65th Edition – May 3, 2020
In the long run, the only sustainable source of competitive advantage is your organization’s ability to learn faster than its competition.Richard Ross – The Fifth Discipline Fieldbook
1. The Great Depression
If one of your parents left you a diary about the financial hardships of The Great Depression and beyond, would you read it?
Not only did Ben Roth blog about his dad’s diary, he later published it. Early in the book, I appreciate this 1936 diary entry:
A surplus capital of $2500 wisely invested during the depression might have meant financial security for the rest of his life. Without it he is at the mercy of the economic winds. His practice suffers and he has no chance of rising above the level of the ordinary practitioner who lives from day to day and from hand to mouth.
That line is as applicable today as it was more than 80 years ago.
The book is The Great Depression: A Diary by Benjamin Roth
2. Ben Lamorte and OKRs
During this week’s podcast, I enjoyed Ben’s discussion about direction. Jeffrey Walker was Ben’s first mentor who was also the CFO at Oracle during their big growth spurt during the 1980s and 1990s.
“What’s the direction?” That’s the question posed by Jeff that Ben has never forgotten. It’s also at the very heart of OKRs (Objectives and Key Results).
It sounds so simple, yet how many employees in any given company can tell you the specific direction their company is headed in and why?
3. Alan Mulally (again)
I want to thank Brian and Melanie Jones for this week’s all-access pass to the Emerge Stronger Conference hosted by The Table Group.
The first day included an interview between Patrick Lencioni and Alan Mulally. I’ll get right to the point – Alan is the best CEO of the 21st Century. If you ever get a chance to hear him speak, do it.
Alan, for the umpteenth time, thank you for not taking the money.
4. Reflecting on Critical Reflection
We’re all so guilty of getting caught up in our work that we probably forget to take the time to reflect, especially during these times of uncertainty and chaos.
When was the last time you shut the door, turned off your electronic devices connecting you to the world, and started reflecting on your work and your purpose? Do this with a pen and a journal.
5. The Best Video About Critical Reflection
As a long-time business coach, my favorite way of learning business is through studying other disciplines and industries where I have zero knowledge. I also find non-profits to be a deep well for knowledge and wisdom.
Accordingly, I love the video below about critical reflection from the Australian Children’s Education & Care Authority. Continuous improvement, the why of doing, the process of ongoing questioning, implementing change — they nailed it.
Thank You For Reading
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Take care and stay confident and strong this week. Always be learning and growing in times of hardship.