LEARN HOW TO GROW YOUR BUSINESS IN A TOUGH ECONOMY
In this unpredictable business landscape, everyone is struggling to choose between chasing short-term objectives and creating a secure future for their company, but both are crucial.
As CEO of Honeywell, David Cote understood this dilemma well. He turned the company around despite facing the 2008 recession. In these pages, he shows you how taking the same revolutionary approach might be the smartest business decision you’ll ever make.
Presenting a comprehensive solution to a perennial problem, Winning Now, Winning Later is a go-to guide for you and leaders everywhere to finally transcend short-termism’s daily grind and leave an enduring legacy of success. This tested and proven approach can strengthen your business like never before and even rescue it from the brink of disaster, no matter how dire the current circumstances may seem.
In Winning Now, Winning Later, Cote shares 10 essential principles for winning today and tomorrow such as:
Spot business practices that seem attractive in the short term but will cost the company in the futureDetermine where and how to invest in growth initiatives for maximum impactSustain both short-term performance and long-term investments even in challenging times, such as a recession or leadership transitionFeel inspired to stand up to investors and managers who are solely focused on either short- or long-term company objectivesStep back and foster independent thinking among those around you
Cote, executive chairman of electrical equipment provider Vertiv Holdings, seeks to dispel the false dichotomy between quick revenue gains and long-term financial health in this usefully pragmatic but overly ego-driven study based in his former position as Honeywell CEO. Framing himself as the company's savior, he describes arriving in 2002 to find Honeywell foundering and himself surrounded by buffoons and incompetents. Cote lays out his strategy for turning the company around in 10 points, such as "take control of the downturns," in part by learning from past financial crises; "get and keep the right leaders but not too many of them"; and "go big on growth," in part by making careful use of metrics. The advice is both broadly applicable and grounded in specifics on metrics, he describes how a dictum to derive 50% of sales from new products might incentivize salespeople to simply reintroduce the "same old products with slight modifications." However, the near-glee with which he describes his former colleagues' foibles leaves the reader with the unsettling impression that his primary interest is in taking potshots at his former company. This vengeful tone detracts from the useful whole and results in a disappointing business guide.