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Tom Peters’ Re-Ima g ine ! Leading Chan g e , Developing Talent , Driving Innovation , Adding Value , Achieving Excellence Associsation of Chief Executive Officers Athens/09May2006. Slides* at … *Also, “Long”. Part #1: Introduction EXCELLENCE. ALWAYS.

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Tom Peters’Re-Imagine!Leading Change, Developing Talent, Driving Innovation,Adding Value,Achieving ExcellenceAssocisation of Chief Executive OfficersAthens/09May2006


Excellence1982: The Bedrock “Eight Basics”

1. A Bias for Action

2. Close to the Customer

3. Autonomy and Entrepreneurship

4. Productivity Through People

5. Hands On, Value-Driven

6. Stick to the Knitting

7. Simple Form, Lean Staff

8. Simultaneous Loose-Tight



ExIn*: 1982-2002/Forbes.comDJIA: $10,000 yields $85,000EI: $10,000 yields $140,050*Excellence Index/Basket of 32 publicly traded stocks


The Peters Principles: Enthusiasm. Emotion. Excellence. Energy. Excitement. Service. Growth. Creativity. Imagination. Vitality. Joy. Surprise. Independence. Spirit. Community. Limitless human potential. Diversity. Profit. Innovation. Design. Quality. Entrepreneurialism. Wow.


Business* ** (*at its best):An emotional, vital, innovative, joyful, creative, entrepreneurial endeavor that elicits maximum concerted human potential in the wholehearted service of others.*****Excellence. Always.***Employees, Customers, Suppliers, Communities, Owners, Temporary partners

s y non y ms purity transcendence virtue elegance majesty anton y ms mediocrity

Part #2: Principal ArgumentRe-Imagine!Leading Change, Developing Talent, Driving Innovation,Adding Value,Achieving Excellence

income confers no immunity as jobs migrate headline usa today 02 2004
“Income Confers No Immunity as Jobs Migrate”—Headline/USA Today/02.2004

“Deutsche Bank Moves Half of Its Back-office Jobs to India”/ headline/ FT/0327/500 of 900 Research/JPMorgan Chase/30% back-office by 12.31.07


“A focus on cost-cutting and efficiency has helped many organizations weather the downturn, but this approach will ultimately render them obsolete.Only the constant pursuit of innovation can ensure long-term success.”—Daniel Muzyka, Dean, Sauder School of Business, Univ of British Columbia (FT/09.17.04)

“If you don’t like change, you’re going to like irrelevance even less.”—General Eric Shinseki, Chief of Staff. U. S. Army

“It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.”—Charles Darwin


“One Singaporean workercosts as much as …3 … in Malaysia 8 … in Thailand 13 … in China 18 … in India.”Source: The Straits Times/2003


“Forbes100” from 1917 to 1987: 39 members of the Class of ’17 were alive in ’87; 18 in ’87 F100; 18 F100 “survivors” underperformed the market by 20%; just 2 (2%), GE & Kodak, outperformed the market 1917 to 1987.S&P 500 from 1957 to 1997: 74 members of the Class of ’57 were alive in ’97; 12 (2.4%) of 500 outperformed the market from 1957 to 1997.Source: Dick Foster & Sarah Kaplan, Creative Destruction: Why Companies That Are Built to Last Underperform the Market


“I am often asked by would-be entrepreneurs seeking escape from life within huge corporate structures, ‘How do I build a small firm for myself?’ The answer seems obvious:Buy a very large one and just wait.”—Paul Ormerod, Why Most Things Fail: Evolution, Extinction and Economics


“Not a single company that qualified as having made a sustained transformation ignited its leap with a big acquisition or merger.Moreover, comparison companies—those that failed to make a leap or, if they did, failed to sustain it—often tried to make themselves great with a big acquisition or merger. They failed to grasp the simple truth that while you can buy your way to growth, you cannot buy your way to greatness.”—Jim Collins/Time/2004


“I don’t believe in economies of scale.You don’t get better by being bigger. You get worse.”—Dick Kovacevich/Wells Fargo/Forbes/08.04 (ROA: Wells, 1.7%; Citi, 1.5%; BofA, 1.3%; J.P. Morgan Chase, 0.9%)


