Success comes from an integration of strong, competent leadership; management science; experience from within the industry and adoption of successful models from outside the industry. One of the most successful examples of this success method is International Telephone and Telegraph (ITT) under its CEO Harold Geneen. Over a period of 18 years as CEO in the 1960s and 1970s, Harold Geneen grew ITT into the largest and most successful conglomerate in U. S. history with 350 companies in 80 countries with annual revenue increases of 118% per year and annual profit increases of 102% per year each of those 18 years. He had 58 consecutive quarters (14 years) of profits of 10% or more.
Geneen built through an integration of leadership, management science, and cross-pollination of ideas among his 350 companies. All presidents of all 350 companies met frequently to present their successes and failures to each other. While rental cars had nothing to do with hotels, and hotels had nothing to do with insurance, each took “ideas” from other unrelated companies and industries and through adherence to the principles of management science transformed these companies into the dominate players in their markets.
Unfortunately, in many cases in which hospitals have tried to adopt and/or adapt management principles and examples from other industries, many, if not most, have failed because of a lack of leadership and understanding.
* Managing, by Harold Geneen with Alvin Moscow, Doubleday & Company, Inc. Garden City, New York, 1984