Thursday, January 31, 2008
Be Not Above the Fray
"Example is not the main thing in influencing others. It is the only thing."
Albert Schweitzer
Your example as a chief executive officer is more meaningful than a handful of speeches on what the company should be doing.
To be sure, there is a time for rallying the troops through inspiring words and writings. But there is nothing more inspiring than your deeds. How many CEOs give you the feeling that they’re just too good to get dirt under their manicured nails? How many executives look down with disdain at the trivial, mundane or grunt work that exists in every company?
Those attitudes reflect a patent lack of humanity, but more importantly they demonstrate a clear lack of understanding of human nature. Your employees will follow you into battle, and some will even willingly fall on their swords for you. But only if they believe that you’re in the fray with them-side-by-side.
It’s been said that good leaders don’t force people to follow—they invite them on a journey. As a corporate leader, your success depends on your ability to invite people to come along with you on the journey.
(c) Adonis E. Hoffman, 2008.
Wednesday, January 30, 2008
Nurture Leadership from Below
"Leaders are made, not born. You learn to become a leader by doing what other excellent leaders have done before you. You become proficient in your job or skill, and then you become proficient at understanding the motivations and behaviors of other people."
Brian Tracy
Every leader started somewhere, and typically it was at or near the bottom. A big part of your job as a corporate leader is to recognize the innate and latent leadership ability in your subordinates and nurture those future leaders.
Ralph Nader once remarked that “the function of leadership is to produce more leaders, not more followers.” Successful and responsible leaders are always on the lookout for talented people within their organizations. They ask their managers for recommendations of employees with leadership potential, and they seek out potential leaders from outside the organization.
Formalize your leadership development programs. Make sure they are well-organized and providing the right opportunities for new leaders in the company. Take an active role in leadership development by regularly communicating with top prospects and building a solid pipeline for the future.
Last but not least, speak about the importance of leadership for the company. Communicate to your employees the importance of their leadership role within the organization. Inspire them to aspire to take your place. If you care about the organization, then you will inculcate leadership lessons in new generations.
(c) Adonis E. Hoffman, 2008.
Brian Tracy
Every leader started somewhere, and typically it was at or near the bottom. A big part of your job as a corporate leader is to recognize the innate and latent leadership ability in your subordinates and nurture those future leaders.
Ralph Nader once remarked that “the function of leadership is to produce more leaders, not more followers.” Successful and responsible leaders are always on the lookout for talented people within their organizations. They ask their managers for recommendations of employees with leadership potential, and they seek out potential leaders from outside the organization.
Formalize your leadership development programs. Make sure they are well-organized and providing the right opportunities for new leaders in the company. Take an active role in leadership development by regularly communicating with top prospects and building a solid pipeline for the future.
Last but not least, speak about the importance of leadership for the company. Communicate to your employees the importance of their leadership role within the organization. Inspire them to aspire to take your place. If you care about the organization, then you will inculcate leadership lessons in new generations.
(c) Adonis E. Hoffman, 2008.
Tuesday, January 29, 2008
Commit to Compromise
"I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well."
Alan Greenspan, Retired Chairman,Federal Reserve Board
A good leader understands the value of compromise. Knowing when to yield and when to push is an art and learned skill which every corporate leader should master. In the words of Edmund Burke, “Every prudent act is founded on compromise.”
Remember that a compromise usually requires each party to gain a little and give a little in the interest of reaching a solution. The best leaders know how to compromise without caving or making the other party feel as if it has completely caved—even if that is the case.
Compromise is especially important when it comes to your employees and workers. It does not suggest weakness, but strength. When you indicate a willingness to allow another viewpoint, another approach, another position, you have built a better and more inclusive process.
As in politics, corporate hard-liners rarely survive. There is much progress to be made in the middle ground. Use this principle to bolster your own position and propel your company to the lead. Finally, compromise does not have to be the last-minute effort reached after days, weeks, months of strenuous negotiations. Stating up front what you’re willing to compromise on is a great, counter-intuitive position to take.
(c) Adonis E. Hoffman, 2008
Alan Greenspan, Retired Chairman,Federal Reserve Board
A good leader understands the value of compromise. Knowing when to yield and when to push is an art and learned skill which every corporate leader should master. In the words of Edmund Burke, “Every prudent act is founded on compromise.”
Remember that a compromise usually requires each party to gain a little and give a little in the interest of reaching a solution. The best leaders know how to compromise without caving or making the other party feel as if it has completely caved—even if that is the case.
Compromise is especially important when it comes to your employees and workers. It does not suggest weakness, but strength. When you indicate a willingness to allow another viewpoint, another approach, another position, you have built a better and more inclusive process.
As in politics, corporate hard-liners rarely survive. There is much progress to be made in the middle ground. Use this principle to bolster your own position and propel your company to the lead. Finally, compromise does not have to be the last-minute effort reached after days, weeks, months of strenuous negotiations. Stating up front what you’re willing to compromise on is a great, counter-intuitive position to take.
(c) Adonis E. Hoffman, 2008
Monday, January 28, 2008
Develop Dialogue
"When employees and employers, even coworkers, have a commitment to one another, everyone benefits. I have people who have been in business with me for decades. I reward their loyalty to the organization and to me. I know that they'll always be dedicated to what we're trying to accomplish."
Donald Trump, Businessman
Communication conquers many ills. Business leadership requires that you communicate with a number of different “publics” in different ways at different times. Not the least of these is your group of employees.
Study after study reveals that employees are more satisfied and more productive when they feel they can communicate openly with their leaders. But it is your job to create a corporate culture and environment where dialogue is promoted and encouraged.
Don’t delegate this responsibility to underlings. Do this yourself. Take the initiative to establish formal and informal venues for dialogue with employees, investors, and stakeholders.
The quarterly conference call may be necessary, but it is not sufficient as a communications tool. You should be in regular contact with your constituencies. Walk around the plant, the office, the site—wherever your people are. Resist the easy temptation to be a figurehead.
Instill a sense of connection, affinity and loyalty in your employees, whether you have fifteen or fifty-thousand. They will love you for it and work even harder.
(c) Adonis E. Hoffman, 2008
Donald Trump, Businessman
Communication conquers many ills. Business leadership requires that you communicate with a number of different “publics” in different ways at different times. Not the least of these is your group of employees.
Study after study reveals that employees are more satisfied and more productive when they feel they can communicate openly with their leaders. But it is your job to create a corporate culture and environment where dialogue is promoted and encouraged.
Don’t delegate this responsibility to underlings. Do this yourself. Take the initiative to establish formal and informal venues for dialogue with employees, investors, and stakeholders.
