With the help of Jim Collins, we are going to learn some timeless tips and 6 things that will make a company great.
1. Level 5 Leadership
We don’t need to know all 5 levels preceding it but level 5 is characterized like this: if you can build a paradoxical blend of humility and professional will, then you are a Level 5 executive. If this description is not enough on its own, here are some more clues. If you have ambition for your company rather than yourself, you are a Level 5. If you have a compelling modesty, you are a Level 5. If you have an unwavering resolve to do what must be done, you are a Level 5.
2. First Who, Then What
In Colins opinion, who always comes before what. Before you create a vision, strategy, structure and tactics, you must first get the right people in your organization. Level 5 leaders, as it turns out, have a relentless focus on getting the right people on board. One of the reasons they do this is that they know that someday they’ll be gone. After that, who will lead?
3. Confront the Brutal Facts.
Having a vision is great, but great organizations continue to combine vision with the brutal facts of reality. You have to retain faith that you will prevail in the end, and confront the brutal facts of reality. So here's how you build a culture where the nasty facts that people don't like to talk about, are front and center:
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Lead with questions, not answers. Ask "why?"
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Engage in dialogue and debate, not coercion.
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Every time you make a mistake, look at it. Probe it. Learn everything you can about it. Most importantly, don't place blame.
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Build in red flag mechanisms that turn "information" into "information that can't be ignored".
4. The Hedgehog Concept
The fox knows many things, and the hedgehog knows one big thing. Foxes pursue many things at the same time and see the world in all its complexity. Hedgehogs, on the other hand, simplify a complex world into a single, organizing idea. A simple principle that unifies and guides everything. The truly great companies are hedgehogs. These companies are able to not only be passionate but truly competent at their chosen specialty.
5. Culture of Discipline.
Essentially, you need a company of self-disciplined people who take disciplined action, fanatically consistent within the 3 circles: disciplined people, thoughts, and actions. Now, to do this you simply need to follow this guiding principle: people should work within the confines of a system, but that people should have the freedom and flexibility to do what needs to be done, within the framework of that system.
6. Technology Accelerators
According to Collins, here's what you need to know about technology. When used right, technology becomes an accelerator of momentum. When using technology, you need to know which technologies are relevant. And those are the ones that point directly to the 3 intersecting circles of your hedgehog concept. don't be motivated by a fear of being left behind. Take the time to see how you can use these new technologies to achieve business results.