Recommended Reading – Summer 2015

After another rough winter, summer’s almost here! We’ll soon be reveling in sunshine, hot temperatures and blue skies as we enjoy water sports, barbeques, and relaxing in a lounger or hammock with a good book. Here are some of the personal favourites we’ve selected from the various “best books in 2015” lists recently published on 800ceo read’s blog:

1.  The Rise and Fall of Strategic Planning
     Henry Mintzberg, Free Press

If you follow our blog you’ll know that Henry Mintzberg is one of my favourite strategic thinkers. In this definitive history, he argues that the term is an oxymoron – that strategy cannot be planned because planning is about analysis and strategy is about synthesis. That is why, he asserts, the process has failed so often and so dramatically. He unmasks the press that has mesmerized so many organizations since 1965: strategic planning.

Mintzberg proposes new and unusual definitions of planning and strategy, and examines in novel and insightful ways the various models of strategic planning and the evidence of why they failed. Reviewing the so-called “pitfalls” of planning, he shows how the process itself can destroy commitment, narrow a company’s vision, discourage change, and breed an atmosphere of politics.

Henry Mintzberg is one of the most brilliant and original management thinkers and a great Canadian.

2.  Family Business: Practical Leadership Succession Planning: Exceed Your Expectations
     Ronald P. Smyser, Abbott Press

Less than 15% of family businesses survive to and through the second generation of leadership.

Smyser’s book provides valuable insights which demystify and simplify the process of succession; help ensure continuing financial security for the founder and his/her family; and enhance the effectiveness and balance of professional and private life.

Some of the topics he covers are:

  • How ownership transition without a clear, practical leadership succession plan can decimate your business’s chance of survival.
  • The fifteen key causes of leadership succession failure and how to avoid them.
  • What the next generation really wants but won’t tell you and what you should do.
  • The issues around choosing one of your children to succeed you, and how to avoid them.

Whether you already have a family business or are starting one, “Family Business: Practical Leadership Succession Planning” is a must read.

3.  Fewer, Bigger, Bolder: From Mindless Expansion to Focused Growth
     Sanjay Khosla and Mohanbir Sawhney, Portfolio

When it comes to growing revenues, not all dollars are equal. In company after company that the authors worked for or researched, they saw businesses taking on more products, markets, people, acquisitions – more of everything except what really mattered: sustainable and profitable growth.

In many of these companies – large or small, from America to Europe to Asia – every quarter became a mad dash to find yet another short-term revenue boost. There had to be a better way. The answer lies in “Fewer, Bigger, Bolder”, a market-proven, step-by-step program to achieve sustained growth with rising profits and lower costs.

“Fewer, Bigger, Bolder” crosses the usual boundaries of strategy, execution, people and organization. Its framework shows how you can drive growth by targeting resources against priorities, simplifying your operations, and unleashing the potential of your people.

“Fewer, Bigger, Bolder” challenges the conventional wisdom about growth.

4.  Business Strategy: A Guide to Effective Decision-Making
     Jeremy Kourdi, The Economist

A good strategy, well implemented, determines a business’ future success or failure.

Yet history is full of strategic decisions that were ill-conceived, poorly organized and consequently disastrous. This updated guide looks at the whole process of strategic decision-making, from vision, forecasting, and resource allocation, through to implementation and innovation.

Strategy is about understanding where you are now, where you are heading and how you will get there.

But getting it right involves difficult choices: which customers to target, what products to offer, and the best way to keep costs low and service high. And constantly changing business conditions inevitably bring risks. Even after business strategy has been developed, a company must remain nimble and alert to change, and view strategy as an ongoing and evolving process.

The message of this guide is simple: strategy matters, and getting it right is fundamental to business success.

5.  Business Strategy: Managing Uncertainty, Opportunity, and Enterprise
     J.-C. Spender, Oxford University Press

Emphasizing that firms face uncertainties and unknowns, Spender argues that the core of strategic thinking and processes rests on leaders developing newly imagined solutions to the opportunities that these uncertainties open up.

Drawing on a wide range of ideas, he stresses the importance of judgment in strategy, and argues that a key element of the entrepreneur and executive’s task is to engage chosen uncertainties, develop a language to express and explain the firm’s particular business model for dealing with these, and thus create innovation and value.

At the same time he shows how the language the strategist creates to do this gives the firm identity and purpose, and communicates this to its members, stakeholders, and customers.

Spender introduces these ideas, and reviews the strategy tools currently available from consultants and academics.

The book outlines a structured practice that managers and consultants might chose to follow, not a theory.

6.  Reinventors: How Extraordinary Companies Pursue Radical Continuous Change
     Jason Jennings, Portfolio

For most businesses, success is fleeting. There are only two real choices: stick with the status quo until things inevitably decline, or continuously change to stay vital. But how?

Bestselling leadership and management guru Jason Jennings and his researchers screened 22,000 companies around the world that had been cited as great examples of reinvention.

They selected the best, verified their success, interviewed their leaders, and learned how they pursue never-ending radical change. The fresh insights they discovered became Jennings’s “reinvention rules” for any business. The featured companies include Starbucks—which turned itself around by making tons of small bets on new ideas.

7.  The Moment You Can’t Ignore: When Big Trouble Leads to a Great Future: How Culture Drives Strategic Change
     Malachi O’Connor and Barry Dornfeld, Public Affairs

Culture not only affects how we think and behave, it’s the set of agreements and behaviors that drive how we act in groups and the decisions we collectively make.

Every organization now faces challenges it can’t ignore as new forms of work, communication and technology wreak havoc on the way we do things.

Malachi O’Connor and Barry Dornfeld provide powerful insights on how to confront the clash of old and new. They show how to ask the big questions that point the way to renewing a culture.

When people don’t know who’s in charge, are unsure of what their company identity is, and can’t get behind their leaders, they rarely have the ability or will to innovate.

Old ideas get rehashed. New ideas get squashed or lost. Initiatives that are designed to create an innovation culture or spur creativity go nowhere.

8.  Execution: The Discipline of Getting Things Done
    Larry Bossidy, Ram Charan, Crown Business

Finally – an old favourite – a book that shows how to get the job done and deliver results.

The leader’s most important job is selecting and appraising people. Why? With the right people in the right jobs, there’s a leadership gene pool that conceives and selects a strategy that can be executed, a strategy in sync with the realities of the marketplace, the economy, and the competition.

Once the right people and strategy are in place, they are then linked to an operating process that results in the implementation of specific programs and actions and that assigns accountability.

This kind of effective operating process goes way beyond the typical budget exercise that looks into a rearview mirror to set its goals. It puts reality behind the numbers and is where the rubber meets the road.

Putting an execution culture in place is hard, but losing it is easy.

For a full listing of best books in 2015, please visit http://800ceoread.com/

 

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Jim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

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Tags: business books, change, competitors, Culture, decision-making, family business, growth, Jim Stewart, Leadership, Planning, Process, ProfitPATH, Strategy Development, Strategy Execution, succession

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