The Importance of Patience in Business

In the fast-paced world of retail, I commonly see brands looking for quick wins and immediate results.? As an impatient person myself, I am typically on the front row cheering for us to go faster and further.? I instinctively think of speed as a positive. In business, impatience can take on the positive mythology of being action oriented, agile, focused on results, and decisive.

However, I’ve learned and observed that impatience can sabotage progress, cloud good decision making, and financially devastate a business. Lasting success often requires a commitment to patience. Reed Hastings, co-founder of Netflix, wisely said, "Great things take time, and patience is one of the most important virtues in the business world."

Patience in retail can look like focusing on building turns ahead of store count, organic sales with ad attributed sales, successfully launching in a region before going national, measuring investment return based on LTV versus short term ROAS. The negative consequences of impatience looks like deletions, markdowns, loss of momentum, and eroding brand equity. ?

This idea has come to life for me as I have recently read one of my favorite book series to my son. The wisdom of patience is beautifully illustrated in J.R.R. Tolkien’s The Lord of the Rings. Frodo's arduous journey to Mordor, Sam's unwavering support, and Treebeard's deliberate decision-making are all testaments to the power of patience. These characters endured countless challenges, yet their perseverance and steady approach ultimately led them to triumph.

As business leaders, we can draw valuable lessons from these stories. Here are a few key takeaways:

1.???? Strategic Patience: Just as Frodo’s journey required careful navigation and strategic pauses, successful business strategies often involve waiting for the right moment to act. A company’s CEO and/or Board of Directors must be willing to slow down as readily as they speed up.

2.???? Resilience in Adversity: Sam’s patience and loyalty to Frodo exemplify the importance of supporting each other through tough times, much like how team collaboration can navigate a company through challenges. Executives at times are called to have the courage to be loyal to a teammate or support partner through challenging times. ?

3.???? Thoughtful Decision-Making: Treebeard’s measured approach reminds us to deliberate thoroughly before making significant business decisions, ensuring we consider all potential outcomes. Executives must be disciplined to carve out time for slow thought.

4.???? Long-Term Vision: Like Aragorn’s patience in claiming his rightful throne, business leaders must keep a long-term vision in mind, understanding that true success often takes time to manifest. Company leadership should not only make decisions based on the S&OP annual plan but also a multi-year vision.

Incorporating patience into our business practices not only helps us endure the inevitable ups and downs but also positions us for sustainable growth and success. Let’s embrace patience as a vital component of our leadership toolkit, fostering a culture of resilience and thoughtful progress within our organizations.

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