Characteristics of excellent companies
A bias for action. The company always tries to find the best solution at the time the problem occurs. They implement the solution and fix the mistake if they find that their solution is not good. Their motto is ‘Do it. Fix it. Try it.’
Close to the customer. These companies learn from customers by listening intently and regularly. They also provide unparalleled and consistent quality, service, and reliable products that work and last.
Autonomy and entrepreneurship. The companies are the spaces for innovation and imagination, encouraging taking practical risks and supporting good ideas.
Productivity through people. These companies respect all individuals in the company and see them as the sources of ideas for growth.
Hands-on and value driven. Leaders are close to frontline employees and seeking consistent quality products and services to customers.
Stick to the knitting. The core business is the base for companies to grow over time.
Simple form and lean staff. These companies have simple structure with people who perform effectively and efficiently.
Simultaneous loose-tight properties. They keep well balance between centralized and decentralized activities. For instance, they push autonomy down to the lowest level or product development team, but the core values of business are constant.
These ideas are from the book 'In search of excellence' of Thomas J. Peter and Robert H. Waterman.