The quarterly conference call may be necessary, but it is not sufficient as a communications tool. You should be in regular contact with your constituencies. Walk around the plant, the office, the site—wherever your people are. Resist the easy temptation to be a figurehead.
Instill a sense of connection, affinity and loyalty in your employees, whether you have fifteen or fifty-thousand. They will love you for it and work even harder.
(c) Adonis E. Hoffman, 2008
Friday, January 25, 2008
Do Right by Your Employees
"Our mission statement about treating people with respect and dignity is not just words but a creed we live by every day. You can't expect your employees to exceed the expectations of your customers if you don't exceed the employees' expectations of management."
Howard Schultz, President Starbucks
In any company, people are your greatest assets. In the run-up to increase revenues, boost profits, and build shareholder value, many leaders forget about the employees and workers who make up the backbone of their company.
It takes followers to be a leader. Great leaders take the time to develop their people by treating them fairly, righteously and judiciously. Your reputation as a corporate boss will turn not only on the bottom line, but how you manage and treat people.
If you came up through the ranks, don’t forget how it feels to be in the lower and middle rungs of the corporate ladder. If you helicoptered in from a top post at another company, you might want to spend a little time getting to know the people who make up your workforce. It will be time well spent.
Finally, try your best not to isolate yourself and your top executives from the people who work for your company. Avoid the bubble syndrome.
I know it’s hard to identify with regular people now that you have use of the corporate jet, limousines, executive retreats, exclusive clubs, golf memberships and other great perks. But be sensitive, be engaged, and be righteous. Your people want to work for a “good guy.”
(c) Adonis E. Hoffman, 2008.
Howard Schultz, President Starbucks
In any company, people are your greatest assets. In the run-up to increase revenues, boost profits, and build shareholder value, many leaders forget about the employees and workers who make up the backbone of their company.
It takes followers to be a leader. Great leaders take the time to develop their people by treating them fairly, righteously and judiciously. Your reputation as a corporate boss will turn not only on the bottom line, but how you manage and treat people.
If you came up through the ranks, don’t forget how it feels to be in the lower and middle rungs of the corporate ladder. If you helicoptered in from a top post at another company, you might want to spend a little time getting to know the people who make up your workforce. It will be time well spent.
Finally, try your best not to isolate yourself and your top executives from the people who work for your company. Avoid the bubble syndrome.
I know it’s hard to identify with regular people now that you have use of the corporate jet, limousines, executive retreats, exclusive clubs, golf memberships and other great perks. But be sensitive, be engaged, and be righteous. Your people want to work for a “good guy.”
(c) Adonis E. Hoffman, 2008.
Thursday, January 24, 2008
Seek External Guidance
It is not easy to allow outsiders into your corporate world and ask them to critically assess how well you are doing business. But that is exactly what you as a good leader must do to get the best results for your organization and its customers, shareholders and employees.
External validation goes a long way toward establishing a great corporate reputation, if it is conducted with transparency, integrity, and purposefulness. For example, compliance audits, corporate social responsibility assessments, diversity assessments and audits, in addition to the mandatory Sarbanes-Oxley reviews, are a few ways you can obtain the considered opinions of others.
When you engage outside consultants, do your best to go beyond the big three consulting firms. You just might find that smaller, niche, firms will do just as good a job and be easier to work with. More law firms are providing these types of assessments or “audits”.
After it’s all done, report to the public on your status, especially if the assessment is mostly positive. Convene a press conference and tell your shareholders, just how good you are, and allow surrogates from your outside advisory groups to give their assessments too.
(c) Adonis E. Hoffman, 2008.
External validation goes a long way toward establishing a great corporate reputation, if it is conducted with transparency, integrity, and purposefulness. For example, compliance audits, corporate social responsibility assessments, diversity assessments and audits, in addition to the mandatory Sarbanes-Oxley reviews, are a few ways you can obtain the considered opinions of others.
When you engage outside consultants, do your best to go beyond the big three consulting firms. You just might find that smaller, niche, firms will do just as good a job and be easier to work with. More law firms are providing these types of assessments or “audits”.
After it’s all done, report to the public on your status, especially if the assessment is mostly positive. Convene a press conference and tell your shareholders, just how good you are, and allow surrogates from your outside advisory groups to give their assessments too.
(c) Adonis E. Hoffman, 2008.
Wednesday, January 23, 2008
Look Outside Yourself
"You can overcome any obstacles by asking the right questions of the right people at the right time, then act on that advice with passion."
Dan Surface, author of The One Business Book You Absolutely Must Own
Neither one leader nor one company can have all the answers. There are many, many external sources for business leadership and guidance today, and you should look outside of your organization for solutions. There is wisdom in a multitude of counselors.
Business organizations, trade associations, international organizations, interest groups, universities and academic experts all have weighed in on best practices and corporate leadership.
Study these resources for practical tips and insights from those who spend a lot of time trying to figure out what companies and their leaders should do. More companies have discovered that great ideas come not only from their paid employees, but also from their loyal customers.
Take a cue from marketers who have asked customers to submit their own ads and commercials. Set up an informal group that meets once a year just to sound off on what you’re doing right and what you’re doing wrong. Tap into a social network of people who pay attention to your industry or who have been affected by it in some way.
Don’t be afraid to look outside yourself for answers, solutions, strategies and techniques to improve your corporate position.
(c) Adonis E. Hoffman, 2008.
Dan Surface, author of The One Business Book You Absolutely Must Own
Neither one leader nor one company can have all the answers. There are many, many external sources for business leadership and guidance today, and you should look outside of your organization for solutions. There is wisdom in a multitude of counselors.
Business organizations, trade associations, international organizations, interest groups, universities and academic experts all have weighed in on best practices and corporate leadership.
Study these resources for practical tips and insights from those who spend a lot of time trying to figure out what companies and their leaders should do. More companies have discovered that great ideas come not only from their paid employees, but also from their loyal customers.
Take a cue from marketers who have asked customers to submit their own ads and commercials. Set up an informal group that meets once a year just to sound off on what you’re doing right and what you’re doing wrong. Tap into a social network of people who pay attention to your industry or who have been affected by it in some way.
Don’t be afraid to look outside yourself for answers, solutions, strategies and techniques to improve your corporate position.
(c) Adonis E. Hoffman, 2008.
Tuesday, January 22, 2008
Build An Advisory Board
"Many companies have discovered first-hand that an Advisory Board can serve as a valuable complement to the Management Team. In fact, in today's increasingly complex and competitive marketplace, the proliferation of Advisory Boards is helping companies develop crisp strategies with clear and effective value propositions in order to deliver a sustainable competitive advantage."
www.geehanadvisoryboards.com/advisory
Every American president since George Washington has had a “kitchen cabinet” of advisors—people whose opinions, values and experience are invaluable to helping the leader achieve his goals.
