You Can't Afford to Lose Elapsed Time
Business owners have always taken a long time to make business decisions. Sometimes this is warranted, and sometimes it causes them to miss out on real benefits due to the elapsed time.
Back in the day, things moved and developed at a much slower pace. New inventions took years to come up with and then bring to market. Computers hadn’t reached mainstream yet and so time was on the side of businesses.
Nowadays, things have notched up a gear or five. Technology is advancing at a galloping pace. Both hardware and software have been advancing at pace for years now. It’s gotten to the point where businesses need to become faster at making decisions or face the impact.
• Business owners are used to taking longer to make a decision. This has become exacerbated when it comes to what technology to use
• Often, the technology they are evaluating becomes replaced by something better by the time they finish their analysis and make a decision
• The opportunity cost thus means they’ve lost out on the latest advances in technology
• For large businesses, this is understandable
• For small and medium companies, we must be faster, more nimble
• Fast decision-making means you can reap the rewards of the best tech available today
• Fast decisions also mean fast failures
• Waiting for the next best thing also means missing out on improvements
• Long decision-making means you extend how long it will take to see results
You Can’t Afford to Lose Elapsed Time: The Need for Fast Decision-Making in Business
Business decisions have always been a careful balancing act between risk and reward. The weight of responsibility on business owners, CEOs, and decision-makers has led to a traditional tendency to take time with choices, ensuring that every detail is scrutinised. While this deliberative approach has merits, the landscape of business has changed dramatically. Today, the cost of waiting is no longer measured in missed opportunities but in missed competitive advantages.
In an era marked by rapid technological advancement and fast-changing markets, slow decision-making can have significant consequences. The time businesses take to make decisions—especially when it comes to technology—has direct implications for their ability to remain competitive, innovative, and efficient. For small and medium-sized enterprises (SMEs), in particular, agility is not just a preference; it’s a necessity.
Gone are the days when businesses could afford to spend months, or even years, analysing their options. Now, the speed at which companies make decisions directly affects their ability to adapt to change and leverage new tools to improve productivity, profitability, and customer experience.
The Traditional Business Mindset: Why Decision-Making Took Time
Historically, businesses operated at a slower pace, and that was understandable given the context of the time. Technology was developing at a gradual rate, and companies had the luxury of time to evaluate new tools and strategies before implementation.
Back in the 20th century, technological innovation took years to move from concept to execution. It could take a decade or more to bring an invention to market, and even longer for it to become mainstream. Early computing systems, for instance, took decades to go from experimental machines in research labs to being commercially available for businesses. As a result, businesses had time to fully vet decisions, gather feedback, and watch how competitors responded to new technologies.
Additionally, businesses relied on face-to-face interactions, paperwork, and slower communication methods like postal mail and landline telephones. Because the entire system moved at a more gradual pace, decision-makers had the time to engage in extensive due diligence without worrying about being left behind by faster competitors.
But fast-forward to today’s digital age, and the rules of the game have changed. With the explosion of information and the ability to communicate instantaneously, businesses can no longer afford to take the same methodical, slow approach to decision-making. As the speed of technology increases, so does the need for faster, more nimble decision-making.
The Modern Landscape: Technology Moves at Breakneck Speed
Today, technology is evolving at an exponential rate. The rise of cloud computing, artificial intelligence (AI), machine learning, and advanced automation has transformed not only how businesses operate but how quickly they need to adapt.
- The Pace of Hardware and Software Advancements
In the past few decades, both hardware and software have developed at a staggering pace. What was once state-of-the-art can become obsolete within a matter of months. Businesses must stay up to date with these advances to remain competitive. From computer processing power doubling approximately every two years (as per Moore’s Law) to software updates happening overnight, the pace at which technology advances is unlike anything businesses have seen before.
For example, cloud technology has revolutionised how businesses store data and run applications. What used to require on-premise infrastructure can now be done on remote servers, accessible from anywhere in the world. This allows for rapid scaling, collaboration, and flexibility. But adopting cloud solutions requires businesses to act fast. Waiting too long to migrate from outdated on-premise systems can mean missing out on the cost savings, security, and efficiency that cloud computing offers.
