The essence of investment management is the management of risks, not the management of returns.
I praise loudly. I blame softly.
If each of us hires people who are smaller than we are, we shall become a company of dwarfs. But if each of us hires people who are bigger than we are, we shall become a company of giants.
Companies stumble for many reasons, of course, but one of the most common is that the very management practices that have allowed them to become industry leaders also make it extremely difficult for them to develop the disruptive technologies that ultimately steal away their markets.
Base your management decisions on a long-term philosophy, even at the expense of short-term financial goals.
An hour lost at a bottleneck is an hour lost for the entire system.
The goal is not to improve one measurement in isolation. The goal is to reduce operational expenses and reduce inventory while simultaneously increasing throughput.
A manager's output is the output of his organization plus the output of the neighboring organizations under his influence.
Let chaos reign, then rein in chaos.
Stressing output is the key to improving productivity, while looking to increase activity can result in resistance.
The fatal assumption is: if you understand the technical work of a business, you understand a business that does that technical work.
Efficiency is doing things right; effectiveness is doing the right things.
Management is doing things right; leadership is doing the right things.
Most business owners are running their business by the seat of their pants. What's needed is a system.
Your title makes you a manager. Your people make you a leader.
First and foremost, a manager's job is to help people be more effective in their job and to grow and develop.
The best minute I spend is the one I invest in people.
People who feel good about themselves produce good results.
Take your profit first, and manage the rest. It's that simple.
The purpose of bureaucracy is to compensate for incompetence and lack of discipline.
The logical, competent decisions of management that are critical to the success of their companies are also the reasons why they lose their positions of leadership.
Good management was the most powerful reason they failed to stay atop their industries.
