Management in 10 Words

From the book, Management in 10 Words by Terry Leahy.  Leahy is the CEO of a $97 billion supermarket chain in the UK - -

1. Truth - Too many managers filter out what they don't want to hear and then make uninformed decisions.  Look for truth; listen to it; tell it.
2. Loyalty - Reward the behavior that a business needs to prosper.  Rewards aren't just monetary.  Challenging people with opportunity rewards them too.
3. Courage - "Good strategies need to be hold and daring.  People need to be stretched as they can do more than they think.  Goals have to cause excitement, and perhaps a little fear."
4. Values - When companies lose sight of their values, they start to make decision based on short-term gains.
5. Act - Leahy says he learned the hard way that the perfect plan doesn't exist.  Successful execution depends on clear decisions, simple processes and defined roles.
6. Balance - Internal processes shouldn't be roadblocks to getting things done.  Think of them as a framework that fosters innovation and individual responsibility within organizations.  The silo builder is the enemy within.
7. Simple - Business and life are complex, but keeping things simple doesn't mean doing simple things.  It means stripping out unnecessary processes.  Managers should measure what's being done against what was intended in the first place.
8. Lean - Being lean doesn't mean cutting corners and cheapening your offerings.  Lean eliminates waste.
9. Compete - "Competitors are great teachers."  Knowing them keeps your plans vital.  Find out why people are buying their products, not yours.
10. Trust - Be authentic.  People can tell if you left your real personality at home.