Is not enough
In a recent interview Robert Lutz….a former automotive executive spoke about a Big 3 manufacturer that at one time made and sold a brand in Europe that was “just good enough” to get by in the market.
From the interview:
“What was the most important thing you learned in Europe?”
“The overriding importance of product excellence. When I was at Ford of Europe and Opel, they were always gunning for best in class. Meanwhile, the mother ship in America’s motto was, ‘We don’t have to do good cars, just good enough'”.
Businesses can get by for a period of time being “good enough”….though it is unlikely they will be a long-term sustainable businesses.
What keeps companies going for 100+years: http://www.crainsdetroit.com/article/20160904/BLOG200/160909939/how-companies-survive-for-100-years#utm_medium=email&utm_source=cdb-weekly&utm_campaign=cdb-weekly-20160904
Five key factors that sustain a business:
- Strong corporate mission, culture
- Strengths, change management
- Deep relationships with partners
- Employees that feel like family
- Active members of community
“And as a rule, they are very profitable — but they see profit as the power behind their company, not its purpose.”
Companies often get focused on the tangibles (cash flow, balance sheets, data analysis) which are important….yet it is often the intangibles that separate the great companies from the ordinary.
Lessons from Century Club Companies: Managing for Long-Term Success – Vicki Tenhaken