Scale?“Microsoft’s Struggle With Scale”—Headline, FT, 09.2005“Troubling Exits at Microsoft” —Cover Story, BW, 09.2005“Too Big to Move Fast?”—Headline, BW, 09.2005


“To grow, companies need to break out of a vicious cycle of competitive benchmarking and imitation.”—W. Chan Kim & Renée Mauborgne, “Think for Yourself —Stop Copying a Rival,” Financial Times/2003

7x 730a 800p f12a 93 03 10 yr annual return cb 29 wm 17 hd 16 mkt cap 48 p a
7X. 730A-800P. F12A.**’93-’03/10 yr annual return: CB: 29%; WM: 17%; HD: 16%. Mkt Cap: 48% p.a.
we will not i repeat not pretend to be all things to all people ceo investec 03 06
“We will not, I repeat not, pretend to be ‘all things to all people.’”—CEO, Investec (03.06)

Focus:“All Strategy Is Local:True competitive advantages are harder to find and maintain than people realize. The odds are best in tightly drawn markets, not big, sprawling ones”—Title/

Bruce Greenwald & Judd Kahn/HBR09.05


Innovation’s Saviors-in-WaitingDisgruntled CustomersOff-the-Scope CompetitorsRogue EmployeesFringe SuppliersWayne Burkan, Wide Angle Vision: Beat the Competition by Focusing on Fringe Competitors, Lost Customers, and Rogue Employees


Measure “Strangeness”/Portfolio QualityStaffConsultantsVendorsOut-sourcing Partners (#, Quality)Innovation Alliance PartnersCustomersCompetitors (who we “benchmark” against)Strategic Initiatives Product Portfolio (LineEx v. Leap)IS/IT ProjectsHQ LocationLunch MatesLanguageBoard


“The Bottleneck Is at the Top of the Bottle”“Where are you likely to find people with the least diversity of experience, the largest investment in the past, and the greatest reverence for industry dogma:Atthetop!”— Gary Hamel/Harvard Business Review


“Beware of the tyranny of making SmallChanges to SmallThings. Rather, make Big Changes to BigThings.”—Roger Enrico, former Chairman, PepsiCo


Five MYTHS About Changing Behavior*Crisis is a powerful impetus for change*Change is motivated by fear*The facts will set us free*Small, gradual changes are always easier to make and sustain*We can’t change because our brains become “hardwired” early in lifeSource: Fast Company/05.2005

reward excellent failures punish mediocre successes phil daniels sydney exec
“Rewardexcellent failures. Punishmediocre successes.”Phil Daniels, Sydney exec
“Execution is the jobof the business leader.”—Larry Bossidy & Ram Charan/ Execution: The Discipline of Getting Things Done

“Execution isasystematic processof rigorously discussing hows and whats, tenaciously following through, and ensuring accountability.”—Larry Bossidy & Ram Charan/ Execution: The Discipline of Getting Things Done

“Ninety percent of what we call ‘management’ consists of making it difficult for people to get things done.”– Peter Drucker

Innovation Index: How many of your Top 5 Strategic Initiatives/Key Projectsscore 8 or higher(out of 10) on a“Weird”/ “Profound”/ “Wow”/“Game- changer”Scale?

“The First step in a ‘dramatic’ ‘organizational change program’ is obvious—dramatic personal change!”—RG
“Organizations will still be critically important in the world, but as ‘organizers,’ not ‘employers’!”— Charles Handy
not out sourcing not off shoring not near shoring not in sourcing but best sourcing
Not “out sourcing”Not “off shoring”Not “near shoring”Not “in sourcing”but …“Best Sourcing”

5. Re-imagine Business’sFundamental ValueProposition:Fighting “Inevitable Commoditization” via “The ‘Gamechanging Solutions’ Imperative.”


And the “M” Stands for … ?Gerstner’s IBM:“Systems Integrator of choice.”/BW(“Lou, help us turn ‘all this’ into that long-promised ‘revolution.’ ” )IBM Global Services*(*Integrated Systems Services Corp.):$55B

the value added ladder opportunity seeking gamechanging solutions services goods raw materials
The Value-added Ladder/Opportunity-seekingGamechanging SolutionsServicesGoods Raw Materials
6. Re-imagine Organizing IV:The White-Collar Tsunami and the Professional Service Firm (“PSF”) Imperative.

