Leading Teams

3G Capital and the Fringes of Cost Management // Summary of Bob Fifer’s ‘How to Double Your Profits in 6 Months or Less’

April 24, 2019 By Nagesh Belludi Leave a Comment

3G Capital’s Playbook: Look at EVERYTHING—There are No Sacred Cows in Cost-Cutting

Brazilian private equity firm 3G Capital's Playbook for Cost-Cutting: Zero-based Budgeting During the past decade, the achievements of the Brazil-based private equity group 3G Capital have drawn attention to the aggressive cost cutting methods outlined in management consultant Bob Fifer’s How to Double Your Profits in 6 Months or Less (1995.)

3G has raised the profitability of its acquired businesses by sacking thousands of workers, shutting down factories, simplifying operations—even using cheaper ingredients. In Israel, the 3G-controlled Heinz was forced to rebrand its iconic ketchup as “tomato seasoning” after a cost cutting-inspired shift to GMO-derived constituents. 3G’s playbook, however, encourages increasing budgets for strategically important business functions—for instance, Kraft Heinz has increasingly expanded spending on advertising and product improvement.

At every 3G-run company—Anheuser-Busch InBev, SABMiller, Heinz, Kraft Foods, Burger King, Tim Hortons, Popeyes,—the “zero-based budgeting” accounting tool forces managers to justify all claims on their organizations’ financial resources. As I noted in a previous article, this method forces managers to justify every line item on a team’s budget as if it were new a claim for an entirely new project, instead of merely being carried over from the prior year:

Zero-base budgeting advocates say that it detects inflated budgets and unearths cost savings by focusing on priorities rather than simply relying on the precedent. Managers secure a tighter focus on operations by justifying each line-item in their budgets, thereby reducing the money they allocate to the lowest level possible. Managers can also contrast competing claims on their ever-scarce financial resources and therefore shift funds to more impactful projects.

How to Double Your Profits has become a must-read for all managers affected by any 3G deal. This obscure book, purportedly written in just 15 hours, was also a favorite of such business luminaries as Sanford Weill (of Citigroup,) Bob Lipp (Travelers Insurance,) and Jack Welch (General Electric.)

3G’s methods have upended an entire industry known for characteristically lower profit margins. The specter of being acquired by 3G has forced Unilever, General Mills, J.M. Smucker, Nestle, Pilgrim’s Pride, Phillip Morris, and other consumer staples companies to implement sweeping cost cutting programs.

Every Expense is Evaluated to Be Cutback Unless It Contributes Directly to the Bottom Line

How to Double Your Profits obsesses about cutting costs by any and all means possible. Every corporate resource is a cost-center that must be pared down to the bone—unless it’s a strategic function. When it comes to marketing, for example, the author recommends outspending the competition in both good and bad times.

Seventy-eight brief chapters (“steps”) deal with every possible drain on time, money, and people in the modern corporation: reducing layers of management, cutting the amount of time managers spend in meetings, shrinking corporate expense accounts, eliminating first-class air tickets, getting rid of pointless reports, and so on.

Focus on profits. “We’re here to make a profit. In fact, we’re here to make as much profit as we possibly can. Profit is the most accurate, most all-encompassing measure of whether we truly are the best. … Profits benefit all of us … when the profits slow down, we all suffer.”
Run a true meritocracy. Set expectations about how performance will be measured and what rewards will accrue to what levels of performance. “Within any level or group of employees, there must be wide disparities in salary, tied to demonstrable differences in performance and contribution to the bottom line.”
Avoid paralysis by analysis, make decisions faster. “Superb managers are instinctual, making the right decision most of the time based on limited data. The quantification that less-skilled managers insist upon is in fact illusory: They wind up making decisions based upon that which can be quantified rather than that which is important. Most of the critical variables in any business decision can only be judged and evaluated based on experience and instinct, not quantified.”

