EXECUTION

THE DISCIPLINE OF GETTING THINGS DONE

Larry Bossidy & Ram Charan

hat is the one thing that separates businesses, companies and individuals that succeed, deliver on their promises and exceed expectations, from those who fail? What is the secret ingredient that separates the winning companies from the also-rans? A company may have the best resources in the world a hardworking team, a clever CEO, a sound strategy, a strong vision and yet fail to reach the expectations of shareholders and the market. And when a company fails to deliver, senior executives, employees, alliance partners, shareholders and customers all lose out. But often, its the CEO who takes the fall. In the year 2000 alone, forty chief executives of top Fortune 500 companies were sacked or forced to resign. When 20 percent of the most powerful business leaders in America lose their jobs, something is clearly very wrong. This is the story of the biggest problem facing companies today. Every day in the media we see reports of companies like AT&T, British Airways, Motorola and Xerox. Companies that have everything going for them talented people, enormous resources, inspiring vision and yet fail to deliver on their commitments. What is the difference between those companies, and companies like GE, Wal-Mart and Colgate Palmolive, which keep living up to their promises, year after year. All the strategy in the world cant save the company that does not know how to execute. Without the discipline of execution, leadership is hollow, strategies break down, companies fail to live up to their potential and promises are broken. All the best resources in the world go to waste. For a company to deliver on its commitments consistently, leaders at all levels need to be committed to execution. It must be a part of your strategies, goals and culture. Execution is the missing link between aspirations and reality. Its the single discipline that makes all the difference in the world. As a business leader, execution is your secret weapon.

I N T H I S S U M M A RY

A Tale of Three CEOs Truth over Harmony Internal Affairs The Heart of Business

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ABOUT THE AUTHORS Larry Bossidy began his career at General Electric in 1957. He served in numerous financial and executive positions over 34 years before being appointed CEO of AlliedSignal. Under his leadership, AlliedSignal grew to be one of the worlds most respected companies. The companys success under his management was reflected by 31 consecutive quarters of earnings per share growth of 13 percent or more. Following the merger between AlliedSignal and Honeywell, Larry is now chairman and CEO of Honeywell, a $25 billion leader in the technology and manufacturing industries. Ram Charan has a DBA and MBA from Harvard Business School. He is a highly sought-after adviser to the most senior executives in Fortune 500 companies such as GE, Ford, DuPont, EDS, Universal Studios and Verizon. He has taught at Harvard and Northwestern, and is the author of numerous books, including What the CEO Wants You to Know and Boards that Work.

Execution is the major job of the business leader. Only the business leader can set the tone of the organisation. Candid, reality based dialogue, which raises the right questions, debates them and finds realistic solutions will create a culture of execution. The leader has to promote and engage in this kind of dialogue. The leader takes a panoramic view of the business, and asks the tough questions, which are crucial to ensuring that execution runs in the veins of the organisation. Execution must be a core element of an organisations culture. Execution is not a band-aid solution. It cant be grafted on to your organisation it has to come from within. Its not just the latest corporate buzzword or flavour of the month. From the top down, every person in the organisation has to be personally involved in execution. Everyone must understand and practice the discipline. It must be embedded in the reward systems and norms of corporate behaviour.

THE GAP NOBODY KNOWS In between goals and outcomes, is the gap nobody knows. Thats the distance between what the companys leaders want to achieve and the ability of their organisation to achieve it. Poor execution accounts for countless numbers of underperforming companies. For a company to execute well, its leaders have to take personal responsibility for the three core processes people, strategy and operations. Some leaders will complain that micro-managing is not my style or Im a hands-off leader, I empower people. But leadership without the discipline of execution is ineffective and empty. Even in the business world, people have a less than clear idea of what execution really means. They say vaguely that its about getting things done its about running the company instead of just strategising. But when they are asked how to get things done, the dialogue sputters to a halt. People are talking about execution, but do they really understand what it means? Execution is a discipline and integral to strategy. Some leaders confuse execution with tactics. Thats a big mistake. Execution is fundamental and has to shape strategy. Strategy is useless if it doesnt take into account the organisations ability to execute. Execution is a systematic approach of determining hows and whats, questioning, following through and ensuring accountability.