“ ‘Disintermediation’ is overrated. Those who fear disintermediation should in fact be afraid of irrelevance—disintermediation is just another way of saying that …you’ve become irrelevant to your customers.”—John Battelle/Point/AdvertisingAge/07.05

answer professional service firm psf department head to mana g in g partner is hr r d etc inc
Answer: Professional Service Firm/PSF!Department Headto …Managing Partner, IS[HR, R&D, etc.]Inc.


(Every Practice Group: “If you can’t explain your position in eight

words or less, you don’t have a position”—Seth Godin)2. DRAMATIC DIFFERENCE (“We are the only ones who do what

we do”—Jerry Garcia)3. Stretch Is Routine (“Never bite off less than you can chew”—anon.)4. Eye-Appetite for Game-changer Projects (Excellence at Assembling

“Best Team”—Fast) 5. “Playful” Clients (Adventurous folks who unfailingly Aim to Change

the World)6. Small “Uneconomic” Clients with Big Aims

7. Life Is Too Short to Work with Jerks (Fire lousy clients)8. OBSESSED WITH LEGACY (Practice Group and Individual:

“Dent the Universe”—Steve Jobs)9. Fire-on-the-spot Anyone Who Says, “Law/Architecture/Consulting/

I-banking/ Accounting/PR/Etc. has become a ‘commodity’ ”

10. Consistent with #9 above … DO NOT SHY AWAY FROM THE



“Purchasing Officer” Thrust #1:Cost (at All Costs*) Minimization Professional?Or/to:FullPartner-Leader in Lifetime Value-added Maximization?(*Lopez: “Arguably ‘Villain #1’ in GM tragedy”/AnonVSE-Spain)


“Experiencesare as distinct from services as services are from goods.”—Joe Pine & Jim Gilmore, The Experience Economy: Work Is Theatre & Every Business a Stage


“ClubMed is more than just a ‘resort’; it’s a means of rediscovering oneself, of inventing an entirely new ‘me.’ ”Source: Jean-Marie Dru, Disruption

The Value-added Ladder/Memorable ConnectionSpellbinding ExperiencesGamechanging SolutionsServicesGoods Raw Materials

Beyond the “Transaction”/ “Satisfaction” Mentality“Good hotel”/ “Happy guest”/“Exceeded Expectations”vs.“Great Vacation”/ “Great Conference”/ “Operation PersonalRenewal”


DREAM: “A dream is a complete moment in the life of a client. Important experiences that tempt the client to commit substantial resources. The essence of the desires of the consumer. The opportunity to help clients become what they want to be.”—Gian Luigi Longinotti-Buitoni

The Value-added Ladder/EmotionDreams Come TrueSpellbinding Experiences Gamechanging SolutionsServicesGoods Raw Materials

All Equal Except …“At Sony we assume that all products of our competitors have basically the same technology, price, performance and features.Design is the only thing that differentiates one product from another in the marketplace.”—NorioOhga


“We don’t have a good language to talk about this kind of thing. In most people’s vocabularies, design means veneer. … But to me, nothing could be further from the meaning of design.Design is the fundamentalsoul of a man-made creation.”—Steve Jobs

hypothesis desi g n is the principle metaphor for the encompassing value added imperative
Hypothesis: “Design” is the principle “metaphor” for the encompassing Value-added Imperative!

The Perfect Answer

Jill and Jack buy slacks in black…


1. Men and women are different.2. Very different.3. VERY, VERY DIFFERENT.4. Women & Men have a-b-s-o-l-u-t-e-l-y nothing in common.5. Women buy lotsa stuff.6. WOMEN BUY A-L-L THE STUFF.7. Women’s Market = Opportunity No. 1.8. Men are (STILL) in charge.9. MEN ARE … TOTALLY, HOPELESSLY CLUELESS ABOUT WOMEN.10. Women’s Market = Opportunity No. 1.

