Mid-Market M&A Handbook

Perfection Is The Enemy Of Progress

A good plan executed today is better than a perfect plan executed next week. This adage resonates deeply with the idea that striving for perfection can often hinder progress and profitability. Embracing the concept that “perfection is the enemy of progress” allows businesses to prioritize action and continuous improvement over waiting for an unattainable ideal. In this discussion, I’ll delve into three key reasons why aiming for “good enough” and iterating from there is more effective than striving for perfection from the outset: creating a feedback loop, focusing on the solution, and leveraging first mover advantage.

Feedback Loop

The first and perhaps most crucial reason to prioritize action over perfection is the creation of a feedback loop. By releasing a product or service at 80% completion, businesses can gather real-time feedback from users, which can then be used to make incremental improvements. This approach ensures that the product evolves based on actual user needs and preferences. The process of iterating based on user feedback is more efficient than aiming for perfection from the start, as it allows for targeted improvements rather than unnecessary revisions.

Consider the analogy of building an airplane while it is still flying. Businesses must operate and adapt in real-time, continuously making improvements based on user feedback. This iterative approach not only saves time but also aligns the product more closely with market demands. The emphasis on real-time adjustments underscores the practical benefits of early release and iterative improvement. It allows businesses to move from good to great incrementally, making necessary adjustments without the need to undo and redo large portions of work.

Focus on the Solution

The second reason to prioritize progress over perfection is the importance of focusing on the solution rather than getting bogged down in intricate details. Customers care more about the outcome or transformation provided by a product or service than the specific features or details. This focus ensures that businesses meet customer needs effectively and can improve over time based on practical use.

Using an analogy, whether a cat is white or black doesn’t matter as long as it catches the mouse. In the same vein, customers are primarily concerned with the solution a product provides rather than its granular details. By keeping the focus on the desired outcome, businesses can ensure that their products deliver value from the start and refine the details based on customer feedback and evolving needs. This approach emphasizes functionality and customer satisfaction over perfection in every aspect, making it clear that the end result is what truly matters to the customer.

First Mover Advantage

The third reason to prioritize action over perfection is the advantage of being a first mover in the market. Being the first to introduce a product or service provides a competitive edge, allowing businesses to iterate and improve faster than their competitors. While being the first does not guarantee long-term success, it offers a head start in refining and perfecting the product.

Historically, first movers like Netscape Navigator and Myspace had an initial advantage but eventually lost their dominance. However, their early entry allowed them to shape the market and set the stage for future developments. Being first to market provides an opportunity to establish a presence, gather user feedback, and make necessary adjustments before competitors catch up. This advantage enables businesses to innovate and improve their offerings continuously, maintaining a competitive edge over time.

Summary

In summary, the message is clear: perfection is the enemy of progress. Businesses should prioritize action and iterative improvement over striving for perfection from the outset. The benefits of creating a feedback loop, focusing on the solution, and leveraging first mover advantage make a compelling case for releasing a product at 80% completion and refining it based on real-world feedback. This approach ensures that products meet customer needs, evolve with market demands, and maintain a competitive edge. By embracing the philosophy of progress over perfection, businesses can achieve better outcomes and drive continuous improvement, ultimately leading to greater success.

Remember, it’s about getting something to good, and then moving from good to great to very great to ideally perfect in real-time.