Hang on to Your Rods!
“Good is the enemy of great.” This is how Jim Collins begins his book “Good to Great: Why Some Companies Make the Leap... and Others Don’t,” which discusses how a handful of companies perfected their business strategies to create great businesses. If you’ve ever wondered why some businesses only last a season while others last 15–20 years, then “Good to Great” is a must-read. Over the past three decades, Collins has analyzed 28 businesses by studying their leadership skills, practices, and business strategies to understand how these companies skyrocketed past their competitors. After conducting dozens of case studies and analyses, Collins outlines several results that make excellent companies stand out. Here are three takeaways from “Good to Great.” DO YOU WANT YOUR BUSINESS TO THRIVE? READ ‘GOOD TO GREAT’ BY JIM COLLINS!
The Grand Isle Tarpon Rodeo
Does your office turn away calls about “long-term disability insurance” claim denials because you don’t handle administrative appeals or “ERISA litigation” in federal court? We want to hear from you! We happily share fees on referred ERISA long-term disability, life insurance, and accidental death insurance denial cases. Send us an email at BriefRecess@jpricemcnamara.com or call (225) 201-8311 to start the referral process! But this enormous event came from mysterious beginnings, with its origins still unclear. The most widely circulated story was that a fisherman named Hugh M. Wilkinson caught two tarpons in the same fishing spot under a 19th-century coastal defense fort on Grand Terre Island. This double catch inspired Wilkinson to pitch the idea of a tarpon fishing tournament to the businessman John Cletus Donovan Jr, owner of the Alker- Donovan Company. Donovan immediately agreed to sponsor the event, and they started the Grand Isle Tarpon Club. WE VALUE YOUR REFERRALS! As a Grand Isle camp owner (which survived Ida by some miracle) and a lifelong fishing enthusiast whose family shares the passion, I read an interesting article about the history of the Grand Isle Tarpon Rodeo. In the article, the author describes the fishing event as the “grand-daddy of fishing rodeos,” a fishing competition that’s been going on every July since the 1920s. But, this competition didn’t earn the “grand-daddy” title by being the oldest; it’s also one of the biggest, with more than 2,500 participants each year.
The first key takeaway is determining your “hedgehog concept” — a strategy you can use for many years. This approach is based on Greek philosophy: “The fox knows many things, but the hedgehog knows one big thing.” To find your hedgehog concept, ask yourself these questions: What can your company be the best at? What can you and your colleagues be passionate about? What economic indicator should you focus on?
When creating habits and using technology, you don’t need to use everything on the market. There are millions of platforms, software, tools, and technologies to use within your business, but which one will strengthen your hedgehog concept? Collins suggests only implementing technology that complements your business. He recommends waiting before jumping onto a new trend, platform, media platform, and technology. Be sure it aligns with your values, goals, and hedgehog concept. What do you do when your business is faced with uncomfortable situations, facts, or data? Great companies and business leaders don’t sweep hard facts under the rug and deny them. However, leaders don’t wave the white flag or give up. Instead, great companies and business owners acknowledge hard facts, identify pain points, and implement strategies to help overcome struggles and strengthen abilities. Along with learning tips and strategies from these three lessons, you will also have a chance to learn more about Collins’ case studies, what companies he studied, and the techniques used to create business powerhouses. You can find “Good to Great” online and anywhere books are sold. Happy reading!
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