cordage insittute 5.2009
DESCRIPTION
Keynote at the 2009 Cordage Institute.TRANSCRIPT
Cordage Institute 2009 Annual Conference
Building a Winning Culture in Challenging Times
John Spence
Global Economy?
National Economy?
Competition?
For those who are prepared…
…chaos brings opportunity
The 4 P’s of Expert Performance
Passion
Persistence
Practice
Pattern Recognition
For the past 14 years…
Making the very complex… awesomely simple
• Vivid Vision• Robust Communication• Best People• Sense of Urgency• Disciplined Execution• Extreme Customer Focus
1. Vivid Vision
A superior TEAM that delivers real value through
elegant SOLUTIONS for their customers and looks for
appropriate GROWTH opportunities.
Three keys to an effective vision:
Over-communicate itAdjust it when necessaryLIVE it every day
2. Robust Communication
Honesty
Transparency
Courage
Consistency
3. Best People
Is you company a talent magnet?
Talent
Refuse to tolerate mediocrity…
4. Sense of Urgency
You must create a culture that…
• Rewards fast action-taking
• Punishes barriers
• Embraces change
• Tolerates risk
• Accepts failure
• Empowers everyone
4-Level Decision Making
1. You own it.
2. Ask for input… you own it.
3. Team decision… I own it.
4. My call… I own it.
5. Disciplined Execution
What Inhibits Execution?National Survey of 4,000 Senior Executives
4. Inability to work together (21%)
3. Company culture (23%)
2. Economic climate (29%)
1. Holding onto the past / unwillingness to CHANGE (35%)
Vision+
Values
Strategy
Commitment
Alignment
Systems Communication
Support
Adjust /Innovate
Reward /Punish
Where are we going + how will we behave on the way?
FocusDifferentiation“No”
Stakeholders + guiding collation
Vision + ValuesStrategyPlansGoals / ObjectivesTactics / Actions
Procedures / ProtocolsRepeatable ProcessClear / consistent / relentless
Training +time / money /
supplies / people
Measure / TrackCommunicate
Transparency Renewal
Praise + Celebration and
Eliminate Mediocrity
9 Steps forEnsuring
Effective Execution
6. Extreme Customer Focus
It used to be…
Good Cheap Fast
Common sense, but not common practice…
Show up on time
Do what you say you will do
Finish what your start
Say “please” and “thank you”
Always give a little more than they expect
Master the first five… and then focus them on number six!
1. Vivid Vision
2. Robust Communication
3. Best People
4. Sense of Urgency
5. Disciplined Execution
6. Extreme Customer Focus
Twice weekly surveys for five years of 4,000+ senior managers and executives at:
• IBM• GE• Morgan Stanley• Merck• 3M• Microsoft• CIGNA• Heineken• MasterCard
• Fidelity• Motorola• Ikon• American Express• Progressive• Bank of America• AT&T• SAP• Borders
Keys to effective management…
• Communicate clearly• Force the hard decisions• Focus on results• Remain flexible to change• Prove your value to the customer• Force collaboration• Rigorous but not ruthless
The Evergreen Project
• 10 year study of 160 top companies
• 40 distinct industries
• 200 management practices
• Winners, climbers, tumblers, losers
• Winners had an average Total Return to Shareholders of 945%... the Losers only averaged a TRS of 62%
From: What (really) Works by Joyce, Nohria, Roberson 9
The Four Primary Practices:
1. A sharply focused, clearly communicated and well-understood strategy for growth.
2. Flawless operational execution that consistently delivers the value proposition.
3. A performance-oriented culture that does not tolerate mediocrity.
4. A fast, flexible, flat organization that reduces bureaucracy and simplifies work.
From: What (really) Works by Joyce, Nohria, Roberson
The Secondary Management Practices:
• Talent = find and keep the best people.
• Key leaders show commitment and enthusiasm for the business.
• Embrace strategic innovation.
• Master the power of partnerships.
From: What (really) Works by Joyce, Nohria, Roberson
To help you apply these ideas…
Q & A
If you have any questions at all please do not hesitate to send a note or call. My email address is: [email protected]
Also, you might find value in the ideas I share in my blog. You can sign up for it at:www.johnspence.com/blog
Lastly, these slides have already been uploaded to:http://www.slideshare.net/johnspence