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Chief
Executive Briefing # 7
The
Best Decisions CEOs Say They Have Made
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Following is a representative sample of comments made by
CEB members when they were asked to describe the best decision they made in
their business.
1.
Treating our employees better than customers
2.
Replacing a couple of poor performing top managers with high energy
managers
3.
Empowering employees
4.
Bringing systems to the business - trying to be process dependent rather than people dependent
5.
Hiring top quality people
6.
Adopting world class customer service
7.
Setting realistic, measurable sales goals for commission sales reps and
not “baby-sitting” the ones who do not achieve those goals
8.
Hiring certain people
9.
Growing the business by delegating many of my duties to others
10.
Getting rid of my partner - getting rid of non-productive employees
immediately vs. giving multiple tries
11.
ISO certification
12.
Choosing employees who have the people skills I feel they should need for
this business, then providing necessary training
13.
Installing a profit-share program
14.
Joint ventures rather than total control
15.
Hiring people smarter than me
16.
Being more selective in the types of clients we pursue and accept
17.
Hiring good people
18.
Start preparing the business for sale the day I bought it - selling it as
close to the top as possible
19.
Hiring an operations manager allowed me to focus on growth and
development of company
20.
Admitting two younger people as Junior partners and assigning one of them
as managing partner
21.
The decision to create an exit strategy and change the “ In it for
life” approach to running the business
22.
Broadening our service offerings
23.
Reinvesting profits to minimize debt -
continuing to make personal contacts with customers in spite of
temptation to resort to electronic marketing and sales
24.
Employing the best people always-talent can always find a place in the
organization
25.
Invoice daily and deposit receipts daily
26.
Taking on a business coach to bring clarity to where I am and directing
for the future
27.
Hiring staff to enable me to be free to do what I do best, sell (Unique
ability)
28.
Re-evaluating vendors and margins - quit providing no charge services
29.
Changing the director for sales and engineering last year
30.
Changing the way I view the company - redefining “ assets” as liabilities and reducing liabilities
31.
Developing strategic alliances with other enterprises
32.
Letting go of responsibility and delegating it to other people
33.
Surrounding myself with the best talent/people
34.
Increasing product pricing to get away from competitive pricing
35.
Hiring two management level employees to take over some of my day to day
operational obligations
36.
I have stopped putting square pegs in round holes
37.
Implementing cellular manufacturing
38.
Consolidating units to one store (from 3) and consolidating ownership
from five people to two people
39.
Buying out a minority shareholder
40.
Assuming customer to finance our expansion
41.
Specializing in a niche product and service where there is little or no
competition
42.
Firming guidelines of expectations for empowered employees
43.
Building relationships with our customers and our vendors -
it has meant very little competitive bidding and loyal vendors
44.
Having a Board of Advisors
45.
Releasing all “Negative Neds”
46.
Networking and computerization of every person in the office
47.
Buying more companies to dilute the risk of one enterprise
48.
Buying out my partner in 1988
49.
Hiring the management I have in place currently
50.
Hiring a general manager - relieves
problems with personnel interaction
51.
E-MYTH
52.
Placing emphasis on net profits not gross sales
53.
Hiring some great people
54.
Hiring talented people
55.
Staying independent - ongoing
employee training
56.
Paying a psychologist to help interview/evaluate
57.
Implementing a pay for performance philosophy and to develop systems to
standardize processes
58.
Letting bad performing employees go
59.
Hiring quality people
60.
Investing in the right hiring process to get the best people
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