In the VUCA world we live in good strategy is essential. These are highlights that resonated with me:
- Build an organization that is AGILE, open and transparent
- Recognize that change will be constant (companies obliterated, natural disasters, economic uncertainty and social/political conflict)
- Establish a culture of courage
- Recognize failures as learning experiences (keep score)
- Terminate relationships with issues of performance or integrity
- Constantly infuse management with younger talent
- Business succeeds where demographics and economies are growing
- Global markets are key
- Habits and practices differ but needs and wants are similar around the world
- Grow from core products, services and market strengths
- Accelerate in emerging markets
As Lafley says in this interview, there were key elements at work in the organization he took over. Procter and Gamble was a family owned business that was purpose and values driven. The company's well known role was to make life better. They enjoyed a high level of trust with their employees, their clients and vendors. Every employee was an owner with a portion of compensation in shares and an eye on long term company performance. This made for a decades long approach to strategy, not a near term objective for the next quarter or next annual report. From this base, Lafley and his colleagues changed acquisition successes from 30- 60% and innovation successes from 10-50% and this turned out to be a primary contributor to growth and profitability.
Please take a moment to reveal what you found as the most influential take-away from this interview.
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