Execution: The Discipline of Getting Things Done

by Larry Bossidy

Growth will be slower.

Competition will be fiercer.

harder and smarter

margins for error are thinner,

Governments around the world will take new roles in their economies and business environments.

Risk management—understanding and controlling risks at every level of the business, including political and global economic risk—will become a huge part of every leader’s job.

Execution is what gives you an edge in detecting new realities in the external environment as well as risks

huge difference

people, strategy, and operations—

Strategy

strategy takes into account an analysis and understanding of the global financial and economic environment marked by slower growth, increased competition, altered consumer behavior, and more government intervention.

People

Richard Fuld, the chairman of Lehman Brothers, stubbornly held onto his strategy of high leverage for months after the Bear Stearns bankruptcy revealed its flaws.

One way to ensure that you have the right people in the right jobs in this rapidly shifting environment is by writing job descriptions for the kind of people you need in each job as it will exist tomorrow, then match those descriptions against the talents and abilities of the peole holding those jobs today.

To execute well there must be accountability, clear goals, accurate methods to measure performance, and the right rewards for people who perform.

A good strategy will be under constant review

It’s not enough

all three of the processes right.

Linkage between all three...

Dimon was learning about every aspect of the finance business, from the smallest details to the grandest of strategies.

JPMorgan Dimon took a methodical approach to execution:

very clear

evaluated the people

select the best to run each business,

invested heavily in information technology

rigorous compensation policies

ensure that each bonus was earned, not just awarded.

intense effort

discovering and mana...

Prince’s

lacked Dimon’s operating experience.

failed to understand the business and the people.

fractious culture

He didn’t get much-needed advice from senior executives.

he did not understand the business risks

THE SEVEN ESSENTIAL BEHAVIORS

KNOW YOUR PEOPLE AND KNOW YOUR BUSINESS.

Execution

domain kno...

far too few knew the risks

Take Starbucks.

assumption that it could keep raising prices

it got away with it f...

reality ...

became pa...

people feeling pinched f...

Now, Starbucks

struggling to reset

under highly stressful economic...

New York ...