Similarly, the adoption of AI-powered tools has transformed many industries. AI can now analyse data faster than any human, automate processes that used to take days, and predict customer behaviour with increasing accuracy. But again, slow decision-making can mean missing out on the competitive advantages that AI provides.
- Long Decision-Making Processes Mean Missed Opportunities
One of the most significant risks businesses face today is that by the time they finish evaluating a piece of technology, a better version is already available. Companies spend weeks or months weighing the pros and cons of implementing new systems, only to find that the solution they were considering has already been surpassed by something faster, cheaper, or more efficient.
This is the essence of opportunity cost in modern business. The longer it takes to make a decision, the more likely it is that the opportunity to benefit from the latest advances has passed. For example, if a company spends six months deciding whether to adopt a particular customer relationship management (CRM) platform, a more powerful version or an entirely new platform may be released in the interim.
And it’s not just about adopting new technology—it’s about staying ahead of the curve. Businesses that wait too long to make decisions risk being outpaced by competitors who are more agile and willing to act quickly.
Why Large Businesses Can No Longer Afford to Wait
It once seemed that large enterprises could afford slower decision-making due to their size and resources. However, this is no longer the case. Today, even for large corporations, slow decision-making is a survival issue. The same rapid technological shifts that challenge smaller businesses affect larger ones too. Even companies with deep resources must embrace agility—being flexible and adaptable to swift changes. Prolonged indecision can lead to falling behind in the market, as competitors that move quickly take advantage of the latest technologies and efficiencies. Many large organisations have recognised this and are now adopting more agile practices. Agile companies, regardless of size, can implement decisions quickly and adjust to new realities. This agility is crucial for staying relevant in today’s business environment.For SMEs, Agility Is Survival
For small and medium-sized businesses, agility has always been essential but is now a critical component of their survival. SMEs operate with fewer resources, tighter margins, and less capital than their larger counterparts, making their ability to pivot and adapt quickly a major advantage. Agility enables SMEs to respond to market changes and adopt new technologies faster than larger, slower-moving companies. It’s not just about making fast decisions; it’s about being flexible and able to recover from mistakes quickly. In today’s world, even if fast decisions lead to quick failures, those failures provide valuable lessons for improvement—far better than delaying action indefinitely.- The Importance of Being Nimble
For SMEs, agility isn’t just a buzzword—it’s a survival strategy. In many industries, smaller companies have thrived by quickly adopting new technologies and implementing innovative practices. They may not have the same market dominance as large enterprises, but their ability to make decisions and adapt rapidly allows them to remain competitive.
Nimble companies are better positioned to take risks and test new technologies without the bureaucratic delays that often plague larger organisations. This ability to act quickly gives SMEs a significant edge in markets where the pace of change is accelerating.
- Balancing Fast Decisions and Fast Failures
Of course, with faster decisions comes the risk of failure. Acting quickly means that sometimes, businesses will make the wrong choice. But in today’s fast-paced environment, failing fast is often better than delaying indefinitely. Companies that adopt new technology quickly can learn from their mistakes, iterate, and improve, whereas businesses that wait too long risk losing ground to competitors who have already mastered the latest tools.
In the tech world, this concept is well-known as fail fast, fail forward. The idea is to move quickly, learn from mistakes, and improve. The lessons gained from these fast failures can lead to better decision-making in the future. In contrast, businesses that are slow to act may never even reach the point of failure—because their competitors have already pulled ahead.
Fast Decisions Mean Faster Results
In the modern business environment, the speed of decision-making directly impacts how long it takes to see results. The longer a company spends in the decision-making phase, the longer it will take to implement the solution and start reaping the rewards. This is particularly true when it comes to technology adoption, where first-mover advantage can be a critical factor in staying ahead of the competition.
- Tech Adoption and Competitive Advantage
Adopting new technology faster than competitors gives businesses a significant edge. Being early adopters allows companies to integrate cutting-edge solutions, gain operational efficiencies, and offer improved services to customers before their competitors catch up. Whether it’s through adopting AI, automation tools, or cloud-based systems, fast decision-making can drive tangible improvements in productivity and profitability.
Moreover, businesses that adopt technology early often have the opportunity to shape industry standards. They can position themselves as leaders in their field, setting the pace for competitors to follow. On the flip side, slow adopters risk falling behind, scrambling to catch up as the industry moves forward without them.
