And probably half the business world has read and given his/her take on Jack Welch's Winning. So what I am going to do is pick out some of the good bits and record them here.His approach to the Strategy process, which I thought could be adapted for sniffing out value investments:
1. What the playing field looks like now: Competitors & market shares. Where do you stand? What are the key drivers of profitability? SWOT of each major competitor. What is the customer base and how do they buy?
2. What the competition has been up to: What has each competitor done in the past year to change the playing field? Who are the new entrants and what have been their activities for the past year?
3. What have you been up to: What have you done in the past year to change the playing field? Have you lost any competitive advantage?
4. What's around the corner: What scares you the most in the year ahead? What one or two things could a competitor do to nail you? What new products or technologies could your competitors launch that might change the game? What M&A deals could knock you off your feet? What's your winning move?
5. What can you do to change the playing field: What can you do to make your customers stick to you?
The key is to look at "How we can do better than last year" and "How we can beat competition".
His take on personal career:
...there are some things you can do to keep moving ahead. Exceed expectations, broaden your job's horizons and never give your boss a reason to have to spend political capital on you. Manage your subordinates (and I would include peers too) carefully, sign up for radar-screen assignments, collect mentors and spread your positive attitude. When setbacks come, and they will, ride them out with your head up.
Such great value, this read. One book that covers business management, corporate strategy and personal development. And twenty bloody years as CEO of the world's largest company, we should pay this guy some attention, no?
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