COVID has changed the way many of us work but firms still need to plan. A McKinsey & Company study showed that companies who followed long term strategies had 47% more revenue growth and 36% more earnings growth than those who took a short term approach. However, two-thirds of executives and directors felt pressured to produce short term results.
In ‘Winning Now, Winning Later’ David M. Cote sets out the three principles of short and long term performance and making changes to “the way we’ve always done it” and encourages leaders to not lose their hunger.
Great book, shows a plethora of ways to succeed now and in the future, would highly recommend, Can't wait for more books from this author.
This book is agreat view into how things are run at Honeywell, especially from someone who went in with outside experience. Very immersive, i can imagine being there in every meeting and those tough questions being asked. Good lessons about changing generations of customers/emloyees and their expectations of social responsibilities from the companies. Short=termism vs Long-termism is a major part of Cote's leadership. You will learn a lot from the book as well as see parallels in other companies which favor long term growth for exa Amazon.
I am very fascinated by the contradicting goals that need to be accomplished by leaders everyday eg inventory have enough of it but not too much.
Can a company deliver both short-term performance while focusing on long-term goals and investments to create a sustainable, profitable business? David Cote, former CEO of Honeywell International, believes it's possible -- and he outlines how in his book. I enjoyed that this wasn't a rote, linear narrative. Instead, Cote shares how he resolved Honeywell's problems, including financial underperformance, long=standing environmental issues and a toxic corporate culture. Relevant to today, he also shares on lessons learned from the 2008-09 financial crisis.