A TALE OF THREE CEOS

Every great leader has an instinct for execution. A great leader knows that the best plan in the world is useless if they cant make it happen. This tale of three CEOs demonstrates the difference between leaders who execute and those who fall short. Xerox - Richard C. Thoman When he was appointed to head up Xerox, Richard Thoman was considered one of the most thoughtful people to head a major American company in years. He was one of Louis Gerstners protgs at IBM, where he was chief financial officer. His goal was to transform Xerox into a products and services company. They would provide customers with software, hardware and services to help them integrate their paper documents and electronic information. This inspiring vision provided hope to a company that badly needed it. But his vision was disconnected from reality. Execution had been a problem for decades and Thoman had bitten off more than Xerox could chew. Thoman proceeded to institute cost-cutting programs, including layoffs, cuts in travel and perks. He also launched two gut-wrenching initiatives. The first was to consolidate the companys ninety-plus administrative centres into a central group of four. The second, to reorganise Xeroxs 30,000 person sales force, shifting half from a geographical to an industry focus. Chaos resulted from the combination of projects. In the

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process of consolidating the administration, invoices gathered dust, service calls went unanswered and orders got lost. Predicted earnings for the year could not be achieved and the stock price plunged. Morale crumbled, cash flow plummeted and investors began to worry that Xerox was a liability. The problems ran deeper than merely attempting two enormous initiatives at the same time. Thomans critics argued that he was too detached to connect with the people who had to execute the changes. And Xeroxs cliquey culture did not take kindly to an outsider. Thoman did not have the authority to select his own management team. When a business is making major changes, it is essential to have the right people in critical jobs. In May 2000, three years after he was appointed CEO, Thoman was axed. Lucent Richard McGinn Lucent had high hopes when they selected Richard McGinn for the top job in 1996. He promised investors dazzling growth in revenues and earnings. In the heady climate of the time, the promises looked credible to the board and the investors. But McGinn had trouble getting things done through the people in the company. In a technological market travelling at cyber-speed, McGinn did not change the lethargic and bureaucratic culture. He failed to confront non-performers and replace them with people who were on par with their counterparts at Cisco and Nortel. Lucent consistently fell short of technical milestones for new product development. It missed the best emerging market opportunities. The company expended massive amounts installing SAP and didnt take full advantage of it. It wasnt until two years later that the strain began to show in the financials. Early revenue gains came largely from Lucents unsustainable old-voice network business. Even before the wave broke, Lucent was struggling to deliver on McGinns commitments. The endgame began even before the market imploded. Under pressure to achieve unrealistic growth projections, people did anything they could. The sales team extended extraordinary amounts of credit, financing and discounts. Some recorded products as being sold as soon as they were shipped to the distributors. The result was a balance sheet in ruins. EDS Dick Brown EDS had a lot in common with Xerox when Dick Brown took the reins in January 1999. EDS had been a creator of the field of computer services outsourcing and had

enjoyed decades of success. Then, the industry changed and EDS didnt. It was stuck in its old structure and culture. Competitors like IBM took the growth, and EDS was left with revenues flat, stock sliding and earnings in decline. EDS was suffering from the changes in the industry, but it had a number of important assets. One was enormous access to resources, such as the consulting expertise of AT Kearney, which EDS purchased in 1995. Another was a powerful can-do attitude and a belief in the power of the team to achieve the impossible for their clients. Like Thoman, when he took over, Brown set ambitious earnings and growth goals and embarked on a major reorganisation of the company. But unlike Thoman, Brown was deeply execution oriented. He spent the first three months travelling around the globe meeting people at all levels, formally and informally. He held a series of two-day conferences for all the senior executives where he shared with them the details of the companys plans, finances and critical issues. He set up mechanisms to ensure accountability and follow-through, and remained personally involved. Instead of separate business units focussed solely on their own success, each line of business began working for the good of the company as a whole. Service excellence became not just a mantra, but an objective figure in performance evaluation and a measure for rewarding outstanding employees. Brown achieved the ambitious goals he set for EDS. After the December 2001 board meeting, each EDS director approached Brown in turn and told him that they hadnt expected him to transform the EDS culture in less than three years. Not only had he done that, he had also achieved phenomenal top and bottom line results. BUILDING BLOCK ONE: THE LEADERS SEVEN ESSENTIAL BEHAVIOURS There are seven essential leadership behaviours that form the first building block of execution. Know Your People and Your Business To execute well, leaders have to live their business. When a company is suffering from poor execution, the leaders are often out of touch with the daily realities of the business. They may be getting lots of information but the information isnt obtained directly. It comes filtered through direct reports with their own agendas, limitations and perspectives. They arent engaged in the business and their people dont really know them. As a leader you cant be detached or remote. You have