Much of the advice is effective, if predictable, but some suggestions are clearly crooked:

Step 24 / Declare Freezes and Cuts: “Send a letter declaring an across-the board 3% reduction to suppliers. Make sure the letter is from someone high up and intimidating….(after getting the bill) deduct 3% from the bill and say, ‘Didn’t you read my CEO’s letter? Are you trying to get me fired? “
Step 37 / Accounts Payable: “Never pay a bill until the supplier asks for it at least twice. You’ll be surprised: A few suppliers will take as much as two years before they finally get around to asking for their money.”

But Then Again, There is only so Much Fat to Cut out: The Crisis at Kraft Heinz

When discharged without due forethought, elements of Fifer’s cost-cutting mindset could lead to corporate myopia and an utter disregard for such intangible assets as human capital, brand value, and corporate philanthropy.

Certainly, in businesses with substantial cost inefficiencies and bloat, cost-cutting can produce considerable gains in profits, but even with these firms, gains will be time-limited, because there is only so much fat to cut out.

Cost Cutting and The Crisis at Kraft Heinz Aggressive cost-cutting has been blamed for the recent travails at Kraft Heinz. Over the last three years, Kraft Heinz’s fading return on invested capital and decreasing sales point toward a leadership team that has been giving precedence to near-term cash flows to the detriment of its long-term competitive position (“moat.”)

With the expansion of cut-price private-label brands, consumers are no longer remaining devoted to brands like they once did. Kraft Heinz’s roster of products is less appealing to customers than it used to be, and cost cutting hasn’t helped—Kraft Heinz has invested just 2%–3% of its sales on brand spending, as against 7%–9% at comparable consumer goods companies.

Recommendation: Fast Read ‘How to Double Your Profits’

Bob Fifer’s How to Double Your Profits in 6 Months or Less, even if out-of-date and brash in style, could help drive systematic cost-consciousness in large firms that have bloated cost structures in the hypercompetitive business environments.

Entrepreneurs, managers, and employees will find in How to Double Your Profits many ideas for establishing a culture where every employee feels liable for adding value to the organization’s bottom line. The key takeaway lessons are:

Determine which costs are strategic (costs that bring in business and improve the bottom line) and over-invest in those processes as long as they are effective, i.e. producing better results. “Place the burden of proof on justifying costs, not on eliminating them.”
Avoid over-quantifying and over-analyzing processes and results, particularly when the extra precision will not have any bearing on business decision-making.
Consider business processes as a means to an end—a focus on business results should trump a focus on business processes. In other words, focus single-mindedly on business results.

Complement with Francisco Souza Homem de Mello’s The 3G Way (2014) and Cristiane Correa’s Dream Big (2014)—informative books on 3G written by Brazilian business journalists who’ve covered 3G and its founders over the years. Warren Buffett, who regularly teams up with 3G Capital, recommends these books.

How to Prevent Employee Exhaustion

November 8, 2018 By Nagesh Belludi Leave a Comment

Feeling exhausted, irritated, unhappy, and lacking in control are all signs of burnout—a temporary decline in an employee’s well-being.

If you notice a drop in energy, motivation, or productivity, try these simple ways to help combat employee exhaustion:

Clarify expectations
Where possible, lower the standards and relax the deadlines. Encourage less perfection.
Give employees the right tools and resources that they need to do their job effectively
Allocate some tasks to other employees
Appreciate, reward, recognize
Give employees some time off
Reduce travel and meetings
Offer counseling and mentoring

Employee stress and problems at work that are not dealt with effectively can quickly spill out into other parts of an employee’s life. In fact, many marriages go bad when stress at work is at its worst: people use up all their willpower on the job; their home lives suffer because they give much to their work.

Make employee welfare a key area of focus to promote better work environments and keep employees engaged.

Don’t Use Personality Assessments to Sort the Talented from the Less Talented

October 25, 2018 By Nagesh Belludi Leave a Comment

Personality assessments have featured in personality development and career counseling for almost a century. Myers-Briggs Type Indicator (MBTI) and other tests form the basis for helping people deal with conflict, understand team interplay, outline career search, sharpen decision-making skills, and cope with stress.

