In 1998, Fortune magazine hailed General Electric as the "most admired company in America." In Fortune's words, Chairman Jack Welch "has rewritten the book on management while keeping GE huge, nimble, and immensely profitable." Although GE has changed since Welch retired in 2000, it is still the 4th most recognized brand in the world.
Most interesting is that the strategies, ideas, and insights that Welch used to improve GE can be applied to any company of any size, even to this day. One of his most controversial business strategies was to embrace change, rather than fearing it. Never have we faced more change than we face today.
In the column and podcast that follows we’ll examine Welch’s legacy and why he believed that small, lean companies communicate better, move faster and waste less. You will gain insight as to why Welch decided the bureaucracy, which was supposed to provide order and control, was a liability…and what he did about it. At the end of the written column and blog attached, you’ll find a few thought provoking questions you may want to review with your team, strategic partners, suppliers, your coach or mentor.
Welch engaged in what he called "plagiarizing" good ideas from other companies. "Adapted ideas are better than new ones,” said Welch: “because most of the bugs have been worked out." Welch wasn’t interested in reinventing the wheel…are you?
From the legacy of Welch we will learn that there's nothing wrong with growth, but that organizations should never lose sight of the advantages that small firms offer such as quick, direct communications and fast decisions.
To read the entire column and/or download or listen to the podcast or post a comment on the blog go to TheDreamSpeaker.com
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