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to show up. You have to conduct business reviews and foster honest dialogue. Some people will take it personally and feel a little bruised. Dont be mean-spirited or interrogate your people. Be open-minded, approachable and encourage intellectual debate to resolve issues and overcome difficulties. There is no substitute for creating a personal connection. The leaders personal involvement, understanding and commitment are central to understanding how the company works and what it will take for your people to execute your strategy. This is what gives you the ability to define your objective clearly and communicate its importance to the organisation. Insist on Realism Realism is the heart of execution. Too many organisations are full of people trying to avoid or hide from reality. Nobody likes to admit a mistake, start a confrontation or concede that they dont have an answer at the moment. Who wants to be the bearer of bad news or be seen as a troublemaker? Being perceived as a troublemaker is only a short step from becoming a scapegoat. You need to make realism a priority. Start by being realistic yourself. Then make sure realism is the goal of all dialogues throughout your organisation. Learning takes place on both sides. As a leader you will understand whats happening on the ground of your organisation and why certain expectations arent being met. Your people learn about the company as a whole whats working, whats not and how it all fits together. . Set Clear Goals & Priorities Without carefully thought-out priorities, its possible to become entrenched in warfare over decision rights and resources. A leader who has ten goals doesnt know what the most important things are. Youve got to define the small number of clear realistic goals that will influence the overall performance of the company. Communicate so that others can understand, evaluate and act on your information. Effective leaders focus on a short list of very clear priorities that everyone can embrace. Cultivate simplicity. Leaders who execute speak simply and directly. What they say becomes common sense. Follow Through Goals dont mean a great deal if nobody takes them seriously. Failure to follow through is common in the corporate world, and is a major cause of poor execution. You need to surface any conflicts that are standing in the way of achieving your results. Then create a follow up

mechanism. It may be a videoconference or teleconference to regularly review progress. But its imperative for the leader to remain personally involved. Not only does it keep your finger on the pulse, it sends an important message to your people you can be expected to follow through. Reward the Doers It should go without saying that if you want people to achieve results, you reward them accordingly. Yet many companies do a lousy job of linking rewards to performance. They dont distinguish between those who deliver and those who dont. A good leader makes sure that these distinctions are made. Youll need to have the confidence to explain to a direct report why they received a lower than expected reward. And you have to make it clear to everyone that rewards and respect are based on performance. Do it right in your company, and it will become a way of life. Expand Peoples Capabilities One of the most important parts of your job as a leader is to pass along the knowledge and experience you have picked up during the course of your career. Coaching the next generation is how you expand the capabilities of everyone in your organisation. Coaching is the difference between giving orders and teaching people how to get things done. Your aim is to ask the questions that bring out the realities and give people the help they need to correct the problem. Good leaders see every encounter as an opportunity to coach. Know Yourself Leading an organisation requires strength of character. Until you can be honest, you cant deal honestly with corporate and organisational realities. Emotional fortitude gives you courage to accept different viewpoints, resolve conflicts and be firm with people who arent performing. Leaders earn confidence through self-discovery and selfmastery. Learn your specific strengths and weaknesses, build on your strengths and work on your shortcomings. Your ethical frame of reference will give you the conviction and energy to carry out the most difficult assignment. This strength of character is more than honesty or integrity. Its a leadership business ethic. BUILDING BLOCK TWO: CREATING THE FRAMEWORK FOR CULTURAL CHANGE When business isnt going well, leaders often consider

