Let me ask you, what is the most important asset of your organisation?
Is it your technology? Your intellectual property? Your people?
I believe that an organisation’s most important asset is its culture.
Think about it, people come and go, technology is superseded, IP evolves, but your culture is constant and impacts all of these.
If you have a great culture you are more likely to attract and retain the best people. The right people will eventually find a path to success. When Dick Cooley took over as the CEO of Wells Fargo, he realised he could never understand the major changes that would follow from the imminent deregulation of the banking industry.
But, he reasoned that if he got the best and brightest people in the company, somehow together they would find a way to prevail. He was right. Warren Buffett subsequently called Wells Fargo’s executives “The best management team in the business,” and the company prospered.
Great companies focus on great culture and great people. They a disciplined in their recruitment process to clarify what skills the person needs, whether they have the will to do the job, and most importantly, whether they are the right fit for the organisation’s culture.
It can cost up to 400% of an annual salary to replace a skilled worker, so shortcutting the recruitment process and compromising on cultural fit is always as mistake.
There’s a tendency to gather information, and more information, and more information, indefinitely if a decision is important.
Your next 40 years will be determined by your next ten years.
A mantra I live by in business is, ‘tolerance is the enemy of excellence.’
Functional fixes are not solutions for existential misalignments.
If you’re buying your lunch from someone, what happens if he’s 20cms shorter than you?
It’s almost certain that what’s being agreed isn’t fully understood.
Don’t be a dick.
Five hundred years ago, Michel de Montaigne said: “My life has been filled with terrible misfortune; most of which never happened.”
In tennis, the majority of the game is spent volleying.
I own a wealth management company called MedCapital