Nuggets from Phil Cave
-- "Management" is getting ordinary results from ordinary people. "Leadership" is getting extraordinary results from ordinary people.
-- Listen first. The answers to your problems are most likely already in the company. Learn to shut up and listen to employees and you'll be amazed at what you'll discover.
-- When Phil evaluates a company for a turnaround, no matter what the problems with the organization, he looks for an established pathway to the customer. The single hardest and most expensive thing to create is the pathway to the customer. And it's the thing companies should spend the most time developing.
-- Spend more time working on the business and less time working in the business. Learn to step outside the business and look at it from the big picture.
-- Give your team the authority to make mistakes. The balance of giving them that ability, without them crashing the company on the rocks is the secret of great leadership.
-- CASH IS KING. Phil owns multiple businesses throughout Australia and Asia, but every day he receives financial reports on how much cash is on hand, balance sheets, deposits, and credit status for each company. Within 24 hours, he can have detailed spreadsheets that deal with every aspect of the financial health of each business. You can't run a business successfully without that timely, immediate, and accurate information.
-- When you cut costs, don't cut an artery. Sometimes, saving money is the worst thing you can do.
-- Success is not hit and miss. It's a culture and habit at great organizations.
Finally, here are some principles Phil Cave suggests all leaders should follow:
1) Listen to your customers. It's not about you - it's about your customers and their experiences.
2) Liberate your people. Let them run with the ball and accomplish great things. Stop holding them back.
3) The leader should set the strategic direction for the company. And then, make sure every single employee understands it.
4) Learn from the best. Study great companies and learn what they do right. If you don't take the time to study other great companies and leaders, you're working in a vacuum.
5) Reinvest in the company. Pour your energy, money, time, and talent back into the company to take it to the next level.
-- Listen first. The answers to your problems are most likely already in the company. Learn to shut up and listen to employees and you'll be amazed at what you'll discover.
-- When Phil evaluates a company for a turnaround, no matter what the problems with the organization, he looks for an established pathway to the customer. The single hardest and most expensive thing to create is the pathway to the customer. And it's the thing companies should spend the most time developing.
-- Spend more time working on the business and less time working in the business. Learn to step outside the business and look at it from the big picture.
-- Give your team the authority to make mistakes. The balance of giving them that ability, without them crashing the company on the rocks is the secret of great leadership.
-- CASH IS KING. Phil owns multiple businesses throughout Australia and Asia, but every day he receives financial reports on how much cash is on hand, balance sheets, deposits, and credit status for each company. Within 24 hours, he can have detailed spreadsheets that deal with every aspect of the financial health of each business. You can't run a business successfully without that timely, immediate, and accurate information.
-- When you cut costs, don't cut an artery. Sometimes, saving money is the worst thing you can do.
-- Success is not hit and miss. It's a culture and habit at great organizations.
Finally, here are some principles Phil Cave suggests all leaders should follow:
1) Listen to your customers. It's not about you - it's about your customers and their experiences.
2) Liberate your people. Let them run with the ball and accomplish great things. Stop holding them back.
3) The leader should set the strategic direction for the company. And then, make sure every single employee understands it.
4) Learn from the best. Study great companies and learn what they do right. If you don't take the time to study other great companies and leaders, you're working in a vacuum.
5) Reinvest in the company. Pour your energy, money, time, and talent back into the company to take it to the next level.
posted by Russ @ Wednesday, May 09, 2007
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