Singles and Homeruns!
11/25/02
Jeffrey Immelt, CEO GE, talked about the balanced innovation strategies that are needed to make change work for the long haul: "The best scientists really want their technology to be used someday. We don't have scientists doing it just for the sake of doing it. They like to see practical applications of their products, and that's what we are trying to do. ... We try to match our technology with market trends and market needs. The key for a company is to have technologies with a broad variety of cycle times so that you're constantly working on the next generation and implementing the current generation at the same time. Anytime you get out of balance on those two, that's when you get broken. ... We've got a good match of short-term earnings and long-term earnings and short-term ideas and long-term ideas."
Mr. Immelt talked about the need for good companies to be able to hit both home runs and singles. Singles need to be hit every day as they take little victories of improvements on existing products and services. But good companies are also working on homeruns. At GE, they are working with hydrogen fuel cells and using molecular imaging with nanotechnology. These innovations don't necessarily have an application today and they may take a number of years to be commercially viable, but preparing for these transformational homeruns is part of going beyond GE having a good year to sustaining a dynasty that keeps on going. Are you trapped on going for singles? What home runs are you nurturing and funding that will give your team a strategic advantage on the future playing field of the great game of business? What can you do this week to balance the short-term with the long-term?
MONDAY'S MIRTHFUL MOMENT
Dr. Newton Maloney sent me this week's mirth--"Thoughts" sent to him online by Nellie Madison. So whoever wrote these, do enjoy them:
1. I don't do drugs anymore 'cause I find I get the same effect just standing up fast.
2. I have my own little world. But it's OK...they know me here.
3. If life deals you lemons, make lemonade; if it deals you tomatoes, make Bloody Marys. But if it deals you a truckload of hand grenades...now THAT'S a message!
4. I married my wife for her looks...but not the ones she's been giving me lately!
5. If carrots are so good for the eyes, how come I see so many dead rabbits on the highway?
When you keep your eyes open for mirth, you just may find it! Hope this kicks off your morning and helps get your mood adjusted for the week. Now, get busy MAKING CHANGE WORK and have some fun along the way!...