Leadership
For a company to transition from good to great, the book recommends having leaders that possess the level 5 leadership skills. Leaders who have guided companies from good to great are simply individuals who show a required amount of humility, professionalism and sheer will. Leaders of these great companies do not display larger-than-life lifestyles. They are not overconfident or selfish. They openly allow their employees to participate in the running of the company without being the center of attention. These types of leaders are referred to as level 5 leaders in the book. These leaders care about the company's success much more than their success. They are not self-centered individuals. They embrace the notion of communal work and a productive work environment. When the company fails to achieve an objective, level 5 leaders usually take the blame and save everyone else in the company from the shame that comes with it. The type of leadership in a company significantly determines whether a company will achieve greatness or not.
Diversification
The book highlights the importance of diversifying operations as a company to always remain at the forefront of change in the marketplace. The author uses Abbott Laboratories as an example of a company that had to find a niche market that they could dominate to beat their rival Merck who had surpassed them by market share for years. Abbott decided to do things differently and began offering low-cost healthcare services and devices to their customers. They created an entirely new market, different from the one they had to compete with Merck for market share. This move transitioned them from just a good company to an even great company.
Discipline
The author recognizes the importance of maintaining discipline in a company. The type of discipline that is bred within the workplace plays a crucial role in ensuring that a company achieves greatness. Employees cannot begin to be their best selves if the environment they are working under does not nurture effective productivity. From the highest level of employees to the lowest, they all have to possess the same discipline. They all have to be on the same page if they are to succeed. Achieving greatness in a company is not only a task for the few upper management employees. It also applies to the lowest level of employees. Only then can a company begin to achieve its set of goals.