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programs to change the corporate culture. The soft stuff peoples beliefs and behaviours is at least as important as the hard stuff, like corporate structure and operational logistics. Most efforts at cultural change fail because they are not aimed at improving the business results. To change a business culture, you need to create processes that transform beliefs and behaviour in ways that are directly linked to bottom line results. You need to tell people clearly what results youre looking for and then discuss how to get there. You reward people for producing the results. If they come up short, provide coaching, withdraw rewards, give them other jobs or let them go. Management team members must hold each of their direct reports accountable. That way, you create a culture of getting things done. Cultural Change Gets Real The Aim is Execution. An organisations culture is the sum of its shared values, beliefs and norms of behaviour. Values such as integrity, teamwork and respect for the customer may need to be reinforced but rarely need to be changed. More likely to need correction are beliefs that drive specific behaviours. Behaviours are beliefs turned into action. Behaviours are what deliver the results. Especially important are the accepted and expected ways people behave in a corporate setting, the rules of engagement governing how people work together. These patterns of behaviour are crucial to producing a competitive advantage. Linking rewards to performance is essential to creating an execution culture. It must be done transparently, honestly and fairly. Dont be brutal and dont be too reticent to be absolutely frank - whether your feedback is positive or negative. Take into account all the factors influencing peoples results and reward them based on how much theyve achieved given the conditions of the marketplace and industry. Have they done their very best and achieved significant success compared to their competitors in the market? Dont just look at numbers sometimes events can make numbers set earlier in the year impossible to achieve. Changes in the business environment, the cost of materials or world events like war or terrorist attacks can throw your well-considered projections to the wind. Its essential to consider all these factors when rewarding people. Your staff will see that excellence is recognised and rewarded and this belief will drive them to more effective behaviour.

TRUTH OVER HARMONY

Robust dialogue brings reality to the surface with openness, informality and honesty. It makes your organisation more effective in gathering and understanding information. It nurtures creativity and builds competitive advantage and shareholder value. You cant have an execution culture without it. Straight talking can only happen when people come in with open minds, unarmed with agendas or preconceptions. Candid discussion and spirited debates will allow everyone to hear the alternatives and listen to all sides of the story. Real honesty helps to wipe out the silent lies and pocket vetoes that are the symptom of stifled debate. Stalled information networks and reworking drain energy. The best way to prevent those drains from sapping the vitality of the business is through honest informal dialogue. Formal presentations are too scripted to leave room for debate. Informality invites questions and gets the truth out. It surfaces unconventional ideas and creates breakthroughs. Robust dialogue ends with closure. At the end of a meeting, people confirm what each person has agreed to do and when. A commitment in this open forum creates accountability. Harmony may be pleasant, but it can be the enemy of truth. It can stifle creative thinking and decision making. Truth over harmony is a good motto. The Culture of an Organisation is the Behaviour of its Leaders No leader who is disengaged from the daily life of the business can change or sustain its culture. The behaviour of the leader is mirrored by the behaviour of the companys people. You change the culture of a company by changing the behaviour of its leaders. Measure the change by watching the transformation in the actions of the leaders and the performance of the business. To create an execution culture, every leader has to be there to create and reinforce the desired behaviour and robust dialogue. If they are doing their job, the culture of execution will cascade through the company. BUILDING BLOCK THREE: HAVING THE RIGHT PEOPLE IN THE RIGHT PLACE There are many things that businesses cant control the uncertain state of the economy, the unpredictable actions of competitors and the world events that change the

