This is my summary of a book that echoes many principles I wholeheartedly endorse, Great at Work - How top performers do less, work better, and achieve more by Morten Hansen (who co-wrote Good By Choice with Jim Collins).
I have written previously that some authors write dismissively of military leadership and its applicability to modern business. I wonder how familiar they are with how modern elite military units actually operate? They might be surprised to know that military leaders have overcome many of the challenges of managing people in the modern era, challenges that business leaders are only just beginning to understand.
I have been in the privileged position of working with the Leadership Teams of many businesses to review their Strategic Plans, and in so doing, I've had the opportunity to help them set up, tweak and improve those plans. As the facilitator of those reviews, one of the main things I bring to the table is to ensure that the discussion and debate uses the correct context to drive decisions.
When Stephen Lynch addressed a standing-room-only crowd at the Entrepreneur's Organization conference in Salt Lake City earlier this month, he revealed the #1 regret business leaders have—and what to do about it:
There are many cognitive biases that can lead us to make poor decisions in life and in business. I previously wrote about how Survivorship Bias fools us into thinking there is a "success formula". In this article, I focus on a selection of other thinking biases and provide suggestions for how to inoculate ourselves from them.
Editor's Note: Our guest blogger, Cameron Herold, is that rare individual who not only possesses knowledge and experience, but also the ability to present it clearly and effectively. Called "the best speaker I've ever heard" by Forbes magazine publisher, Rich Karlgaard, Cameron doesn't espouse theory, he weaves "in the trenches experience", gleaned through building $100 Million companies, with practical advice that gets businesses and business leaders growing immediately and rapidly. He is the founder of COO Alliance, and wrote the highly regarded (and wonderfully titled) book "Meetings Suck." This post originally appeared on his own blog and is republished here with his enthusiastic permission.
I have seen business owners, time and again, frustrated with the lack of results from their teams. And in nearly every case it is because they lack a process to drive their desired results.
The authors of, “What Really Works - The 4+2 Formula for Sustained Business Success” researched 160 large companies in equivalent industries over a 10 year period. The researchers looked at successful companies (winners), unsuccessful companies (losers), and also those whose performance changed for better or worse over the 10 year period (climbers and tumblers). They identified 8 management practices that were directly correlated with superior performance (in terms of total shareholder returns) over the 10 years.