Likewise, as a corporate leader, you need to establish your own kitchen cabinet of external advisors with whom you can discuss ideas, proposals and future plans. Some companies just don’t understand the value of having outsiders who have no stake in the corporation tell them what to do. But that is exactly what an advisory board does.
The value of these independent advisory boards is that they provide a perspective that leaders need to hear, but rarely do from their own employees, directors, or consultants. These are people who are not afraid to offend the CEO and who are independent enough to call things as they see them.
Every CEO needs an advisory board, if for nothing else than to tell him / her when the emperor has no clothes. Again, look to the academic, non-profit, association, faith-based, activist and civil-rights sectors for leading persons to participate in your advisory board. Pay them just enough to respect their time and cover their expenses, but not enough to be seen as a payoff. Meet with them regularly and informally, and listen to their advice.
(c) 2008 Adonis E. Hoffman
www.geehanadvisoryboards.com/advisory
Every American president since George Washington has had a “kitchen cabinet” of advisors—people whose opinions, values and experience are invaluable to helping the leader achieve his goals.
Likewise, as a corporate leader, you need to establish your own kitchen cabinet of external advisors with whom you can discuss ideas, proposals and future plans. Some companies just don’t understand the value of having outsiders who have no stake in the corporation tell them what to do. But that is exactly what an advisory board does.
The value of these independent advisory boards is that they provide a perspective that leaders need to hear, but rarely do from their own employees, directors, or consultants. These are people who are not afraid to offend the CEO and who are independent enough to call things as they see them.
Every CEO needs an advisory board, if for nothing else than to tell him / her when the emperor has no clothes. Again, look to the academic, non-profit, association, faith-based, activist and civil-rights sectors for leading persons to participate in your advisory board. Pay them just enough to respect their time and cover their expenses, but not enough to be seen as a payoff. Meet with them regularly and informally, and listen to their advice.
(c) 2008 Adonis E. Hoffman
Monday, January 21, 2008
Pursue Best Practices
"I’ve heard it said that best practices aren’t a sustainable competitive advantage because they are so easy to copy. That’s nonsense. It’s true that, once a best practice is out there, everybody can imitate it, but companies that win do two things:
they imitate and improve."
Jack Welch, former chairman, GE, author, Winning
Best practices are documented strategies, policies and procedures used by leading companies to accomplish their strategic business and marketplace goals. They are identifiable examples of business policies and practices that produce superior performance. Every organization does something extremely well—whether it is training, marketing, strategic planning, labor management, community participation or philanthropy.
Starting internally, companies should build their own best practices guide in each core operations area. By benchmarking their own performances, and comparing the practices of competitors and other organizations, corporations can develop a valuable best practices guide for its managers and employees.
This is a good place for you to take a visible leadership role. Remember that some of the most celebrated corporate leaders in recent memory were masters of best practices—think about Jack Welch and Lee Iacocca.
Be guided by what leading companies do well and not so well. Look at the mistakes of competitors and determine where they could have done better. Invite thought from academics and analysts who study these things, and then create your own model.
(c) 2008 Adonis E. Hoffman
they imitate and improve."
Jack Welch, former chairman, GE, author, Winning
Best practices are documented strategies, policies and procedures used by leading companies to accomplish their strategic business and marketplace goals. They are identifiable examples of business policies and practices that produce superior performance. Every organization does something extremely well—whether it is training, marketing, strategic planning, labor management, community participation or philanthropy.
Starting internally, companies should build their own best practices guide in each core operations area. By benchmarking their own performances, and comparing the practices of competitors and other organizations, corporations can develop a valuable best practices guide for its managers and employees.
This is a good place for you to take a visible leadership role. Remember that some of the most celebrated corporate leaders in recent memory were masters of best practices—think about Jack Welch and Lee Iacocca.
Be guided by what leading companies do well and not so well. Look at the mistakes of competitors and determine where they could have done better. Invite thought from academics and analysts who study these things, and then create your own model.
(c) 2008 Adonis E. Hoffman
Sunday, January 20, 2008
Create a Code of Conduct
"There is no such thing as business ethics. There is only one kind - you have to adhere to the highest standards."
Marvin Bower, former managing partner of McKinsey & Company
Codes of conduct have found favor and acceptance among many leading companies and are popular today. In essence, a code of conduct refers to a set of behavioral principles or standards that companies pledge to follow voluntarily.
In addition to their own codes, many companies are endorsing codes developed by organizations such as the United Nations and chambers of commerce. Codes tend to be responses to concerns raised by consumers and other stakeholders, and as such are market-driven. For the most part, they are not legally binding, although it is not good to violate a code you have voluntarily adopted.
A good company code of conduct will address at least five main areas: (1) fair business practices; (2) rule of law; (3) fair employment and labor; (4) environmental issues; and (5) corporate citizenship.
If your company does not have a code of conduct, or if it does not endorse any external codes, change this right away. Directors, officers and managers, as well as senior employees should be encouraged to submit suggestions for the code. This process reinforces so many other positive components of good corporate citizenship that it, alone, is worth the effort.
(c) 2008 Adonis E. Hoffman
Marvin Bower, former managing partner of McKinsey & Company
Codes of conduct have found favor and acceptance among many leading companies and are popular today. In essence, a code of conduct refers to a set of behavioral principles or standards that companies pledge to follow voluntarily.
In addition to their own codes, many companies are endorsing codes developed by organizations such as the United Nations and chambers of commerce. Codes tend to be responses to concerns raised by consumers and other stakeholders, and as such are market-driven. For the most part, they are not legally binding, although it is not good to violate a code you have voluntarily adopted.
A good company code of conduct will address at least five main areas: (1) fair business practices; (2) rule of law; (3) fair employment and labor; (4) environmental issues; and (5) corporate citizenship.
If your company does not have a code of conduct, or if it does not endorse any external codes, change this right away. Directors, officers and managers, as well as senior employees should be encouraged to submit suggestions for the code. This process reinforces so many other positive components of good corporate citizenship that it, alone, is worth the effort.
(c) 2008 Adonis E. Hoffman
Friday, January 18, 2008
Self Regulate
From a corporate perspective, self-regulation is better than government regulation in every way. Some industries regulate their own behavior so well that they are able to stave off burdensome governmental regulation altogether.
But self regulation requires taking the initiative—seizing the momentum from outsiders who want to impose their will on your organization. You will have to figure out which areas you can make a difference in, and which areas you cannot. Then proceed to act in those areas.
