Strategies for Success and Winning, Former Chairman/CEO of General Electric-Jack Welch
Business owners and leadership in companies often look for ways to succeed in their career, and Jack Welch, former Chairman and CEO of General Electric for 20 years, shares seven strategies to help you succeed! He speaks about the most important job you have and the importance of hiring the right employees and more. Be encouraged in your role and take hold of these strategies and win!
The first strategy Jack shares is that strategy, execution, and people go together. “I never think of strategy as one thing. I think strategy, execution, and people all go together. And if you don’t get the people right, the strategy doesn’t matter, and if you don’t get the people right you won’t get the execution…execution and getting it done is what it is all about.” The difference between those who do and those who don’t is that those who do, do! Strategy, execution, people go together, but without the right people, it will all fail. It is worth making the extra effort to recruit the right people for your team.
The second strategy Jack shares is to hire the right people, build the right team. He talks about a job that he had as an engineer, and he quit when he was given the same raise as everyone else that worked with him. He thought of himself as a better engineer. Then the “big boss” came into town to his going away party and convinced Jack to stay and gave him a larger salary. He says that with employees, there must be differentiation. “Differentiation is absolutely the key to building great teams…the idea that Jack Welch could design a jet engine, build a power plant, write a comedy…is silly. It is just not doable. The only thing you can do in many ways is to be a good orchestra conductor where you hire great people. Keep raising the standards. Keep getting better people. Forcing yourself to learn from them. The idea that you have all the answers is a joke.” President Ronald Regan had a saying on his desk that said you can accomplish anything if you are willing to share the credit. It is important to get the right team around you, and if you have high achievers, you want to compensate them! Reward hard work! Have a pay for performance contract that keeps the people engaged and moving, bettering themselves, which makes your company better too.
The third strategy Jack shares is that it is important to fix, close, or sell. He implemented this across all the companies that G.E. owned. He asks, “If you weren’t already in this business, would you enter it now? If the answer is no, what are you going to do about it? From that came fix, close, or sell.” He talks about how he and his business partner had 71 business which they were proud of, and they wrote down all that were number one and number two in the industry. Then every other business that didn’t make sense they decided to close or sell. They ended up keeping only three businesses. There are many things that we can all excel at, but you must find out what you are best at. What is best for your customer? What can your team accomplish? You must streamline and meet the needs of your customer, which sometimes is doing something that you may not like. Maybe you need help to know how to accomplish this in your business? We can help you with VFNKB Coaching! Contact us HERE to find out more, and you can join the VFNKB Community and speak with other business owners and get encouraged!
The fourth strategy Jack shares is the significance of coaching your employees. “If you, in fact, don’t have your people knowing exactly where they stand, what they are doing well; what they have to do to improve, and where their future is going…,” he calls this a sin! says the sin of management is not being honest with the employees on what they need to do better so they can succeed at their job. “People say, ‘I am too kind to give an honest appraisal.’ Kind! That is cowardly…you can’t be too transparent with your people. They must know where they stand.” Greg gives an example of a football coach. The coach picks all the players for his team and then leaves them on the field to have a cup of coffee; expecting the team to practice and be ready to win the super bowl without being coached! This is crazy because the team would not be ready. As a business owner or leader in your company, you must point out what your employee is doing well. People need to be praised! You also need to give your employee a plan to improve because they always can be better. Create an environment where there is learning, growth, and development. You must give them a vision for the future at your company too! Showing them what their future is giving them a reason to be a better employee for you.
The fifth strategy from Jack answers what the most important job you have as a CEO, manager, or business owner. “One of the jobs you have as a manager, forget CEO, is to pump everyday self-confidence into your team. To make them feel great. To make people like me feel like I have a full head of hair, and I am six foot ten. That is what you want to do! You want to get into people’s skin and excite them about where you are going and why you are going!” It is part of your job description as a leader in your company, no matter the negative situations you are facing, building up your employees! Encourage them! With VFNKB Coaching, we can help you to encourage your employees because sometimes they need to hear the encouragement from someone else or you need help and encouragement as well. Contact us HERE to find out more!
The last two strategies are shared in the VFNKB Community, so be sure to join HERE and watch now! We are here to empower you because God has given you talents, and He expects you to succeed with them. We feel that our call is to help you to be successful. Our success is your success, your success is our success, and our success together is Kingdom success! How have these strategies helped you? We want to hear from you! Contact us in the VFNKB Community HERE or write to us at [email protected]. Greg and John shared in this segment.