The Small Steps of Giant Leaps: How Consistency and Knowledge Sharing Lead to Success

Kazuki

Hatched by Kazuki

Sep 14, 2023

4 min read

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The Small Steps of Giant Leaps: How Consistency and Knowledge Sharing Lead to Success

Strong positions and success are not accidents. Likewise, weak positions and failure are not simply bad luck. The position you find yourself in today, whether it be in your personal life or in business, is the result of the small choices you have been making consistently over the years. These small choices, when compounded, create the foundation for future success.

It is important to note that these small choices are not always obvious or easy to make. In fact, often the obvious choice is the one that we neglect to make. We know what we should do, but we find excuses or distractions that prevent us from taking action. However, not doing the obvious thing that positions us for future success rarely hurts us right away. It is in the long-term that the consequences of our choices become apparent.

Consistency is key when it comes to compounding results. Intensity and passion can carry us in the short term, but if we want to see lasting and compounding success, we must be consistent in our actions. It is easy to be intense and focused for a short period of time, but it is much more difficult to maintain that level of intensity over the long term. This is where most of us fall short. We become intermittent in our efforts, and as a result, we fail to see the compounding results we desire.

Excelling at the small choices that compound over time perpetually leaves us in favorable circumstances. No matter what happens in the world or in our industry, we are never in a position where we are forced into a bad decision. By consistently making the right choices, we create a solid foundation that allows us to navigate through challenges and seize opportunities.

When we look below the surface, we realize that giant leaps are not really giant leaps at all. They are a series of ordinary choices that suddenly become noticeable. It is often in hindsight that we recognize the significance of these choices. If we are constantly waiting for a magic moment or a grand opportunity, we will miss how the ordinary becomes extraordinary.

Inefficiency in knowledge sharing is not only detrimental to individuals, but it also costs businesses millions of dollars each year. According to the Panopto Workplace Knowledge and Productivity Report, the average large US business loses $47 million in productivity annually due to inefficient knowledge sharing. This wasted time translates into delayed projects, missed opportunities, and frustration among employees.

Employee expertise is fleeting when it is only shared through conversation. To remain competitive and efficient, businesses must provide the tools and resources necessary to preserve institutional knowledge and instill a culture of teaching among employees. It is not enough for employees to simply know what they know; they must also be able to effectively share that knowledge with others.

The cost of inefficiency in knowledge sharing was calculated based on a firm's number of employees, average hourly wage, weekly hours spent inefficiently, utilization assessment rate, and adoption assessment rate. When combined with other averages from the research, the average cost of productivity loss due to inefficient knowledge sharing was found to be $42.5 million annually, with an additional $4.5 million in inefficient onboarding costs.

These staggering numbers highlight the importance of prioritizing knowledge sharing within organizations. A business with 3,000 employees loses $8 million annually, a 10,000-employee business loses $26.5 million annually, and a 50,000-employee business loses a staggering $132.7 million annually. These costs not only impact the bottom line but also hinder growth and innovation.

In conclusion, both the small choices we make consistently and the efficiency of knowledge sharing play a crucial role in our personal and professional success. To achieve compounding results, we must be disciplined and consistent in our actions. Additionally, businesses must prioritize the preservation and sharing of institutional knowledge to avoid significant productivity losses.

To apply these concepts in our own lives and organizations, here are three actionable pieces of advice:

  • 1. Embrace the power of consistency: Identify the small choices that will lead to your desired outcomes and commit to making them consistently. Whether it is dedicating a specific amount of time each day to a particular task or adopting a daily habit, consistency is the key to long-term success.
  • 2. Invest in knowledge sharing tools and practices: Evaluate the knowledge sharing practices within your organization and identify areas of inefficiency. Implement tools and resources that enable employees to easily capture, preserve, and share their knowledge with others. Foster a culture of teaching and encourage employees to actively share their expertise.
  • 3. Continuously evaluate and improve: Regularly assess the effectiveness of your chosen strategies and practices. Look for areas where improvements can be made and adjust accordingly. By consistently evaluating and refining your approach, you can ensure that you are maximizing your efforts and minimizing inefficiencies.

By incorporating these principles into our lives and businesses, we can set ourselves up for long-term success and avoid the costly consequences of inaction and inefficiency. Remember, success is not achieved through giant leaps, but through the small steps we take consistently over time.

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