Good Thinking, Guys!“Kodak Sharpens Digital Focus On Its Best Customers:Women”—Page 1 Headline/WSJ/0705
44-65: “New Customer Majority” **45% larger than 18-43; 60% larger by 2010Source: Ageless Marketing, David Wolfe & Robert Snyder

“The New Customer Majority is the only adult market with realistic prospects for significant sales growth in dozens of product lines for thousands of companies.”—David Wolfe & Robert Snyder, Ageless Marketing


“We believe companies can increase their market cap 50 percent in 3 years. Steve Macadam at Georgia-Pacificchanged 20 of his 40 box plant managers to put more talented, higher paid managers in charge.He increased profitability from $25 million to $80 million in 2 years.”—Ed Michaels, War for Talent


A review of Jack and Suzy Welch’s Winning claims there are but two key differentiators that set GE “culture” apart from the herd:

First:Separating financial forecasting and performance measurement.Performance measurement based, as it usually is, on budgeting leads to an epidemic of gaming the system. GE’s performance measurement is divorced from budgeting—and instead reflects how you do relative to your past performance and relative to competitors’ performance; ie it’s about how you actually do in the context of what happened in the real world, not as compared to a gamed-abstract plan developed last year.

Second:Putting HR on a par with finance

and marketing.


Our MissionTo develop and manage talent;to apply that talent,throughout the world, for the benefit of clients;to do so in partnership; to do so with profit.WPP


“If there is nothing very special about your work,no matter how hard you apply yourself you won’t get noticed, and that increasingly means you won’t get paid much either.”—Michael Goldhaber, Wired

you are the storyteller of your own life and you can create your own legend or not isabel allende
“You are the storyteller of your own life, and you can create your own legend or not.”—Isabel Allende

“People want to be part of something larger than themselves. They want to be part of something they’re really proud of, that they’ll fight for, sacrifice for , trust.”—Howard Schultz, Starbucks (IBD/09.05)


Organizing Genius / Warren Bennis and Patricia Ward Biederman“Groups become great only when everyone in them, leaders and members alike, is free to do his or her absolute best.”“The best thing a leader can do for a Great Group is to allow its members to discover their greatness.”

yes free to do his or her absolute best allow its members to discover their greatness
Yes!!!!!!!!!!!!!!!!!“free to do his or her absolute best” … “allow its members to discover their greatness.”

“The role of the Director is to create a space where the actor or actress can become more than they’ve ever been before, more than they’ve dreamed of being.” —Robert Altman, Oscar acceptance


Best Story Wins!“A key – perhaps the key – to leadership isthe effective communication of a story.”—Howard Gardner/Leading Minds: An Anatomy of Leadership

“Storytelling is the core of culture.”—Branded Nation: The Marketing of Megachurch, College Inc., and Museumworld, James Twitchell

“AS LEADERS, WOMEN RULE:New Studies find that female managers outshine their male counterparts in almost every measure”Title, Special Report/BusinessWeek

“To be a leader in consumer products, it’s critical to have leaders who represent the population we serve.”—Steve Reinemund/PepsiCo
most important he u pp ed the ener gy level at motorola fortune on ed zander 08 05
“Most important, heuppedthe energy levelat Motorola.”—Fortune on Ed Zander/08.05
The greatest dangerfor most of usis not that our aim istoo highand we miss it,but that it istoo lowand we reach it.Michelangelo

Kevin Roberts’ Credo1. Ready. Fire! Aim.2. If it ain’t broke ... Break it!3. Hire crazies.4. Ask dumb questions.5. Pursue failure.6. Lead, follow ... or get out of the way!7. Spread confusion.8. Ditch your office.9. Read odd stuff.10. Avoid moderation!


Insanely Great Language!

“Insanely Great.”

—Steve Jobs


Radically Thrilling Language!

“Radically Thrilling.”

—BMW Z4 (ad)


Storyline/Big 8Unparalleled change/Alt: IrrelevanceInnovation necessity/BoldnessClimb the value-added ladder/From raw materials to dreamsNew markets/Women-BoomersMatchless talent/Brand = TalentSelf-reliance/“Brand You”Passionate leadership/ImmoderateExcellence. Always.

s y non y ms purity transcendence virtue elegance majesty anton y ms mediocrity1