Involve outsiders. Find a small group of experts from the business, academic and non-profit world to plug into your self-regulatory body. Give it a charter with teeth.
When you have created a successful self-regulatory program (whatever it is) make a big deal of it. Give it an important name and take credit for recognizing the need to move in the right direction.
After you have done that, then issue a challenge to the entire industry to follow your lead. Develop a company manifesto or an industry call to action extolling the importance of self-regulation as a benchmark of corporate responsibility and good governance. Self-regulation can be good for all stakeholders.
(c) 2008 Adonis E. Hoffman
But self regulation requires taking the initiative—seizing the momentum from outsiders who want to impose their will on your organization. You will have to figure out which areas you can make a difference in, and which areas you cannot. Then proceed to act in those areas.
Involve outsiders. Find a small group of experts from the business, academic and non-profit world to plug into your self-regulatory body. Give it a charter with teeth.
When you have created a successful self-regulatory program (whatever it is) make a big deal of it. Give it an important name and take credit for recognizing the need to move in the right direction.
After you have done that, then issue a challenge to the entire industry to follow your lead. Develop a company manifesto or an industry call to action extolling the importance of self-regulation as a benchmark of corporate responsibility and good governance. Self-regulation can be good for all stakeholders.
(c) 2008 Adonis E. Hoffman
Thursday, January 17, 2008
Mind the Money
"The essence of a successful business is really quite simple. It is your ability to offer a product or service that people will pay for at a price sufficiently above your costs, ideally three or four or five times your cost, thereby giving you a profit that enables you to buy and to offer more products and services."
Brian Tracy, personal and business success author
The old adage among prosecutors and investigators is: “follow the money”. By doing so, financial improprieties are inevitably discovered and many a corporate chief has fallen from grace.
There is no justifiable excuse for financial mis-deeds today, especially with the generous compensation packages abounding in most companies. Corporate treasurers, accountants and chief financial officers are under enormous scrutiny and pressure to demonstrate they have prudently managed the finances. Otherwise they face the wrath of the market, and more significantly, the risk of civil and criminal prosecution.
Your job as a corporate leader is to make sure that the money is handled prudently. You must put in place the people, frameworks and checkpoints for a credible system of financial accountability. A socially responsible company manages its finances prudently. A CEO should never be able to hide behind—as one leader claimed—a financial system that was so complex he did not quite understand it.
The company’s balance sheet is not the sole province of the CEO, but it should be one of her main concerns. Increasing profit and shareholder value should not be subordinate to prudent financial management.
(c) 2008 Adonis E. Hoffman
Brian Tracy, personal and business success author
The old adage among prosecutors and investigators is: “follow the money”. By doing so, financial improprieties are inevitably discovered and many a corporate chief has fallen from grace.
There is no justifiable excuse for financial mis-deeds today, especially with the generous compensation packages abounding in most companies. Corporate treasurers, accountants and chief financial officers are under enormous scrutiny and pressure to demonstrate they have prudently managed the finances. Otherwise they face the wrath of the market, and more significantly, the risk of civil and criminal prosecution.
Your job as a corporate leader is to make sure that the money is handled prudently. You must put in place the people, frameworks and checkpoints for a credible system of financial accountability. A socially responsible company manages its finances prudently. A CEO should never be able to hide behind—as one leader claimed—a financial system that was so complex he did not quite understand it.
The company’s balance sheet is not the sole province of the CEO, but it should be one of her main concerns. Increasing profit and shareholder value should not be subordinate to prudent financial management.
(c) 2008 Adonis E. Hoffman
Tuesday, January 15, 2008
Respect Directors
“The director has obligations to all shareholders. Beyond his legal duties, he must recognize the broad social responsibilities he has to the general public and to the country. A director of a company must keep a broad outlook, high hopes and believe in the future of this country. He must keep his feet on the ground, but this need not keep him from looking off to the horizon.”
--Sidney J. Weinberg, Former Managing Partner, Goldman Sachs Address before Harvard Club of Cleveland, May 1949
The era of the independent corporate director is upon us. In response to the financial abuse that results from too-cozy relationships among directors, today’s new public board has at least one or two independent directors, and sometimes more. Some may even be a bit too activist for your taste.
Of course new requirements for director independence under Sarbanes-Oxley, NYSE and NASDAQ mean that regulators also are focusing on this area. But the real challenge for CEOs is not to fight the trend.
Mutual funds, rating agencies, analysts and investors look for fissures within the board. Remember how Hewlett Packard imploded because there was a fundamental lack of respect among the board itself, with leaks, spying and betrayal of trust.
Whether the directors are called “independent”, “outside” or “non-management”, the principle is that they function as a surrogate for external—and in many cases—governmental regulation.
Your legacy as a business leader will depend on how well you can work with these independents, and still maintain control of the board—good luck.
(c) 2008 Adonis E. Hoffman
--Sidney J. Weinberg, Former Managing Partner, Goldman Sachs Address before Harvard Club of Cleveland, May 1949
The era of the independent corporate director is upon us. In response to the financial abuse that results from too-cozy relationships among directors, today’s new public board has at least one or two independent directors, and sometimes more. Some may even be a bit too activist for your taste.
Of course new requirements for director independence under Sarbanes-Oxley, NYSE and NASDAQ mean that regulators also are focusing on this area. But the real challenge for CEOs is not to fight the trend.
Mutual funds, rating agencies, analysts and investors look for fissures within the board. Remember how Hewlett Packard imploded because there was a fundamental lack of respect among the board itself, with leaks, spying and betrayal of trust.
Whether the directors are called “independent”, “outside” or “non-management”, the principle is that they function as a surrogate for external—and in many cases—governmental regulation.
Your legacy as a business leader will depend on how well you can work with these independents, and still maintain control of the board—good luck.
(c) 2008 Adonis E. Hoffman
Saturday, January 12, 2008
Do Business in the Sunshine
“Because transparency increases the fairness and efficiency of markets and fosters investor confidence in those markets, it has the added benefit of encouraging greater participation by investors. This participation means more trading, more market liquidity, and perhaps even new business. .... Thus, we believe that a sound and sensible approach to . . . market transparency will benefit almost everyone -- investors, dealers, and the economy as a whole.”
--Arthur Levitt, former Chairman of the SEC, Testimony Before the House Subcommittee on Finance and Hazardous Materials, Concerning Hedge Fund Activities in the U.S. Financial Markets, March 18,1999
The corporate scandals of the late 1990s forever changed the expectations of shareholders, investors and government regulators as to how open corporations should be in their operations. For public companies, disclosure is a major requirement, and while the private equity players would disagree, I believe even large private companies should follow this rule today.
