The Power of Ten - 10 key learnings from the book 'Good To Great'

"Good to Great" by Jim Collins is a well-regarded business book that explores the factors that distinguish truly great companies from their good counterparts. Here are ten key points from the book:

1. The Hedgehog Concept: Great companies have a clear understanding of what they can excel at and focus on doing it exceptionally well. This concept emphasizes the intersection of passion, unique capabilities, and economic opportunities.

2. Level 5 Leadership: Great companies are led by Level 5 leaders who possess a combination of humility and fierce resolve. They prioritize the success of the organisation over personal recognition and ego.

3. First Who, Then What: Instead of solely focusing on strategy, great companies prioritize getting the right people on board first. They ensure they have the right people in key positions before determining the direction of the organisation.

4. Confront the Brutal Facts: Great companies confront reality and face difficult truths head-on. They create a culture that encourages open dialogue and confronts challenges and setbacks rather than ignoring or sugarcoating them.

5. The Flywheel Effect: Great companies build momentum through consistent efforts and small wins. Like pushing a flywheel, they accumulate momentum over time, leading to breakthroughs and sustained success.

6. Disciplined Thought: Great companies base their decisions on disciplined thought processes and empirical evidence rather than relying on gut feelings or unfounded assumptions. They use data and evidence to guide their actions.

7. Culture of Discipline: Great companies foster a culture of discipline, where employees adhere to the organisation's core values and focus on disciplined action. They avoid bureaucracy and promote freedom and responsibility within a framework.

8. Technology Accelerators, Not Drivers: Great companies view technology as an accelerator of their existing strategies rather than a driver of transformation. They adopt technology that aligns with their Hedgehog Concept and supports their goals.

9. The Stockdale Paradox: Great companies confront the brutal facts while maintaining an unwavering belief that they will prevail in the end. They balance realism with an optimistic outlook, even in challenging times.

10. Transition from Good to Great: The transition from good to great is a cumulative process that requires disciplined action and adherence to the principles mentioned above. Greatness is not achieved through a single defining moment but through consistent efforts and commitment to improvement.

These key points summarize some of the central ideas discussed in "Good to Great." Exploring the book in detail will provide a more comprehensive understanding of the concepts and practical examples of companies that have successfully made the leap from good to great.

Note about the author: Andrew Hulbert is a multi-award winning entrepreneur, non-exec director, speaker, author, platelet donor and philanthropist. The ‘Power of Ten’ summarises Andrew’s learnings across the last decade and looks to share some of the valuable mistakes, lessons and learnings during that time. For a succinct summary of Andrew’s career you can visit: https://www.iwfmawards.org/previous-winners/winner-outstanding-contribution-to-workplace-and-facilities-management-2022/. If you’d like to start a conversation, please direct message on LinkedIn.