ensuring that efforts align closely with the company's strategic goals. At the end of the week, review what’s been accomplished, reinforce accountability and celebrate the progress that has been made.  

Decision is Half the Battle

As Greg Jackson, Founder of Octopus Energy puts it, “The simple rule is never making a decision that can cause unfixable harm, but within that, make decisions confidently, because you can usually make the most of almost any situation. If something works or it doesn’t, you can build from there.” This approach empowers teams to act swiftly and instills a culture of adaptability, not just resilience. At Inspired, we believe that resilience enables companies to withstand and survive through change—but adaptability is what allows teams to take advantage of change and attack the opportunities and challenges that arise. When you foster an environment where calculated risks are encouraged and consistent reflection and iteration is prioritized, organizations will continuously evolve at a pace that allows them to surpass their peers. 

Unlock the Advantages of Working In-Person

The pandemic underscored the significant productivity gains achievable with remote teams. However, the energy and collaboration fostered when teams work in person are undeniable. Being physically present allows for immediate responses, quicker decision-making, and a shared sense of urgency that propels projects forward with unparalleled speed. This in-person interaction sets a tone of momentum and drive that is difficult to replicate remotely. We all know that remote work serves a purpose, but companies at every stage should integrate regular in-person collaboration into the DNA of their company. 

Effectively leveraging time in entrepreneurship is crucial—it determines whether you seize opportunities or get left behind. By instilling a culture of speed deep within their companies, founders can ensure their organizations maintain the momentum needed to achieve true venture swings—building category-defining companies that propel the world toward a brighter future.