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His
Management Mantra
Lee
Iacocca believes that the keys to successful management are
the ability to concentrate and use time wisely. Establishing
priorities and being a problem solver are a must. Managers
need to be decision-makers as well as motivators.
According
to Lee, the best way to motivate people is to communicate
with them. A good manager needs to listen at least as much
as he talks. One of the most important things to remember
in business is that every problem cannot be structured and
reduced to a case study if you want to stay ahead in the competition
in today’s global market place.
 On
corporate life, Lee believes that there are always people
who feel they need additional research, but after a certain
point when most of the relevant facts are in, decisions have
to be made. Lee Iacocca’s success in business shows he
not only talks these keys to success, but he has also practised
them, and for him, they have worked well.
At
Ford,
Lee had developed a quarterly review system for his executives.
The executives were supposed to determine their goal for the
next 90 days; set out their plans, priorities and hopes. Lee
believed that such a system made the employees accountable
to themselves; thus enabling them to work better.
Under this system, every three months the manager sits down with his immediate superior to review the manager’s past accomplishments and chart his goal for the immediate future. Once there is an agreement between the manager and the superior, it is put in writing and the superior signs it. Lee believed the discipline of writing something down was the first step towards making it happen. |
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Lee’s
management mantras are equally applicable today and many a
companies follow them to get desired results.
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