It is really important to read our entire paper to get a better feel for the context of these conclusions as managing a turnaround such as the one at Ford is complex and alot of hard work. It is not replicable by simply getting the top 5 reasons for their success simply trying to apply them. While many are transferable and leveragable, every company must do their own work and find their own path.
Ford’s Top 5
- Leadership… Set the tone at the top, behavior is consistent with message and everyone is held accountable to the same standard.
- Customer/Market Focus…Know what business you are in, commit to be the best (highest Quality/Service) at it and give the Customer what they want, NOT what you would like them to or think they want.
- Standardized Open system of Work…Implement global standard processes that are the best for the company regardless of where or who developed them.
- Culture/Teamwork...Create an environment where people can make the difference, be a part of and openly/freely contribute to the improvement movement where the vision, purpose and goals are clear and everyone is aligned and committed to them.
- Prudent strategic business planning… Practice sensible financial planning and commitment to strategic long range thinking.