- Waiting for the Next Best Thing? You’ll Always Be Waiting
One of the traps that businesses often fall into is waiting for the next best thing. Decision-makers may hesitate, thinking that if they wait just a few more months, a better solution will become available. While it’s true that technology is constantly improving, the cost of waiting often outweighs the potential benefits.
By delaying decisions in hopes of finding a perfect solution, businesses miss out on immediate improvements that could have already made a difference. Moreover, no solution is ever going to be completely perfect, and the pursuit of perfection can lead to analysis paralysis, where no decision is made at all.
The Importance of the Sales and Marketing Process in Fast Decision-Making
Fast decision-making isn’t just about technology adoption. It also requires aligned sales and marketing efforts. When sales and marketing teams are working together effectively, the decision-making process is accelerated.
- Align Sales and Marketing for Clearer Decision Paths
One of the most common reasons for delayed decisions in businesses is a lack of alignment between sales and marketing. When these two departments operate in silos, there’s a disconnect between the messaging being communicated to potential customers and the solutions that are actually being offered.
By aligning sales and marketing efforts, businesses can create a more streamlined decision-making process. Sales teams can provide valuable insights into customer needs, while marketing can create targeted campaigns that address those specific concerns. This coordination ensures that the message being communicated is clear, consistent, and aligned with what customers actually want—helping accelerate the buyer’s decision-making process.
- Clear Communication Leads to Faster Buy-In
Fast decision-making requires clear communication across all levels of an organisation. Whether it’s a small team of decision-makers or a large company with multiple stakeholders, communication is critical to ensuring that everyone is aligned and that decisions can be made quickly and efficiently. When departments are aligned, the message to decision-makers is unified, speeding up the process and cutting down on internal debates that can drag out timelines.
By having all teams—sales, marketing, product development, and leadership—working toward the same goals, businesses can reduce the friction that often causes delays in decision-making.
The Perils of Inaction: Missing Out on Improvement
While it’s true that fast decisions can lead to fast failures, inaction can be equally harmful. Waiting too long to make a decision often results in missed opportunities. Businesses that hesitate to implement new technologies, refine their processes, or pursue new markets often find themselves left behind.
The modern business landscape doesn’t reward the wait-and-see approach. While it’s important to carefully consider decisions, being overly cautious can result in stagnation, missed growth opportunities, and loss of competitive advantage.
- The Impact of Long Decision-Making on Results
The longer a business takes to make a decision, the longer it will take to see the fruits of that decision. Delayed decisions push back implementation, which in turn delays the benefits and results that come with those changes. This is especially true when it comes to technology.
For example, implementing a new CRM system can help businesses better track customer interactions, manage leads, and ultimately increase sales. But if a business spends months deliberating over which CRM to adopt, that’s months of lost productivity and missed opportunities to improve sales processes.
- Delaying Improvements Means Staying Behind
In the competitive world of business, there’s little room for complacency. Every day that a business delays implementing new strategies, refining its processes, or adopting new technologies, it falls further behind competitors who are already reaping the benefits of those improvements.
Imagine a company that is slow to adopt automation technology. While it’s deliberating over the best solution, its competitors have already implemented automation tools that allow them to produce goods faster, more efficiently, and at a lower cost. By the time the slow-moving company makes its decision, its competitors have already pulled ahead, capturing more market share and reducing costs.
Act Now or Fall Behind
In today’s fast-paced business environment, speed is a competitive advantage. Businesses that can make decisions quickly and act on them are better positioned to succeed than those that take a wait-and-see approach. Whether it’s adopting new technology, refining processes, or aligning sales and marketing, fast decisions lead to faster results.
But fast decisions don’t have to mean reckless decisions. By balancing speed with thoughtful consideration and aligning internal efforts, businesses can reduce the risks of fast failures while still reaping the rewards of acting decisively.
In the end, time is money—and businesses that wait too long to make a decision may find that they’ve lost more than just time. They may have lost their competitive edge, their market share, and their ability to innovate.
You can’t afford to lose elapsed time. Act now, and position your business to succeed in an ever-evolving landscape.
Assia Salikhova
Smarketing Lab Co-Creator,
developer of profitable B2B solutions to grow your business.
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