Personality Assessments Cannot Predict Performance

Even as their use has grown significantly over the last two decades, personality assessments—including strengths inventories, and emotional intelligence assessments—have been criticized at length:

An individual’s personality cannot be summed up by a personality assessment. Individuality is described best by continuous (not discrete), normally-distributed attributes. For example, the MBTI Step I classification of individuals into 16 categories (or 4 dichotomies from Carl Jung‘s book Psychological Types (1921)) does not encapsulate the full range of personality variance.
An individual’s behavior cannot be limited to one side of a dichotomy. For instance, every person can be outgoing and assertive in the external world (extraversion,) while requiring time for some contemplation (introversion).
Many academic studies question the tests’ predictive validity and poor reliability. Moreover, personality assessments have poor test-retest consistency. Test takers have been shown to change at least one dichotomy when they take the MBTI Step I survey a second time.
Personality assessments can initiate confirmation bias (“Barnum Effect”)—the test scores are self-fulfilling because people tend to behave in ways that are predicted for them. In other words, a person who learns that he or she is “outgoing” according to MBTI may behave that way.
Personality tests are decidedly fakeable, especially when used to evaluate future career opportunities. All personality assessments are contingent on a degree of honesty, but MBTI test-takers are often motivated to match up to extraverted, sensing, thinking, and judging (ESTJ) proclivities in the modern organization.
Assessments are regularly offered as universally applicable. Not only do they tend to mirror the biases of the test developers, but also they are skewed in preference of the social groups the developer studied.

Personality Assessments are Starting Points for Change, Not a Predictor of the Outcome

Academics have long acknowledged the previously mentioned criticisms of personality assessments. They’ve argued fruitfully that many of the criticisms should be directed to how HR practitioners understand personality tests and use them in the development arena.

MBTI and many other personality assessments were never intended to sort the talented from the less talented. They are designed for the individual who takes the assessment, and not for the HR practitioner. In other words, personality assessments were designed to help individuals discover their underlying preferences regarding learning styles, problem-solving styles, self-awareness, ethical inclinations, emotional intelligence, and stress management.

Intended for Increasing Self-awareness, Not Appraisal

On the contrary, HR practitioners tend to interpret test scores speciously to gauge behavior, rather than as pointers of categorical preferences. Besides, HR practitioners often fail to factor in the test-takers’ past and current environmental influences.

And then there’s the risk of people being pigeonholed or pushed into a particular course regardless of his or her preferences. HR practitioners and career counsellors who put too much emphasis on personality assessments may compartmentalize people into rigid categories. This flies in the face of a central tenet of the MBTI premise—that individuals could choose to act against their preferred type if the occasion demands it. People’s attitudes and behaviors often change over time because of emotional experiences or socialization into specific work and social cultures.

Idea for Impact: Use Personality Assessments to Facilitate Self-Awareness, Not for Categorization or as Predictors of Achievement

If you’re a manager or a HR practitioner, don’t use personality assessments to categorize people or as predictors of achievement. Encourage people to take personality tests, but help them interpret these pieces of data about themselves—only they could make sense of test results in the context of their life history, social environment, and ambitions for career and life.

To Micromanage or Not?

June 12, 2018 By Nagesh Belludi Leave a Comment

Micromanagement—any unnecessary meddling in someone else’s responsibilities, decision-making, and span of authority—is one of the most common gripes that employees have about their managers. No manager’s participation, influence, and authority should chip value away from an employee’s work.

Nobody Likes a Meddling Boss

There’s a thin line between appropriate questioning and micromanaging. What characterizes micromanaging is not whether a manager is questioning the minutiae, but whether the fine points are significant enough to be probed into and to what end the manager is probing.

For instance, is a manager making a point of a certain inconsistent operating expense, or is the manager examining bookkeeping details that may help bring to light a bigger-level problem such as a defective accounting system? Asking questions doesn’t in and of itself signify micromanaging, as long as those questions lead to insights of some substance.

