Book Summary: In Search Of Excellence

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In Search Of Excellence
by Thomas J Peters and Robert N. Waterman Jr.

1. A Bias for Action : This is about getting things done. There must be a free flow of information
and open communication. The open and informal organization is more flexible and is able to take
quicker action to institute changes needed to keep up in today's business world.

Management needs to get out of the office and out and about to communicate with the people of
the organization. Small groups, or action oriented task forces can tackle projects or problems
quickly and not get bogged down in bureaucracy.

Don't be afraid to experiment. Successful companies who want to get things done are not afraid
to try things, to experiment. Again, the flexible and informal organization is the context in which
"trying something new" will work.

2. Close to the Customer : It's obvious that businesses need customers, but many forget about
their customers. Successful companies have an obsession about the customer, usually pertaining
to quality, reliability, or service. Excellent product quality and reliability will make a satisfied
customer. Great service will keep the customer coming back.

3. Autonomy and Entrepreneurship : Sometimes it takes a Champion to take an idea or process

and keep at it through numerous failures until success is reached. The organization that is
flexible and supportive of the creative process will be successful in the long run. The excellent
company must foster in?house competition, with intense communication and be able to tolerate
failure.

4. Productivity through People : People need to be treated as adults. If workers are treated as
partners, with dignity and respect this will create the primary source of productivity gains.
Companies that develop a philosophy and live the philosophy that involves everyone within the
organization with the overall success of the company will become better for it.

Management by wandering around and an apparent lack of rigid command chains will foster
better communication and exchange of ideas. This will eventually increase productivity.

5. Hands?On, Value?Driven : Excellent companies make a serious effort to shape values. The
right values, clearly expressed, will help define the organization. It is difficult to teach values
through written policy statements. Stories, myths, and legends will go a long way to transmit the
organizations value system. The values of an organization compare to the vision of today's
modern companies.

6. Stick to the Knitting: Do not champion mindlessly holding on to yesterday, diversification is a

good thing. But organizations that branch out remaining somewhat close to their primary skill
will be more successful.

Many acquisitions take up important time of top executives as they try to learn and control the
new company and the synergy that was thought to exist does not pan out. Excellent companies
acquire in an experimental way, buying small or starting new, willing to get out if it fails.

7. Simple Form, Lean Staff : The size of a company can make it complex, but you need to work
at making things understandable for the tens, hundreds or thousands who are the people who are
making things happen, few administrative layers and few people at the upper levels.

Excellent companies are flexible when dealing with fast changing conditions. A company needs
to be efficient in the basics, innovative on a regular basis and responsive to threats.

8. Simultaneous loose-tight properties : This is the coexistence of the firm's central direction and
individual's autonomy. Companies that are loose- tight may be rigidly controlled, but they still
foster entrepreneurship and innovation within the ranks. The climate will foster dedication to the
core values of the company, while tolerating and empowering those same employees.