Conducting business in the open gives investors, customers and business partners more confidence in the company itself. Following Enron and the demise of Arthur Andersen, the mandate for more disclosure of financial dealings, procedures and arrangements inside the corporation grew louder.
Today, there are great expectations that companies will open themselves up not only to shareholders but also to the growing number of business media who want to know just about anything and everything about the CEO and his/her life. The lack of disclosure on everything from foreign operations to executive pay is seen as a sign of poor citizenship.
Press releases and media relations are important, but a dialogue without spin is more valuable. If you’re doing good, you have nothing to worry about.
(c) 2008 Adonis E. Hoffman
--Arthur Levitt, former Chairman of the SEC, Testimony Before the House Subcommittee on Finance and Hazardous Materials, Concerning Hedge Fund Activities in the U.S. Financial Markets, March 18,1999
The corporate scandals of the late 1990s forever changed the expectations of shareholders, investors and government regulators as to how open corporations should be in their operations. For public companies, disclosure is a major requirement, and while the private equity players would disagree, I believe even large private companies should follow this rule today.
Conducting business in the open gives investors, customers and business partners more confidence in the company itself. Following Enron and the demise of Arthur Andersen, the mandate for more disclosure of financial dealings, procedures and arrangements inside the corporation grew louder.
Today, there are great expectations that companies will open themselves up not only to shareholders but also to the growing number of business media who want to know just about anything and everything about the CEO and his/her life. The lack of disclosure on everything from foreign operations to executive pay is seen as a sign of poor citizenship.
Press releases and media relations are important, but a dialogue without spin is more valuable. If you’re doing good, you have nothing to worry about.
(c) 2008 Adonis E. Hoffman
Friday, January 11, 2008
Respect Shareholders
"No institution can possibly survive if it needs geniuses or supermen to manage it. It must be organized in such a way as to be able to get along under a leadership composed of average human beings."
--Peter F. Drucker, Management Guru
Long before there was Sarbanes-Oxley, there was a well-recognized duty by the CEO to be accountable to shareholders. By virtue of your position as leader of the company, you must use your best efforts and best judgment on all matters related to the corporation.
Being accountable to shareholders means that you must make the hard financial, management, business and labor decisions in the best interests of the company, but it also requires you to protect the long-term interests of its equity owners.
Respecting shareholders means that you don’t lie, you don’t hide the ball, and you don’t employ sleight-of-hand tricks that make you look good today, but leaves them holding the bag tomorrow.
In essence, you work for the shareholders, the owners of the company. Treat them as if they were your boss, and you will not go wrong. Communicate openly and often. Open up the company to its owners and investors and find a way to invite them in.
After all, respect is a two-way street—it goes both ways.
(c) 2008 Adonis E. Hoffman
--Peter F. Drucker, Management Guru
Long before there was Sarbanes-Oxley, there was a well-recognized duty by the CEO to be accountable to shareholders. By virtue of your position as leader of the company, you must use your best efforts and best judgment on all matters related to the corporation.
Being accountable to shareholders means that you must make the hard financial, management, business and labor decisions in the best interests of the company, but it also requires you to protect the long-term interests of its equity owners.
Respecting shareholders means that you don’t lie, you don’t hide the ball, and you don’t employ sleight-of-hand tricks that make you look good today, but leaves them holding the bag tomorrow.
In essence, you work for the shareholders, the owners of the company. Treat them as if they were your boss, and you will not go wrong. Communicate openly and often. Open up the company to its owners and investors and find a way to invite them in.
After all, respect is a two-way street—it goes both ways.
(c) 2008 Adonis E. Hoffman
Thursday, January 10, 2008
Admit Mistakes
Nothing suggests strength so much as the ability to admit when you are wrong. It is nothing unusual for CEOs to make mistakes. It is a rare, indeed, for a CEO to admit mistakes. Strong leaders can admit their shortcomings.
Studies show that consumers respect a company that admits mistakes readily and corrects mistakes quickly. Think about product recalls and auto recalls. Most customers willingly return or exchange their product for a new or repaired version. And they tend not to hold these mistakes against the manufacturer for long. As Steve Jobs noted, “. . . when you innovate, you make mistakes... Admit them quickly and get on with improving your innovations.”
Of course, if you attempt to cover up or hide them, the company opens itself not only to any legal liability for the underlying actions, but also to the cover-up charges as well.
To be sure, litigation, class actions and other risks are important considerations. But as a leader, you need to find a way with your lawyers to recognize your mistakes and address them publicly. Your personal stock will soar, and your company will be known as a good corporate citizen. It can be a win-win.
(c) 2008 Adonis E. Hoffman
Studies show that consumers respect a company that admits mistakes readily and corrects mistakes quickly. Think about product recalls and auto recalls. Most customers willingly return or exchange their product for a new or repaired version. And they tend not to hold these mistakes against the manufacturer for long. As Steve Jobs noted, “. . . when you innovate, you make mistakes... Admit them quickly and get on with improving your innovations.”
Of course, if you attempt to cover up or hide them, the company opens itself not only to any legal liability for the underlying actions, but also to the cover-up charges as well.
To be sure, litigation, class actions and other risks are important considerations. But as a leader, you need to find a way with your lawyers to recognize your mistakes and address them publicly. Your personal stock will soar, and your company will be known as a good corporate citizen. It can be a win-win.
(c) 2008 Adonis E. Hoffman
Wednesday, January 09, 2008
Reject Bad Behavior
“The truth is that good ethics sometimes is good business, but sometimes it's not. It depends on one's goals and how one defines good business. Sometimes, good ethics can end in bankruptcy. Of course, so can bad ethics. A fairer statement is that good ethics can be a very powerful business asset and that good things tend to happen to companies and individuals that consistently do the right thing and bad things tend to happen to those that even occasionally do the wrong thing. The moral obligation to live according to ethical principles is not dependent on whether it's advantageous. People of character do the right thing in the pursuit of virtue, not self-interest.”
--Michael Josephson, Founder & President Josephson Institute
Throughout history, it was perfectly acceptable for companies to engage in a conspiracy of silence. See no evil, hear no evil, speak no evil was a familiar veil behind which most companies could hide and get away with virtually anything.
But that is not the standard or expectation in today’s world. Bad corporate behavior by one company hurts all companies within that sector. It colors the public perception of corporations, leads to a lack of investor confidence, and invites unwanted regulatory scrutiny.
While no one wants to be known as a snitch, calling something out of bounds is not quite the same thing. Blowing the whistle on the bad guys sets you up as a leader with a conscience. Telling the referees that a corporate player is violating the rules of the game not only is responsible, but it is the right thing to do. Of course that makes you fair game for others. But the bottom line is that you must establish yourself as a straight shooter—a tell-the-truth-at-all-costs type of leader or you will face a credibility gap.