If a manager hones into some trivial detail and challenges it with an intention of establishing an employee’s error, it’s reasonable to assume that the manager is micromanaging.

When micromanaging happens in the area of the manager’s expertise, his nitpicking is usually provoked by an egotistical need to emphasize his knowledge or experience on the subject, especially if the manager is insisting on his pet course of action.

Idea for Impact: When tactically applied, micromanaging can be a powerful tool to get the right things done

The ability to pose broad, open-ended questions (try the Socratic Method) and help an employee uncover crucial details—and to do this without creating the perception of micromanaging—is a particularly valuable managerial skill.

The smartest managers I know of do away with as many unnecessary reports, reviews, and approvals as possible. They ask the right questions about the right subjects in the right tone to help refocus an employee’s attention while deferring to the employee’s decision-making prerogative. They don’t delve into the fine points of everything—they selectively micromanage only if they must.

Lessons from Peter Drucker: Quit What You Suck At

March 1, 2018 By Nagesh Belludi 1 Comment

The essence of leadership is risk- and opportunity-assessment and resource allocation. It follows that one of the persistent responsibilities of leadership is to mull over each individual and organizational endeavor and investigate, “Do we produce results that are meaningful and profitable enough for us to justify investing our resources to this purpose?”

Jack Welch’s Strategy for General Electric: #1 or #2 Businesses Only

When Jack Welch became CEO of General Electric (GE) in 1981, he set out to make GE “the world’s most competitive enterprise.” However, the company was a hodgepodge of many businesses—some unrelated or irrelevant, several unprofitable, and a few at the brink of failure.

Management pioneer Peter Drucker famously advised Welch to ask of each constituent of the GE business portfolio he now presided over, “If you weren’t already this business, would you enter it today? And, if the answer is no, what are you going to do about it?”

Welch’s responded with his legendary dictum that every GE division be—or become—the leading or the runner-up business in its respective industry, or plan to exit it completely.

Welch argued that in many markets, the number three, four, five, or six players suffered the most during cyclical downturns. On the contrary, number one or number two businesses could protect their market share by way of aggressive pricing approaches or by developing new products. Welch’s approach portended the emergence of oligopolies in many industries.

The resultant strategic focus eventually led to an immense restructuring of GE. Welch sold or discontinued dozens of divisions—including computers and time-shares. Over the next decade, he cut nearly one in four jobs at GE, warranting the nickname “Neutron Jack.”

By year 2000, GE had reached dominance or near dominance in most of its business markets across the globe.

Peter Drucker on Strategic Reprioritization

Explaining this method of strategic reprioritization, Drucker wrote in Post-Capitalist Society (1993,)

To turn around any institution—whether a business, a labor union, a university, a hospital, or a government—requires always the same three steps:

Abandonment of the things that do not work, the things that have never worked; the things that have outlived their usefulness and their capacity to contribute;

Concentration on the things that do work, the things that produce results, the things that improve the organization’s capacity to perform; and

Analysis of the half successes, half failures. A turnaround requires abandoning whatever does not perform and doing more of whatever does perform.

Drucker further elaborated on abandonment as the keystone for strategic reprioritization in his Five Most Important Questions (2015,)

To abandon anything is always bitterly resisted. People in any organization are always attached to the obsolete—the things that should have worked but did not, the things that once were productive and no longer are. They are most attached to what in an earlier book I called “investments in managerial ego.” Yet abandonment comes first. Until that has been accomplished, little else gets done. The acrimonious and emotional debate over what to abandon holds everybody in its grip. Abandoning anything is thus difficult, but only for a fairly short spell. Rebirth can begin once the dead are buried; six months later, everybody wonders, “Why did it take us so long?”

Idea for Impact: Assess What Endeavors Must Be Intensified or Abandoned

Don’t do—or continue to do—something just because it’s been a tradition, custom, or habit. Strengthen, abandon, or stay on. Align your efforts with your mission, your values, and the results you want to achieve.

