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Good to Great: Brutal Facts (Global)
Transcript of Good to Great: Brutal Facts (Global)
GREAT profitability at least 3 times greater than the market level, sustained for 15 years or longer Other companies Great companies Level 5 Leadership ambition first and foremost for the institution, not themselves First who...Then What Get the right people on the bus
Be rigorous in people decisions You can accomplish anything in life, provided that you do not mind who gets the credit.
(Harry S Truman) Confront the Brutal Facts
(Yet Never Lose Faith) There is no worse mistake in public leadership than to hold out false hopes soon to be swept away
(Winston S Churchill) A&P compared to Kroger Super market vs SUPERMARKET! 1973 to 1998 Return on Investment Comparison Kroger x80 Market x 8 A&P x1 We did extensive research, and the data came back loud and clear: the supercombination stores were the way of the future..........But once we looked at the facts, there was really no question about what we had to do. So we just did it.
Lyle Everingham, ex-CEO Kroger Customers really liked it [The Golden Key]. Here, right under their noses, they began to discover the answer to the question of why they were losing market share and what they could do about it.
What did the A&P executives do with The Golden Key?
They didn't like the answers that it gave, so they closed it. Facts are better than dreams
A climate where the truth is heard
Unwavering faith amid the brutal facts How to confront brutal facts
Disciplined Thought Look at the squiggly things! Lead with questions, not answers
engage in dialogue and debate, not coercion
conduct autopsies, without blame
build "red flag" mechanisms The Stockdale Paradox
"We're not getting out by Christmas; deal with it!" Time Return on investment ambition first and foremost for the institution, not themselves If people are on the bus because of who else is on the bus, then it's much easier to change direction the right decisions often become self evident when you start with an honest and diligent effort to determine the truth of your situation the right people are self-motivated
ignoring the brutal facts of reality will de-motivate them Giving people the opportunity to be heard will enable the truth to be heard How does your garden grow? Full time versus part time or contracted - paramedics and instructors
Rent versus own - EMS vehicles; office space Regular section and staff meetings
Inclusive processes and communication
Shared information - financial, data, resources
Performance reviews all companies face significant adversity, but their response differs uncertainty now vision of future discipline faith good decisions unifying concept Breakthrough Greatness Corporate awards Strategy is Simple