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marketplace overnight. Youd think they would pay close attention to one thing that they can control the quality of their people. If you look at any business that has achieved consistent success, youll find leaders who are focussed intently on people selection. The process for selecting and developing leaders cannot be delegated. Performance appraisals are often formal affairs. The candidates advocate gushes with praise and the leader doesnt ask the specific questions that would identify the right person for the job. Identify the non-negotiable criteria of the job before you speak to the candidates. That way you will know what you are looking for. Most of us know someone in our organisation that isnt performing well but manages to stay in the job year after year. The usual reason is that the persons leader doesnt have the courage to confront the person and take decisive action. These non-performers can do serious damage to a business. If they are high enough in the organisation, they can destroy it. Some positions are filled with the wrong people because the leaders who promoted them are comfortable with them. Its natural to develop a sense of loyalty to a person after working with them for a long time, but it can be a problem if the loyalty is based on the wrong factors. The leader may be comfortable with the person because they think that person likes them, doesnt challenge them or insulates them from conflict. Or the leader may favour people who come from a shared social network. A leader can be blinded to a candidates shortcomings by the psychological comfort factor. Its obvious when the right people are not in the right jobs. The foundation of a great company is the way it develops people. Leaders need to commit as much as 40% of their time and energy to selecting, developing and appraising the best talent possible. The payoff will come in the form of a sustainable competitive advantage. WHO ARE YOU LOOKING FOR? Most companies see a good leader as one with a vision and the ability to inspire others. It is assumed that if the leader can get the vision and strategy right, and get the message across, the people will follow. Boards, CEOs and senior executives are often seduced by intellectual and educational qualities. They are looking for someone conceptual, visionary, a change agent and a good communicator. But they forget to ask the most important questions. How good is this person at getting things done?

Its Not All Talk There is little correlation between those who talk a good game and those who get things done no matter what. If you want to build a company that has an excellent discipline of execution, you have to look for those who achieve objectives. Infectious Energy A good leader energises people their enthusiasm and engagement are infectious. Poor leaders drain energy. Its not about inspiring people with rhetoric. Leaders whose visions come true bring it down to earth, focusing on short-term accomplishments. They look at the goals that are scored on the way to winning the game. Decisiveness Organisations are full of people who dance around decisions without ever making them. They lack the emotional fortitude to confront the tough issues. Wavering, procrastinating and avoiding reality, they become ineffective. Competitors and employees alike sense this lack of character. Choosing to outsource, shedding jobs or confronting a well-liked subordinate over performance issues are just some of the tough situations many managers find it difficult to confront. Great leaders know that avoiding these issues damages the companys performance and their own image as a strong leader. They are courageous enough to face issues squarely even when it is unpopular in the short term. The best leaders know how to make decisions well and act on them swiftly. Getting things done through others If you cant get things done through others, youre not leading. Yet so many leaders cannot. They smother their people, stifling creativity and initiative. They micromanage, and make all the key decisions about details so they dont have time to deal with larger issues. Others abandon their people, letting them sink or swim. They throw the entire challenge into their peoples court, failing to set milestones and follow through. Great leaders do more than delegate. They achieve results through people by engaging with them on a personal level and coaching them through the challenges they face. Follow through Follow through is the cornerstone of execution. Every leader whos good at executing follows through religiously. Following through ensures that people are doing what they have committed themselves to within the

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agreed timeframes. Never finish a meeting without clarifying what the follow through will be who will do it, when, how and the resources they will utilise. Never launch an initiative unless youre personally committed to it and prepared to see it through until its embedded in the DNA of the organisation. The Right People in the Right Places Traditional interviews are poor selectors of great leaders. They focus on a chronology of the candidates career development and achievements. It is rare in a traditional interview to be able to delve into the persons record to find out how they actually performed in their previous roles. When you interview, you have to create a full picture of the person in your mind based on things you can learn by probing them. Find out about their past and present accomplishments, how they think and what drives their behaviour. If you are going to effectively verify a candidates past performance, it is essential to talk to referees personally. Whenever possible it is best to get an honest opinion from someone you know. If you dig around during the recruitment process, you are almost certain to find someone with a connection to the candidate. It pays to be persistent in checking references and getting to the heart of the matter.

creative in the face of adversity? Who had easy wins and didnt push for better results? And who met their targets in spite of adverse market conditions, while also raising their peoples morale and improving the long-term performance of their division? People who arent accustomed to giving honest appraisals will struggle with the process at first. But when they become more focused on helping their people grow through their difficulties through coaching, engagement and follow through their perspectives gradually shift. Theres nothing mysterious about the process of getting the right people in the right places. Its a matter of being systematic and consistent in interviewing and appraising people - developing them through candid feedback, builtin rewards for achievement and coaching people through their challenges.