If you abandon something important mistakenly, you can quickly pick up where you left off.

Invest your precious resources where the returns are rich.

Figure out what’s vital and stay focused, even if you have to cut your losses (read about sunk costs.)

Ideas to Use When Delegating

January 24, 2018 By Nagesh Belludi Leave a Comment

The American industrialist Alfred P. Sloan once declared, “The most important thing I ever learned about management is that the work must be done by other men.”

A manager’s principal task is to get things done through other people. Therefore, delegation is one of the most important skills a manager can master.

In addition, being effective at delegation has benefits in many areas of life—enlisting a friend to repair a computer, or getting your kids to rearrange a bookshelf, for example.

Here are a few ideas for effective delegation.

Delegate every task that can be performed just as well by someone who is paid less than you are.
Pick people who can accept responsibility.
Match the person to the task.
Remember that the person performing the task may not do it as well as you do it.
Build employees’ confidence by assigning low-risk projects at first. By giving employees tasks that are right at the limit of their existing capability, or even just beyond, you can motivate them to develop their skills and knowledge.
Let employees put their own spin on the assignment. Learn to have faith in the ingenuity of your employees, and give much latitude in how they do things.
Delegate outcomes, not just tasks. Identify the precise problem and define exactly what you want your employee to do.
Confirm understanding. Don’t assume that your employee understands what we mean. Have the employee restate the outcome you’ve delegated in his own words.
Give a due date for the assignment.
Monitor what you delegate. Don’t meddle—an overly-engaged boss can create self-induced commotion. Effective managers delegate results when they can and interfere only when they must.
Learn to be patient. Expect employees to make wrong decisions. Spend time with them to learn why a decision was wrong and how to avoid it the next time, rather than reproach or assign blame.
Set the standards, but tell your employees what you’re willing to accept as tradeoffs of delegation. Offer to lend a hand wherever necessary. As Peter Drucker wrote in The Leader of the Future, “Effective leaders delegate, but they do not delegate the one thing that will set the standards. They do it.“

By learning to delegate effectively, you can create a work environment that is more time- and skills-efficient, foster creativity and opportunities for professional growth, and focus on the importance of managerial communication.

Seven Easy Ways to Motivate Employees and Increase Productivity

January 10, 2018 By Nagesh Belludi Leave a Comment

If you’re a manager, you can become a motivator by inspiring your employees to high performance—and produce beyond the ordinary.

Purpose. Even the mundane can become meaningful in a larger context. Howard Schultz, the founder and CEO of Starbucks once said about providing propose, “People want to be part of something larger than themselves. They want to be part of something they’re really proud of, that they’ll fight for, sacrifice for, that they trust.” Sometimes that’s all people need to get their skates on—because nothing is worse than feeling that they’re are stuck doing a meaningless task.
Autonomy. Empower people to innovate and make decisions. Be clear about performance expectations. Reduce your direct supervision of their work. Don’t micromanage.
Appreciation. Reward your employees’ small as well as big successes. Recognition is easy and need not be expensive and time-consuming.
Involvement. Interact directly with frontline employees, observe their work, solicit their opinions, seek ideas for improvement, and work directly with the frontline to identify and resolve problems. Encourage employees to talk about the “undiscussable,” even if others don’t want to hear it.
Challenge. Put people in situations where they can grow, learn new skills, and gain new knowledge.
Urgency. Disregard command-and-control and, instead, become an expediter and facilitate your employees getting their job done. The pioneering management guru Peter Drucker encouraged managers to frequently ask of employees the one question that can initiate more improvement than any other: “What do I do that wastes your time without contributing to your effectiveness?”
Empathy. Care about your employees’ success and give them hope about their performance. Be sincere. Demonstrate you value differing opinions.

Idea for Impact: The bottom line on motivation is this: People know what motivates them. Ask them. You may not have any idea what they want.

