Thursday, March 27, 2014
March 2014 Newsletter: Book Review: "'Good to Great' by Jim Collins"
As one of the top business bestsellers, it is high time for “Good to Great” to be reviewed in the Mac-OU INC newsletter. Overall, it is clear why this book is a must read for all business professionals.
“Good to Great” is the culmination of author Jim Collins and his team’s complex research completed over the course of five years. They focused on a set of elite companies that, over the course of at least 15 years, generated cumulative stock returns that beat the general stock market by an average of 7 times. This was then compared to a group of carefully-selected companies that were relatively good, but failed to make this leap to great. How did the elite companies do it? What did they all have in common?
Collins and his team discovered that the tactics that turn good companies into great companies are all results of the type of leadership. It is a trickle-down effect for success rate. For example, leaders of these elite companies all focused on assembling the right people and then deciding their strategy, focusing on one objective in which to align all activity, utilizing the best technology to achieve the chosen objective, etc.
“In a sense, much of this book is about creating a culture of discipline . . . The comparison companies often tried to jump right to disciplined action. But disciplined action without self-disciplined people is impossible to sustain, and disciplined action without disciplined thought is a recipe for disaster.”
Any individual with a managerial role within their organization should pick up a copy of “Good to Great.” What are you doing well, and what can you improve? Are your management tactics aligned with the objectives of the company, as well as getting the best out of your employees every day?