One of the best content pieces I've seen in a while, featuring Geoff Charles, VP of Product at Ramp and it's in depth knowledge of team's velocity.
🎯 Velocity is Not Optional, It's Essential
At Ramp, velocity is more than a metric; it's a culture. In just two years, they've reached an annual run rate of over $100 million, and they attribute much of this to their relentless focus on speed. The question we should all be asking is, how can we embed a culture of velocity in our own product & tech teams?
👥 2. The Magic of Single-Threaded Teams
In a traditional organizational structure, teams often juggle multiple projects, priorities, and stakeholders. Ramp's approach to "single-threaded teams" basically puts each team responsible for one specific goal or project. They are the "single thread" that runs through that particular initiative, from conception to execution.
Why It seems to work:
- Laser Focus: When a team is only responsible for one thing, they can pour all their energy and creativity into it. This leads to more innovative solutions and faster execution.
- Accountability: With a single focus, it's clear who is responsible for what. This level of accountability drives higher performance.
- Speed of Decision-Making: Fewer projects mean fewer meetings, fewer status updates, and fewer bottlenecks. Decisions are made faster, and execution is streamlined.
- Resource Optimization: While it may seem counterintuitive, focusing on one thing allows for a more efficient allocation of resources. Teams can go deep rather than wide, becoming experts in their domain.
Despite the higher cost often associated with single-threaded teams compared to traditional organizational structures, we - at instacar are taking a calculated risk. Alongside with Dimitris Togias (CTO) we're adopting a quite similar team structure, though on a more modest scale, trying to implement these changes in the near future. Our main goal is to accelerate the shipping of products for both our consumer app and our internal fleet management tool, Ledger. I have strong confidence that the outcomes will more than justify the additional expenses involved.