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
If a business has been in existence since 1946….it must be doing something right.
“Buddy’s Pizza is introducing a new menu item, the Hamtramck Special Polish Pizza!), available exclusively at its original Detroit location on Conant Street.
“Inspired by dishes available at local Polish restaurants, the Hamtramck Special features locally sourced toppings paired with the restaurant’s sauce to create a blend of flavors reminiscent of stuffed cabbage”
If the Polish Pizza is offered in Hamtramck….it must be OK!
+ Where are they now from August 2011:
+ How McDonald’s makes an Egg McMuffin: http://www.businessinsider.com/how-mcdonalds-egg-mcmuffins-are-made-2016-8
+ Create like an optimist. Spend like a pessimist. – Seth Godin
+ Ten business lessons: http://www.businessinsider.com/10-business-lessons-i-learned-from-the-founders-of-barefoot-the-biggest-wine-brand-in-the-us-2016-8
+ Delta Airlines missteps: http://www.inc.com/chris-matyszczyk/3-ways-delta-airlines-completely-blew-it.html
+ Cheap is the last refuge for the marketer who can’t figure out how to be better – Seth Godin
+ China closeup:
+ John Kotter’s required reading: http://www.strategy-business.com/blog/John-Kotters-Required-Reading?gko=43a5f
+ There are no shortcuts to Execution Excellence. – Tom Peters
+ Big Three questions: What do you think? How can I help? What [new] have you learned today? – Tom Peters