Don’t be afraid to step up to this level of leadership.
On the upside, you gain immense credibility among shareholders, investors, customers, the media and policymakers. The choice is yours.
(c) 2008 Adonis E. Hoffman
--Michael Josephson, Founder & President Josephson Institute
Throughout history, it was perfectly acceptable for companies to engage in a conspiracy of silence. See no evil, hear no evil, speak no evil was a familiar veil behind which most companies could hide and get away with virtually anything.
But that is not the standard or expectation in today’s world. Bad corporate behavior by one company hurts all companies within that sector. It colors the public perception of corporations, leads to a lack of investor confidence, and invites unwanted regulatory scrutiny.
While no one wants to be known as a snitch, calling something out of bounds is not quite the same thing. Blowing the whistle on the bad guys sets you up as a leader with a conscience. Telling the referees that a corporate player is violating the rules of the game not only is responsible, but it is the right thing to do. Of course that makes you fair game for others. But the bottom line is that you must establish yourself as a straight shooter—a tell-the-truth-at-all-costs type of leader or you will face a credibility gap.
Don’t be afraid to step up to this level of leadership.
On the upside, you gain immense credibility among shareholders, investors, customers, the media and policymakers. The choice is yours.
(c) 2008 Adonis E. Hoffman
Tuesday, January 08, 2008
Engage Public Policy
"The price good men pay for indifference to public affairs is to be ruled by evil men."
--Plato
Political consciousness and political engagement are hallmarks of leading companies. Public policy at the federal, state, and local level affects not only the functions of government and citizens, but the functions of companies as well.
Any business leader who believes he / she can stick its head in the sand and avoid politics or policy, is in for a rude awakening. Corporate leaders who ignore this aspect of business do so at their peril as Microsoft learned in the 1990s.
If your company does not have a political action committee (or PAC), organize one. If your company does not have a committee on its board that deals with public policy, establish one. If your company does not know its elected representatives at the local, state and federal levels, learn them. If your company does not have a go-to person or group that is responsible for public policy, get one. And if you are not using your industry trade association to the fullest, start now.
Finally, if you are not personally contributing to political candidates from both parties you are missing a golden opportunity to establish yourself as a leader. Politics and policy are embedded in our system. Embracing this reality is good business, plus the policymakers need to hear your voice.
(c) 2008 Adonis E. Hoffman
--Plato
Political consciousness and political engagement are hallmarks of leading companies. Public policy at the federal, state, and local level affects not only the functions of government and citizens, but the functions of companies as well.
Any business leader who believes he / she can stick its head in the sand and avoid politics or policy, is in for a rude awakening. Corporate leaders who ignore this aspect of business do so at their peril as Microsoft learned in the 1990s.
If your company does not have a political action committee (or PAC), organize one. If your company does not have a committee on its board that deals with public policy, establish one. If your company does not know its elected representatives at the local, state and federal levels, learn them. If your company does not have a go-to person or group that is responsible for public policy, get one. And if you are not using your industry trade association to the fullest, start now.
Finally, if you are not personally contributing to political candidates from both parties you are missing a golden opportunity to establish yourself as a leader. Politics and policy are embedded in our system. Embracing this reality is good business, plus the policymakers need to hear your voice.
(c) 2008 Adonis E. Hoffman
Monday, January 07, 2008
Influence Others to Do Good
“There is but one rule of conduct for a man to do the right thing. The cost may be dear in money, in friends, in influence, in labor, in a prolonged and painful sacrifice, but the cost not to do right is far more dear: You pay in the integrity of your manhood, in your honor, in strength of character; and, for a timely gain, you barter the infinite.”
--Archer G. Jones
Competition not only is good for business, it is good for society. When one company sees its competitors behaving responsibly, its own competitive instincts get into gear, especially when those competitors are being rewarded and recognized in the marketplace as is often the case.
In the same way as a company establishes itself as the pacesetter for an entire industry, it can lead the way in other areas. I am reminded of organizations such as Levi Strauss, Johnson & Johnson, and Starbucks who, by their consistent examples, have prompted their industry competitors to strive to do good things.
Corporate leaders set positive examples for others to follow. All too often, corporations are influenced by the wrong kinds of actions—spiraling executive pay, more and more perks for the board, and stupendous stock grants—while many of the basic issues that matter to their customers go overlooked.
True corporate leadership propels a company to influence others to make lasting investments in underserved communities, to take extraordinary measures to preserve the environment, and to promote sustainable development throughout the world, for example. Doing well, alone, is never enough. A corporate leader must seek to do good for others, too.
(c) 2008 Adonis E. Hoffman
--Archer G. Jones
Competition not only is good for business, it is good for society. When one company sees its competitors behaving responsibly, its own competitive instincts get into gear, especially when those competitors are being rewarded and recognized in the marketplace as is often the case.
In the same way as a company establishes itself as the pacesetter for an entire industry, it can lead the way in other areas. I am reminded of organizations such as Levi Strauss, Johnson & Johnson, and Starbucks who, by their consistent examples, have prompted their industry competitors to strive to do good things.
Corporate leaders set positive examples for others to follow. All too often, corporations are influenced by the wrong kinds of actions—spiraling executive pay, more and more perks for the board, and stupendous stock grants—while many of the basic issues that matter to their customers go overlooked.
True corporate leadership propels a company to influence others to make lasting investments in underserved communities, to take extraordinary measures to preserve the environment, and to promote sustainable development throughout the world, for example. Doing well, alone, is never enough. A corporate leader must seek to do good for others, too.
(c) 2008 Adonis E. Hoffman
Sunday, January 06, 2008
Set High Standards
Some people have greatness thrust upon them. Few have excellence thrust upon them. . . . They achieve it. They do not achieve it unwittingly by doing what comes naturally and they don't stumble into it in the course of amusing themselves. All excellence involves discipline and tenacity of purpose.”
-John W. Gardner, Founder Common Cause and The Independent Sector
According to popular evangelist Joel Osteen, Americans often suffer from low expectations and low self-esteem. We fail to set high standards for ourselves, and as a result we fail to achieve at higher levels.
Many companies fall prey to the same syndrome. They lapse into a comfort zone, relying on tried and true systems, the usual procedures, and the same old standards that were established at a different time and place than today. Critics of the American automotive industry cite its failure in this area as a key factor in the rise and eventual dominance of the Japanese auto industry.
Our society today expects corporations and their leaders to set high standards for performance, accountability and quality. The higher the standards, the more respect and esteem consumers and shareholders will attribute to the company.
