Getting Passionate Gets Results
Passion and the Bottom Line..Getting Passionate Gets Results
Last month in eNews we covered going beyond motivation and being Passionate.
This obviously struck a chord for many of our subscribers, with one client reminding me of the financial and bottom line impact of having a Passionate Executive Team as uncovered in the book Good to Great by Jim Collins.
In summary Collins and his team undertook a 4 year research project on the differences between the Greatest financial performers in the US Fortune 500 companies and the “good” performers. The definition of “great” ignored all social, moral and value judgments and stayed within a narrowly defined bracket of outstanding bottom line returns to shareholders.
Only 11 companies fulfilled his narrow criteria. These 11 outperformed the market by a factor of 6.9 over a 15 year period. These are companies with a performance worth modeling.
Focusing on the differences that make the difference, he distilled out the essential keys to financial greatness for these 11 companies.
One of the key differences between the companies who out performed the market by a factor of 6.9 and those who delivered good (not average) returns was that the great companies all had a Passionate Executive Team. Interestingly this criteria came before skilled people, strategy, planning, tactics, budgets, technology, product and performance – the good companies had all of these.
Amongst other things, the Great companies had the right people and they were passionate about what they do.
Passionate Executive Teams were one of the indicators Collins found for long term financial success. These were teams who were living their personal passions and applying these to their businesses. These Executives were not concerned with badges, labels or the corner office.
Our business world moves so fast that we can get caught up in the busyness of the tasks and forget (or lose sight) of what our passions really are. Tuning into our core passions and applying these at work is a personal and financial win -win. As individuals we win because we get to live what we are passionate about and the organisation wins – with a direct impact on the bottom line.
As we mentioned last month, some people may need help uncovering their real core passions…Find out what makes you passionate and score some bottom line goals at the same time. Ask us about getting your Senior Team’s Passions Mapped.
Call us on 1300 766 092 to discuss the how and unleash the passions in your team.