In the last few months, I have worked with 3 different levels of clients, each with different requirements:
- Client #1: A millennial leaving their job to set up their own business
- Client #2: An established business in the healthcare sector wanting to expand into a new vertical
- Client #3: An ASX 200 corporate in the finance sector embarking on a transformational program
Though their specific goals, sizes and contexts varied, the strategy remained the same – “Fail Fast, Reduce Waste”.
For each of the above, the steps I followed were similar:
Be Clear on The Final Outcome
Define what success looks like. A dynamic vision of the final outcome provides direction and purpose. This outcome might evolve as you progress, so being adaptable is essential. New information and insights may change your goal. Flexibility ensures you remain relevant and aligned with the dynamic nature of the market.
Identify the Smallest Viable Step
Determine the smallest viable step that would move the business towards that final goal. Referred to as the Minimum Viable Product (MVP), it is about focusing on the core functionalities or features that deliver the most value with the least effort. Starting small allows you to quickly test assumptions, gather feedback and iterate. Ultimately, mitigating risk of failure and wasted resources.
Iterate Based on Feedback
Regular checkpoints to review progress. The “Fail Fast, Reduce Waste” approach emphasises the importance of continuous learning and iteration. Each small step is followed by a thorough analysis of feedback and performance metrics. This iterative process ensures that you are constantly refining and improving your approach, making informed decisions based on real-world data rather than assumptions.
Foster a Culture of Agility and Resilience
Implement training that focuses on a mindset that sets the right organisational culture. Teams need to be encouraged to experiment, take calculated risks, and learn from failures. This involves fostering an environment where feedback is valued, and agility is prioritised. Leadership plays a crucial role in setting the tone for this culture, ensuring that employees at all levels feel empowered to innovate and adapt.
In Summary
Whether you are an individual entrepreneur, an established business, or a large corporate entity, the principles of “Fail Fast, Reduce Waste” can significantly enhance your chances of success when embarking on new ventures. Clarity on your final outcome, starting with the smallest viable step, iterating based on feedback, and fostering a culture of agility and resilience, enables you to navigate the uncertainties of innovation and emerge stronger and more competitive in your market. Embrace this mindset, and let it guide you towards sustainable growth and long-term success.