As a CEO, it is up to you to set and keep lofty standards. CEO easily could stand for “chief excellence officer” in today’s world, because of the demand for quality.
Within the structure of your own organization, you have to find a way to communicate the importance of high standards. It will set you apart from the competition, if you do it correctly.
(c) 2008 Adonis E. Hoffman
-John W. Gardner, Founder Common Cause and The Independent Sector
According to popular evangelist Joel Osteen, Americans often suffer from low expectations and low self-esteem. We fail to set high standards for ourselves, and as a result we fail to achieve at higher levels.
Many companies fall prey to the same syndrome. They lapse into a comfort zone, relying on tried and true systems, the usual procedures, and the same old standards that were established at a different time and place than today. Critics of the American automotive industry cite its failure in this area as a key factor in the rise and eventual dominance of the Japanese auto industry.
Our society today expects corporations and their leaders to set high standards for performance, accountability and quality. The higher the standards, the more respect and esteem consumers and shareholders will attribute to the company.
As a CEO, it is up to you to set and keep lofty standards. CEO easily could stand for “chief excellence officer” in today’s world, because of the demand for quality.
Within the structure of your own organization, you have to find a way to communicate the importance of high standards. It will set you apart from the competition, if you do it correctly.
(c) 2008 Adonis E. Hoffman
Saturday, January 05, 2008
Expect Excellence
Excellence has been defined as “possessing good qualities in an eminent degree; exalted merit; superiority in virtue.” Several years ago, In Search of Excellence, by Tom Peters became a New York Times bestseller, and “excellence” became a corporate watchword.
Today, excellence is still important to consumers and shareholders.
While many companies vie for competitive dominance, we know that not all number one companies are excellent—they’re just number one. “In the past, corporate excellence has been defined in terms of product quality, price, delivery time and profitability. But this definition will no longer suffice in the 21st century; excellent companies not only must pursue economic rationality, but social and environmental rationality.”
CEOs that make it clear to their employees, managers, officers and directors that they expect excellence are more likely to achieve such a goal, and be viewed by essential stakeholders as “excelling”. Today, “defining excellence – let alone searching for it – will prove more and more elusive”.
(c) 2008 Adonis E. Hoffman
Today, excellence is still important to consumers and shareholders.
While many companies vie for competitive dominance, we know that not all number one companies are excellent—they’re just number one. “In the past, corporate excellence has been defined in terms of product quality, price, delivery time and profitability. But this definition will no longer suffice in the 21st century; excellent companies not only must pursue economic rationality, but social and environmental rationality.”
CEOs that make it clear to their employees, managers, officers and directors that they expect excellence are more likely to achieve such a goal, and be viewed by essential stakeholders as “excelling”. Today, “defining excellence – let alone searching for it – will prove more and more elusive”.
(c) 2008 Adonis E. Hoffman
Friday, January 04, 2008
Be Good For Something
“It cannot suffice to invent new machines, new regulations, new institutions. It is necessary to change and improve our understanding of the true purpose of what we are and what we do in the world. Only such a new understanding will allow us to develop new models of behavior, new scales of values and goals, and thereby invest the global regulations, treaties and institutions with a new spirit and meaning.”
-Vaclav Havel, former President, Czech Republic
Martin Luther King, Jr. once said, “If you don’t stand for something, you’ll fall for anything”. His words were a clarion call to his countrymen to become people of principle and to work for the greater good. It was a reminder that unless our lives and work are tied to bigger things, we risk failure and marginality.
As it applies to business leaders, the notion of goodness presents an entirely new set of thorny issues. Corporations exist to produce and to profit. By design, they are not persons, but institutions of commerce, trade and service. In human terms, companies don’t have a heart or a soul. Morality—beyond what is legally required and expected—has no place on the corporate agenda, some would argue.
But they would be wrong.
Today, society expects corporations to act differently than in the past. Consumers, activists, regulators and policymakers have come to believe that corporations should have a heart, if not a soul. Some even believe that companies should wear their hearts on their sleeves. As a society, we embrace the view that a company must stand for something other than productivity and profit—as a leader, this is one of your greatest challenges.
(c) 2008 Adonis E. Hoffman
-Vaclav Havel, former President, Czech Republic
Martin Luther King, Jr. once said, “If you don’t stand for something, you’ll fall for anything”. His words were a clarion call to his countrymen to become people of principle and to work for the greater good. It was a reminder that unless our lives and work are tied to bigger things, we risk failure and marginality.
As it applies to business leaders, the notion of goodness presents an entirely new set of thorny issues. Corporations exist to produce and to profit. By design, they are not persons, but institutions of commerce, trade and service. In human terms, companies don’t have a heart or a soul. Morality—beyond what is legally required and expected—has no place on the corporate agenda, some would argue.
But they would be wrong.
Today, society expects corporations to act differently than in the past. Consumers, activists, regulators and policymakers have come to believe that corporations should have a heart, if not a soul. Some even believe that companies should wear their hearts on their sleeves. As a society, we embrace the view that a company must stand for something other than productivity and profit—as a leader, this is one of your greatest challenges.
(c) 2008 Adonis E. Hoffman
Thursday, January 03, 2008
Put A Value on Values
“Ultimately, what distinguishes a company’s practice of corporate citizenship is expressed by the way in which it delivers its core values. The competitive companies of the future will find how to fundamentally align and embed their core values — including the values that society expects them to hold. Values are becoming a new strategic asset and tool that establishes the basis of trust and cooperation.”
--Boston College Center for Corporate Citizenship
Values are as important as brands. Corporations should seek to reflect, and be associated with, good values. Developing, defining and articulating those values are among the CEO’s most difficult, but important, challenges.
In a recent survey of leading CEOs, “the internal communication of values and policies” received more votes than any other option as a key way to measure the integration of corporate citizenship into the performance of corporate leaders.
As fundamental as this may be, many leaders fail to state their values explicitly, even though doing so provides their customers, clients and partners with a great sense of comfort. In essence, they undervalue their values!
When the leadership of a company lays out its values, it is telling customers, investors, and the market what it believes, and what it aspires to become. This allows the corporation’s employees, business partners, and stakeholders to know what values a corporation are guided by, and to what values it can be held accountable.
For many, it is comforting to know the values that are prioritized and important in a corporation.
(c) 2008 Adonis E. Hoffman
--Boston College Center for Corporate Citizenship
Values are as important as brands. Corporations should seek to reflect, and be associated with, good values. Developing, defining and articulating those values are among the CEO’s most difficult, but important, challenges.
In a recent survey of leading CEOs, “the internal communication of values and policies” received more votes than any other option as a key way to measure the integration of corporate citizenship into the performance of corporate leaders.
