LESSON 7. Lead By Example Finally, there is no question that if senior managers want the best performance out of their employees, they must perform well themselves.  Every action must reflect the priorities they want their staff to emulate. Leaders should take no actions without judging how others will interpret them or without assessing the [...]

LESSON 6. Avoid Competing On Price There are only two ways of actively competing for customers (i.e., taking away share) in mature markets: offering a comparable or identical service at a price lower than the competition, or finding a way to differentiate the product or service either at the accepted market price or in such [...]

LESSON 5. Constantly Communicate the Strategy (and what It means) To the Troops Even after setting priorities, avoiding distraction, and satisfying multiple stakeholder needs, most senior managers are still reluctant to discuss their goals, strategies, and expectations openly and frequently. Some believe their staff will simply figure it out, akin to asking troops to charge [...]

LESSON 4. Know Why You Exist Most private corporations think they exist only to make profits.  As vital as profits may be to exist, it’s important for companies to consider where those profits come from and how they are created. The answer lies with the various stakeholders whose interests and needs the firm must satisfy [...]

LESSON 3. Blame Yourself When problems arise, management and staff frequently provide a litany of reasons why setbacks are somebody else’s doing.  Managers blame subordinates, subordinates blame their bosses, everyone blames the competition and the government.  Sometimes they even blame the customer. Many organizations spend far too much time blaming others when they need to [...]

LESSON 2. Don’t Get Distracted Though similar to the first lesson, this one requires special attention, since distractions do arise that can throw the company off its game plan.  While it is vital to respond and adapt to change, too often management uses unforeseen events to abandon the original plan rather than work around them. [...]

Staying abreast of the latest management wisdom is one of the greatest challenges any manager can face.  With so much fad management “wisdom” being published, it’s easy to lose sight of the importance of mastering the basics.  When the dust settles, a few timeless principles, rather than trendy techniques, will bring long-term success to your [...]