Five Pitfalls of Coaching Success

December 20, 2017 By Nagesh Belludi Leave a Comment

According to Coaching, Mentoring and Managing: Breakthrough Strategies to Solve Performance Problems and Build Winning Teams (1996) by William Hendricks, et al., some managers instinctively do things that thwart their team’s performance.

Examine if you’re guilty of one or more of the following.

Do you tend to speak at your employees, not with them? Your style of instruction could be accompanied by the frequent use of phrases such as “I want” and “you should.”
Do you tend to exaggerate situations or behavior? Your tendency to color an employee’s behavior using qualifiers such as “always,” “never,” and “everyone” could be dragging him down. Generalizations could crush the employee’s sense of self-esteem. If you want to create positive change, instill pride, not shame.
Do you sometimes assume that your employee knows a problem and the solution? It’s possible that the employee may not recognize the problem. Skillfully use lines of questioning that can help the employee drill down into the details and reveal a higher-level issue.
Do you often fail to follow up? If you don’t follow up on directions or performance expectations, you will inevitably find yourself reacting to unpleasant surprises.
Do you not reward improved behavior? If you don’t reward positive changes in behavior, you will not expand behavioral adjustments to permanent performance improvement. Managerial feedback and coaching is all about reinforcing positive behaviors and encouraging corrections to damaging behavior.

Learning from the World’s Best Learning Organization // Book Summary of ‘The Toyota Way’

November 27, 2017 By Nagesh Belludi Leave a Comment

Toyota is the World’s Most Benchmarked Company, and for Good Reason

Toyota’s cars are reputed for their reliability, initial quality, and long-term durability. It is the pioneer of modern, mass-production techniques and a paragon of operational excellence. Even if its reputation has taken a beating in the last few years because of the uncontrolled acceleration crisis and major product recalls, Toyota’s long-term standing as the epitome of quality production is undeniable.

Toyota measures and improves everything—even the noise that doors make when they open and close. As cars roll off assembly lines, they go through a final inspection station staffed by astute visual and tactile inspectors. If they spot even a simple paint defect, they don’t just quietly fix the problem merely by touching up the paint to satisfy the customer or their plant manager. They seek out systemic deficiencies that may have contributed to the problem, and may hint at deeper troubles with their processes.

World-Class Processes, World-Class Quality

As Jeffrey K. Liker explains in his excellent The Toyota Way, the genius of Toyota lies in the Japanese expression ‘jojo‘: it has gradually and steadily institutionalized common-sense principles for waste reduction (‘muda, mura, muri‘) and continuous improvement (‘kaizen.’) Liker, a professor of industrial engineering at the University of Michigan (my alma mater) has studied the Toyota culture for decades and has written six other books about learning from Toyota.

Liker establishes the context of The Toyota Way with a concise history of Toyota Motor (and the original Toyoda Textile Machinery business) and the tone set by Toyota founders Sakichi and Kiichiro Toyoda. Quality pioneers such as Taiichi Ohno, W. Edwards Deming, and Joseph Juran instituted groundbreaking philosophies that shifted Toyota’s organizational attention from managing resource efficiencies in isolation to managing the flow of value generated by the Toyota Production System (TPS.)

“No Problem is the Problem:” How Toyota Continuously Improves the Way it Works

Liker devotes a bulk of his book to the distinct elements of Toyota’s foundational principles: continuous flow, minimal inventory, avoidance of overproduction, balanced workload, standardized tasks, visual control, etc. He drills down to the underlying principles and behaviors of the Toyota culture: respect people, observe problems at the source, decide slowly but implement swiftly, and practice relentless appraisals of the status quo. Liker states, “Toyota’s success derives from balancing the role of people in an organizational culture that expects and values their continuous improvements, with a technical system focused on high-value-added flow.”

Companies that have tried to emulate Toyota have struggled not with understanding its management tools but with putting into practice the mindset and the organizational discipline that permeates everything Toyota does. “Understanding Toyota’s success and quality improvement systems does not automatically mean you can transform a company with a different culture and circumstances.”

