Last week we talked about the demise of The Greatest Show on Earth. I received many comments and questions-thank you. You also rated the tip 4.88 out of 5 stars-thank you again. Comments included requests about additional tips on innovation … here you go.
Earlier this week, the board of directors at Ford Motor Company fired its CEO. Now, I’m not here to judge. Rather, I’m interested to learn how companies go away and how leaders can lose their jobs after only three years.
After reading this article, it’s clear to see this: If you want to keep your job as the leader, you have to deliver results. Period.
In this case, investors and the board of directors expected:
- better financial performance
- growth of the company’s core auto business
- development of the high-tech cars of the future
Apparently board members weren’t happy with what they were getting, nor were they confident with the execution going forward. You’ve got to deliver on expectations. They selected a new CEO, Jim Hackett, because he successfully oversaw great change at an another old-line company, Steelcase, which he ran for 25 years.
From the article, Bill Ford, Ford’s chairman said, “Jim took a company that defined itself as a furniture maker, and as Jim said, ‘No, let’s imagine the future of the workplace. Let’s imagine how people are going to want to work in the future, and then let’s build the company around that.'”
What a great way to look at your business.
Also, take note of the advice from Daniel Muzyka, Dean, Sauder School of Business University of British Columbia, who said, “A focus on cost cutting and efficiency has helped many organizations weather the downturn, but this approach will ultimately render them obsolete. Only the constant pursuit of innovation can ensure long-term success.”
Actively demonstrate the ability to quickly and constantly pursue innovation, while anticipating the needs of a rapidly changing world. Be bold. Be courageous. Imagine and innovate.