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8 Best Practices of Successful
Companies
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Effective Innovation
Process
7 Lessons from Silicon Valley Firms |
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Produce top quality at lightning
speed.
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Moving with Speed: the
Four Components1 |
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Fast thinking:
anticipating the future,
spotting trends before others, challenging assumptions, and
creating a
corporate environment where the best idea - regardless of
origin - wins.
Fast decision-making: establishing corporate
guiding principles,
blowing off stifling
bureaucratic structures, shuffling portfolios,
constantly reassessing everything,
and matching the decision to the consequence.
Fast to market: getting to the market faster through removing
in-built speed-breakers, abandoning traditional visions and missions
and launching a
crusade instead, owning and
exploiting your
competitive advantage, getting vendors and suppliers
operating on your timetable,
staying beneath the radar, and building
virtuous circles of speed.
Sustaining speed: maintaining velocity through
working
on your business, injecting the
relentless growth attitude into the
firm, being ruthless with resources, building a scoreboard that measures
activity, staying financially flexible, proving the math,
institutionalizing innovation, and
staying close to the customer. |
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Creating Competitive Disruption
7
Strategies |
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The
GE Leadership Effectiveness Survey
(LES)
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Pearls of Wisdom |
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East
It is better to do it well than to do it quickly.
–Sri Aurobindo
It does not matter how slowly you go so long as you
do not stop.
–
Confucius
There is more to life than just increasing its speed.
– Mahatma Gandhi
West
A race horse that can run a mile a few seconds
faster is worth twice as much. That little extra proves to be the
greatest value.
– John D.
Hess
The operative assumption today is that someone,
somewhere, has a better idea; and the operative compulsion is to
find out who has that better idea, learn it and put into action –
fast.
–
Jack Welch
We know what happens to people who stay in the
middle of the road. They get run over.
– Aneurin Bevan |
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Google's 10 Guiding Principles |
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Fast is better than slow...
More
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Achieving and Maintaining Speed
– the Key to Success
In the
new economy where everything is moving faster and it's
only going to get faster, the new mantra is, "Do it more with less and do it
faster."1 In order to get real
speed decisions at virtually every level must be made in minutes,
not days or weeks. Decisions also have to be made "face-to-face, not
memo-to-memo. This means that people have to think on their feet, and that
the forests of meaningless paper trails and approvals – so common in large
organizations – must be eliminated."5
Competitive Strategies
Steve Jobs' 12 Rules of Success
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Strive to
become a market leader. Own and control
the primary technology in everything you do. If there's a
better technology available, use it no matter if anyone else is not
using it. Be the first, and make it an industry standard....
More
How To
Think Faster Than
Your Competition
To be able to
think fast, you need to "understand the primary
drivers of change, work at staying plugged in, constantly search for new
combinations, and work on developing a sense of heightened perception1". The fastest companies in the world
think fast because of
their ability to:
Preparing Minds
To meet the new challenges, this process should be redesigned
to support real-time strategy making and to encourage 'creative accidents'. A successful
strategy-planning process would help your company to
react quicker to emerging opportunities and make faster decisions than your
competitors do. It would ensure that your executives have a strong grasp of
the strategic context they operate in before the unpredictable but
inevitable twists and turns of your business push them to make critical
decisions in real time4.
Entrepreneurial
Mindset
In an
entrepreneurial organization, venture values are different from established corporate
shared values. "Entrepreneurial
independence demands space for action and
trust, while independence in
a corporation implies responsibility and control imposed from above.
Entrepreneurial speed demands agility,
experimentation, adaptation,
and rapid response in order to be first to market. Corporate
experimentation comprises analysis, review, sober consideration of
facts, and willingness sacrifice speed for thoroughness.
Entrepreneurial paranoia - competitors are catching up to us – is
overshadowed by an essential need to build corporate consensus and
minimize perceived risk."7
4 Entrepreneurial Strategies
By:
Peter Drucker
Case in Point
General
Electric (GE)
"My job today is ten times faster than it was five years ago. A hundred
times. The pace is enormously quicker because of technology. So everyone has
to gearing themselves to a faster pace, to more competitiveness, to more
intellectual capital. That's the game,"6 said
Jack Welch, the legendary former CEO of GE, in 1997. Welch summed up his prescription for winning in three words:
In his 1993 Letter to Share Owners, the CEO talked more about
speed and
boudarylessness than any other topic. He gave some examples of GE's
speed:
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There was a new product announcement at GE Appliances
every ninety days - unthinkable years ago.
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The GE90, the world's most powerful commercial jet
engine, was designed and build in half the normal time.
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Another team developed a breakthrough
ultrasound innovation in less than a year and a half. Others designed
and built a new AC locomotive in eighteen months.
Transform Your Business into an Innovative and Creative Culture
18 Leadership Lessons from Colin Powell
The Art of War: Planning an Attack
By: Sun Tzu
You must move as quickly as the wind.
The value of time, that is of being a little ahead of your
opponent, often provides greater advantage than superior numbers or greater
resources
Though I have heard of successful military operations that were
clumsy but swift, cleverness has never been seen associated with
long delays .
Own Your Competitive Advantage
Focus on your
core
competencies and
outsource the rest. Make sure that you don't outsource
your
competitive advantage, however. You will never lead in
innovation or
be faster
to market than your competition if you depend on other for your core
technology.
Owning your competitive advantage will allow you to build it
continuously, be more flexible, and eliminate speed breakers.
The Art of Innovation: 9 Truths
By: Guy Kawasaki
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Don't worry, be crappy. An innovator doesn't worry about shipping
an innovative product with elements of crappiness if it's truly
innovative. The first permutation of a innovation is seldom perfect –
Macintosh, for example, didn't have software (thanks to me), a hard disk
(it wouldn't matter with no software anyway), slots, and color. If a
company waits – for example, the engineers convince management to add
more features – until everything is perfect, it will never ship, and the
market will pass it by.
Inspirational Business Plan:
Successful Innovation
Competition:
"The
world is changing very fast. Big will not beat small anymore. It will be the
fast beating the slow."
–
Rupert Murdoch.
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