An algorithm implemented with O(1) time can not be improved faster, (Yes or No)? And why?

In my opinion, algorithm implemented with O(1) time means it's running time is constant. It's running time does not depend on value of n, like size of array or # of loops iteration. Independent of all these factors, it will always run for constant time like for example say 10 steps or 1 steps.

Since it's performing constant amount of steps, there is no scope to improve it's performance or make it faster.
Is it correct?