Cordage Insittute 5.2009

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Keynote at the 2009 Cordage Institute.

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Cordage Insittute 5.2009

  1. 1. Cordage Institute 2009 Annual Conference Building a Winning Culture in Challenging Times John Spence
  2. 2. Global Economy?
  3. 3. National Economy?
  4. 4. Competition?
  5. 5. For those who are prepared… …chaos brings opportunity
  6. 6. The 4 P’s of Expert Performance Passion Persistence Practice Pattern Recognition
  7. 7. For the past 14 years…
  8. 8. Making the very complex… awesomely simple • Vivid Vision • Robust Communication • Best People • Sense of Urgency • Disciplined Execution • Extreme Customer Focus
  9. 9. 1. Vivid Vision
  10. 10. TEAM A superior that delivers real value through SOLUTIONS elegant for their customers and looks for GROWTH appropriate opportunities.
  11. 11. Three keys to an effective vision: Over-communicate it Adjust it when necessary LIVE it every day
  12. 12. 2. Robust Communication
  13. 13. Honesty Transparency Courage Consistency
  14. 14. 3. Best People
  15. 15. Is you company a talent magnet? Talent
  16. 16. Refuse to tolerate mediocrity…
  17. 17. 4. Sense of Urgency
  18. 18. You must create a culture that… • Rewards fast action-taking • Punishes barriers • Embraces change • Tolerates risk • Accepts failure • Empowers everyone
  19. 19. 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.
  20. 20. 5. Disciplined Execution
  21. 21. 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%)
  22. 22. Where are we going + how will we behave on the way? Vision + Values Praise + Celebration Focus Reward / and Differentiation Strategy Punish Eliminate Mediocrity “No” 9 Steps for Measure / Track Adjust / Stakeholders + Communicate Ensuring Commitment guiding collation Transparency Innovate Renewal Effective Execution Vision + Values Strategy Training + Plans time / money / Support Alignment Goals / Objectives supplies / people Tactics / Actions Procedures / Protocols Systems Communication Clear / consistent / relentless Repeatable Process
  23. 23. 6. Extreme Customer Focus
  24. 24. It used to be… Good Cheap Fast
  25. 25. 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
  26. 26. Master the first five… and then focus them on number six!
  27. 27. Twice weekly surveys for five years of 4,000+ senior managers and executives at: • • IBM Fidelity • • GE Motorola • • Morgan Stanley Ikon • • Merck American Express • • 3M Progressive • • Microsoft Bank of America • • CIGNA AT&T • • Heineken SAP • • MasterCard Borders
  28. 28. 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
  29. 29. 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% 9 From: What (really) Works by Joyce, Nohria, Roberson
  30. 30. 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
  31. 31. 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
  32. 32. To help you apply these ideas…
  33. 33. Q&A If you have any questions at all please do not hesitate to send a note or call. My email address is: john@johnspence.com 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

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