Read an interesting article about a “turn-around expert” named George Cloutier who just released a book called Profits Aren’t Everything, They’re the Only Thing. Naturally, a title like this is going to stir criticism from the same people who will attack the “Greed is Good” theme. But after reading about him more, I like what he had to say.
“Teamwork and trust are overrated.” My time at E&Y was invaluable, but I learned that if a client asks a question from their auditor, they will rarely get an immediate response. This is because the senior/manager/whoever feels compelled to consult with their superior and so on up the chain before responding. This is promoted as “teamwork” and a “consultation culture” which I recognize has some benefits, but taken too far (as it has been) results in employees who never build confidence in their own mastery of a subject. They don’t need to because they can rely on the team. What is not overrated, is individual leadership.
“Micromanagement and enforced accountability are undervalued.” A good friend and successful entrepreneur gave me a book called “The Art of Execution” which explores the skill of getting things done. While I have not finished the book (ironic or hypocritic of me?) even the first few pages made me want to rev into action personally and professionally. The book discusses how executive level positions are often sought after because at that level one deals with making decisions that affect the big picture – its strategic stuff now. And the best part, at that level you no longer need to look at journal entries, and scrutinize sales report, and ask how specific vendors are doing, cause that would be micromanaging… right? It’s only when you know the details that you can execute the big stuff.
Lastly, I really enjoyed his 10 New Years Resolutions. I hope you enjoy them too.
- Stop lying to myself about my profits and run my company by the numbers.
- Fire underperforming employees, even if they’re related to me.
- Pay myself a real salary. Volunteering is for soup kitchens.
- Squeeze better terms out of vendors.
- Proudly wear my control-freak badge.
- Roll up my sleeves and shill.
- Stop discussing my options and decisions too extensively with employees.
- Give up golf, retreats, off-site meetings and trade shows. No one ever makes money at those things.
- Make my team work much harder.
- Stop using the recession as an excuse.
Last 3 posts by Eric B.
- Nassim Taleb on the Economy - June 25th, 2010
- Full Circle - May 3rd, 2010
- The Dark Side :) - April 5th, 2010
