How The Mighty Fall And Why Some Companies Never Give In by Jim Collins
This book is about why very successful companies fail. It is not about complacency. It is about a process of self-inflicted mistakes; pursuing growth at all costs, taking on too much risk, excessive pride, making promises that are not doable, and finally succumbing to the inevitable. Jim Collins describes the death of Merrill Lynch, Merck, Motorola, Addressograph, and the decline and rebirth of IBM, Nucor, and Nordstrom's.
The books reminds us that returning to the core strengths of a company and putting the right people in place are more important than hiring outside managers and making grand plans. There are several charts comparing the right and wrong thing to do in a turnaround. The charts were to the point and easy to read.
The main text of this book was 157 pages. It could have been cut down to a 100 pages. The appendixes, notes, and index covered as much information as the main text. The ideas in this book were very clear. I think this book serves as a timely reminder that American companies need to get back to basics.