QUESTIONS FOR A STRATEGIC PLAN What is your evaluation of the external environment? How well do you know the existing customers and markets? What is the best way to grow the business profitably? Whats standing in the way? How well do you know your competition? Can your business execute this strategy? Have you balanced the short term with the long term? What are the most important milestones for execution of the plan? What critical issues is the business facing? How will the business make a sustainable profit?

INTERNAL AFFAIRS
When assessing an internal candidate, the process is usually highly structured, bureaucratic and mechanical. An executive preparing to evaluate an internal candidate is armed with binders prepared by human resources staff setting out leadership criteria. One of the many things that slip under the radar of mechanical evaluations is how candidates have performed in meeting their commitments. What is their record of accomplishment? How effectively have they galvanised the efforts of others and stimulated them to get things done. Did they meet their commitments in ways that strengthened their organisation and people, or weakened them? Meeting commitments in the wrong way can damage your organisation. It can leave behind a burnt out and dysfunctional team, or put the future of the business at risk in order to succeed in the short term. In an effective evaluation, the leader looks closely at how people met their commitments. Who delivered consistently? Who was resourceful, enterprising and

BRINGING IT ALL TOGETHER The three essential elements of business are People, Operations and Strategy. To bring them all together, you need a plan that links these elements into a functioning system. Your strategic plan must combine people, operations and strategy, and set out a clear path to achieving your corporate objectives. You must base your plan on the reality of your situation. Be aware of the environment and have the right people in place to execute your strategy. You also need to have milestones and measurements how will you know if your strategy is working? What will the markers be for an effective strategy? And if the strategy is not working, what is the contingency plan?

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In todays business environment, running your business without a contingency plan is like flying a plane without packing a parachute. September 11 was one event which caused companies all over the globe to re-evaluate their plans and business objectives in a heartbeat. In the 21st century, the company that does not have a contingency plan that can be rapidly executed is headed for disaster.

means everyone can contribute something and everyone benefits from the discussion. An execution culture solves this problem, because the people themselves help set realistic targets. And since those targets are the ones their rewards are linked to, the operating plan is where they take full ownership of them. This forms a bedrock of accountability.

DEALING WITH THE UNEXPECTED HOW HONEYWELL RESPONDED TO SEPTEMBER 11 After the attack on the World Trade Centre on September 11 2001, companies everywhere scrambled to re-do budgets and strategic plans. The effects of the tragedy were enormous and far-reaching. The airline industry was suddenly in crisis, with projected losses of US$4 billion. The stock market was in free-fall. Companies had lost not only millions of dollars, but in some cases hundreds of employees. At Honeywell, a lot of good work had to be jettisoned. Plans already developed for the last quarter of 2001 and early 2002 had to be abandoned completely. First, a realistic assessment of the new situation was required. Clearly in the short term there would be a downturn in the aviation sector. Honeywell estimated that earnings would be down in the range of $500 million. Then they had to determine how to get $500 million of cost out of the business. Seeking growth in the changed environment would not have been realistic, so the goal was to stay level in earnings with 2000 figures. This approach allowed Honeywell to react quickly and effectively to the crisis and absorb its financial impact through subtle changes in direction. Honeywell came through the crisis with flying colours.

THE HEART OF BUSINESS

The heart of business is in interweaving the three processes of people, strategy and operations. Truly effective leaders need to master the individual processes and the way they work together to form the whole. They are the foundation stone of the discipline of execution. People and operations are central to conceiving and executing a strategy that creates success for your organisation. The way you bring these elements together is what differentiates you from the competition. In business, execution makes the difference between success and failure. Make sure your business executes its way to success.

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One common problem with conventional budget and planning processes is that targets disconnected from reality can be all but meaningless for the people who have to carry them out. The result is missed targets, or worse, people who sacrifice the business long term interests to meet unrealistic goals in the short term. The answer to this problem is ensuring that strategy is owned and constructed by those who will execute it. Staff can give you their valuable knowledge of what is happening on the ground and what is achievable in the business. Theyre in the best position to know what will work in their marketplace and to resolve critical issues. The robust dialogue that is central to the execution culture

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