As fundamental as this may be, many leaders fail to state their values explicitly, even though doing so provides their customers, clients and partners with a great sense of comfort. In essence, they undervalue their values!
When the leadership of a company lays out its values, it is telling customers, investors, and the market what it believes, and what it aspires to become. This allows the corporation’s employees, business partners, and stakeholders to know what values a corporation are guided by, and to what values it can be held accountable.
For many, it is comforting to know the values that are prioritized and important in a corporation.
(c) 2008 Adonis E. Hoffman
Wednesday, January 02, 2008
Develop Vision
"A visionary company doesn't simply balance between idealism and profitability: it seeks to be highly idealistic and highly profitable. A visionary company doesn't simply balance between preserving a tightly held core ideology and stimulating vigorous change and movement; it does both to an extreme."
--Jim Collins, author, Good to Great
According to the Proverbs: “Without vision, the people perish”. Likewise, without a clear vision, a business leader cannot effectively lead an organization in today’s highly competitive marketplace.
Very few people are born visionaries—most work hard at becoming so. By carefully following trends, studying all of the factors that affect your company, your industry, your line of work, and projecting ahead, you too, can achieve visionary status.
But it won’t be easy. First, you must develop a broad view of the world—well beyond the narrow interests of your company or your industry. Look at the world. Where does your organization fit? Where does it want to be? How will your company operate in today’s political and economic climate?
Next comes the need to project your vision broadly. How will your employees, customers and shareholders buy into your vision, and how will you communicate those things to them in a way that inspires confidence and action?
All challenges for you as the leader, but not insurmountable when you develop a clear vision of what is possible, what is likely and what can be avoided. Develop a vision and let it guide your actions.
(c) 2008 Adonis E. Hoffman
--Jim Collins, author, Good to Great
According to the Proverbs: “Without vision, the people perish”. Likewise, without a clear vision, a business leader cannot effectively lead an organization in today’s highly competitive marketplace.
Very few people are born visionaries—most work hard at becoming so. By carefully following trends, studying all of the factors that affect your company, your industry, your line of work, and projecting ahead, you too, can achieve visionary status.
But it won’t be easy. First, you must develop a broad view of the world—well beyond the narrow interests of your company or your industry. Look at the world. Where does your organization fit? Where does it want to be? How will your company operate in today’s political and economic climate?
Next comes the need to project your vision broadly. How will your employees, customers and shareholders buy into your vision, and how will you communicate those things to them in a way that inspires confidence and action?
All challenges for you as the leader, but not insurmountable when you develop a clear vision of what is possible, what is likely and what can be avoided. Develop a vision and let it guide your actions.
(c) 2008 Adonis E. Hoffman
Tuesday, January 01, 2008
The Buck Stops With You
“You are not here merely to make a living. You are here to enable the world to live more amply, with greater vision, and with a finer spirit of hope and achievement. You are here to enrich the world. You impoverish yourself if you forget this errand.” Woodrow Wilson, 28th President of the United States
Harry Truman epitomized responsibility in a chief executive. His now famous words, “the buck stops here,” became part of the national lexicon and changed the way Americans viewed their leaders. “The Buck Stops Here” became an instant euphemism for responsible leadership.
President Truman’s sense of accountability and his acceptance of responsibility for the actions of his administration fundamentally changed the way all chief executives were to be viewed from that point forward. It was a classic lesson in the principle that responsibility begins at the top.
In today’s business environment, leadership must come from the top. CEOs and key executives should establish the tone for the rest of the company. That’s why they’re paid the big bucks. If your name is at the top of the organization chart, like or not, you are responsible for just about everything that happens below.
CEOs, directors, and senior executives are expected to provide leadership in every facet of corporate affairs, recognizing that their employees, shareholders, investors, and customers will be judging their actions.
(c) 2007-2008
Adonis E. Hoffman
Harry Truman epitomized responsibility in a chief executive. His now famous words, “the buck stops here,” became part of the national lexicon and changed the way Americans viewed their leaders. “The Buck Stops Here” became an instant euphemism for responsible leadership.
President Truman’s sense of accountability and his acceptance of responsibility for the actions of his administration fundamentally changed the way all chief executives were to be viewed from that point forward. It was a classic lesson in the principle that responsibility begins at the top.
In today’s business environment, leadership must come from the top. CEOs and key executives should establish the tone for the rest of the company. That’s why they’re paid the big bucks. If your name is at the top of the organization chart, like or not, you are responsible for just about everything that happens below.
CEOs, directors, and senior executives are expected to provide leadership in every facet of corporate affairs, recognizing that their employees, shareholders, investors, and customers will be judging their actions.
(c) 2007-2008
Adonis E. Hoffman
The Buck Stops With You
"You are not here merely to make a living. You are here to enable the world to live more amply, with greater vision, and with a finer spirit of hope and achievement. You are here to enrich the world. You impoverish yourself if you forget this errand."
Woodrow Wilson, 28th President of the United States
Harry Truman epitomized responsibility in a chief executive. His now famous words, “the buck stops here,” became part of the national lexicon and changed the way Americans viewed their leaders. “The Buck Stops Here” became an instant euphemism for responsible leadership.
President Truman’s sense of accountability and his acceptance of responsibility for the actions of his administration fundamentally changed the way all chief executives were to be viewed from that point forward. It was a classic lesson in the principle that responsibility begins at the top.
In today’s business environment, leadership must come from the top. CEOs and key executives should establish the tone for the rest of the company. That’s why they’re paid the big bucks. If your name is at the top of the organization chart, like or not, you are responsible for just about everything that happens below.
CEOs, directors, and senior executives are expected to provide leadership in every facet of corporate affairs, recognizing that their employees, shareholders, investors, and customers will be judging their actions.
(c) Adonis E. Hoffman, 2007.
Woodrow Wilson, 28th President of the United States
Harry Truman epitomized responsibility in a chief executive. His now famous words, “the buck stops here,” became part of the national lexicon and changed the way Americans viewed their leaders. “The Buck Stops Here” became an instant euphemism for responsible leadership.
President Truman’s sense of accountability and his acceptance of responsibility for the actions of his administration fundamentally changed the way all chief executives were to be viewed from that point forward. It was a classic lesson in the principle that responsibility begins at the top.
In today’s business environment, leadership must come from the top. CEOs and key executives should establish the tone for the rest of the company. That’s why they’re paid the big bucks. If your name is at the top of the organization chart, like or not, you are responsible for just about everything that happens below.
CEOs, directors, and senior executives are expected to provide leadership in every facet of corporate affairs, recognizing that their employees, shareholders, investors, and customers will be judging their actions.
(c) Adonis E. Hoffman, 2007.
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