Book Recommendation: Read The Toyota Way. As Liker observes, “Toyota is process oriented and consciously and deliberately invests long term in systems of people, technology and processes that work together to achieve high customer value.” The Toyota Way is comprehensive and well organized, if tedious in certain parts. It can impart many practical pointers to help improve the operational efficiency of one’s organization. Peruse it.

Postscript: I’ve taken many tours of Toyota’s Georgetown, Kentucky, factories and a few associated suppliers—once as part of a lean manufacturing study tour organized by Liker’s research group and other times privately. I strongly recommend them for observing Toyota’s matchless culture in action on the production floor. I also recommend the Toyota Commemorative Museum in Nagoya for a history of Toyoda Textile Machinery and Toyota Motor and their management principles.

No One Likes a Meddling Boss

October 2, 2017 By Nagesh Belludi Leave a Comment

William R. Jones—“Old Captain Bill” as he was fondly called—was the General Superintendent at Andrew Carnegie’s Edgar Thomson Steel Works, the genesis of the Carnegie steel empire.

Captain Bill (1839–89) had little formal education. He certainly didn’t understand much of the science of the steel-making. Nonetheless, he was street-smart, outgoing, forthright, and ingenuous. His workers venerated his boundless energy. With their support, he not only broke many records in steel production, but also developed an array of inventions that touched many aspects of steel-making and rail-manufacturing.

Captain Bill’s boss, Charles M Schwab (1862–1939,) recalled an amusing interaction between Captain Bill and Andrew Carnegie in an essay titled “My 20,000 Partners” in the 19-Dec-1916 issue of The American Magazine:

The captain, I remember, used to characterize Mr. [Andrew] Carnegie as a wasp that came buzzing around to stir up everybody.

One hot day in early summer, Carnegie sought out Jones in the steel factory.

“Captain,” he said, “I’m awfully sorry to leave you in the midst of hot metals here, but I must go to Europe. I can’t stand the sultry summer in this country. You have no idea, Captain, when I get on the ship and get out of sight of land, what a relief it is to me.”

“No, Andy,” flashed the captain, “and you have no idea what a relief it is to me, either.”

Idea for Impact: Meddling is not managing. While “keeping your eye on the ball” (and management by walking around) is indispensable to managerial control, an overly-engaged boss can create self-induced commotion. Effective managers delegate results when they can and interfere only when they must. Learn to have faith in the ingenuity of your employees, and give much latitude in how they do things.

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Leading Teams

3G Capital’s Playbook: Look at EVERYTHING—There are No Sacred Cows in Cost-Cutting

Every Expense is Evaluated to Be Cutback Unless It Contributes Directly to the Bottom Line

But Then Again, There is only so Much Fat to Cut out: The Crisis at Kraft Heinz

Recommendation: Fast Read ‘How to Double Your Profits’

Wondering what to read next?

Wondering what to read next?

Personality Assessments Cannot Predict Performance

Personality Assessments are Starting Points for Change, Not a Predictor of the Outcome

Intended for Increasing Self-awareness, Not Appraisal

Idea for Impact: Use Personality Assessments to Facilitate Self-Awareness, Not for Categorization or as Predictors of Achievement

Wondering what to read next?

Nobody Likes a Meddling Boss

Idea for Impact: When tactically applied, micromanaging can be a powerful tool to get the right things done

Wondering what to read next?

Jack Welch’s Strategy for General Electric: #1 or #2 Businesses Only

Peter Drucker on Strategic Reprioritization

Idea for Impact: Assess What Endeavors Must Be Intensified or Abandoned

Wondering what to read next?

Wondering what to read next?

Wondering what to read next?

Wondering what to read next?

Toyota is the World’s Most Benchmarked Company, and for Good Reason

World-Class Processes, World-Class Quality

“No Problem is the Problem:” How Toyota Continuously Improves the Way it Works

Wondering what to read next?

Wondering what to read next?