What does "slow and steady wins the race" mean?

The phrase "slow and steady wins the race," comes from the internationally recognised Aesop's Fable "The Tortoise and the Hare." It is a story of two unequal partners who have a race. The story is used to illustrate that consistency and perseverance outweigh speed.

In the story a hare challenges a tortoise to a race having criticised the tortoise for being too slow. The tortoise accepts the challenge. At first the hare races ahead but is so confident, he decides to take a rest and falls asleep. The tortoise focuses on the finish line and never stops going as fast as he can. The hare awakes to see him cross the finish line.