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35. Peter Drucker in his own words interpreted for small business 7
“What is measured improves”. Peter Drucker built this into a manegment system – Management by Objectives – but of course people have always set objectives. One early business example of using the principles of ‘what is measured improves’ is Alfred P Sloane at General Motors in the 1920s. He was an advocate of management by walking […]
34. Peter Drucker in his own words interpreted for small business 6
“We will not be limited by the information, but we will be limited by our ability to process that information” The information overload age is with us with a vengeance but Drucker predicted it over a generation ago. How can you cope? The basic research you have done and continue to do on your market […]
33. Peter Drucker in his own words interpreted for small business 5
“The assumptions on which most businesses are being run today no longer fit reality”. Drucker wrote this quite a few years ago when the pace of change in the business world was slower and there was more of a tendency for businesses to believe that the way the market worked for them was fairly fixed. As […]
32. Peter Drucker in his own words interpreted for small business 4
“Management is mostly to do with people, not procedures”. Those of you who have been following this series will have read about Frederick Winslow Taylor and his Scientific Management work. His mechanistic approach to efficiency (which focused on what is the most effective set of physical actions to complete a physical process) ignored the fact that […]
31. Peter Drucker in his own words interpreted for small business 3
“Efficiency is doing things right; effectiveness is doing the right things” – you could substitute the words ‘management’ and ‘leadership’ if you want to. And the distinction is critical. Focusing on making a process work smoothly and seamlessly and achieving that can be very satisfying, but if it is not the right process, it will not […]
30. Peter Drucker in his own words interpreted for small business 2
” The best way to predict the future is to create it”. It sounds like a bit of a tall order for a small business. But small businesses are often the agents for change in a market. Small businesses will find the unregarded niche which larger companies have ignored, and develop it into something significant, or the […]
29. Peter Drucker in his own words interpreted for small business 1
“The purpose of business is to create a customer”. It sounds slightly strange, but I think it gets to the heart of the matter. Firstly it puts the focus firmly on the most important person in the business, the customer. How do you ‘create’ a customer – don’t they already exist? Well, no. At the […]
28. Implementing Drucker’s Management by Objectives
Setting objectives is a useful start to getting your business focused and firing on all cylinders; if you employ people, it will help their focus to be aligned with yours, and if you do not, it will help you avoid getting distracted from where you want to get to. But it’s impact will be severely […]
27. Peter Drucker and Objectives for Small Business
Peter Drucker introduced the concept of Management by Objectives, which certainly from the 70’s onwards became universal in major companies. It is the concept that management is about balancing needs and goals with resources and setting relevant, measurable and achievable objectives. It has influenced generations of business managers, so much so that in larger businesses at least it […]
26. Peter Drucker key concepts for small business
In his 1954 book, The Practice of Management Drucker looked at management in a human environment rather than a mechanistic one as Frederick Winslow Taylor had a generation or so before. He posed three key questions which have become the standard building blocks for much strategic and marketing thinking since: What is our business? Who […]
