I always pick up a few interesting thoughts from the New Word City books that focus on different businesses and leaders that are doing innovative things in their industry. The latest one I read is called How LEGO Built a Comeback. Amazon made this available for free to their Kindle customers. Apparently, as recently as a few years ago, LEGO was on the verge of a total collapse, but their leadership made some strategic moves to keep the Danish plastic interlocking block company afloat.
Here are some things that I highlighted while reading…
- “Det bedste er ikke for godt” – only the best is good enough.
- In Denmark, mothers will often send their children outside with the words leg godt, meaning “play well” or, more colloquially, “have fun”. Christiansen shortened this to LEGO, and a brand was born.
- LEGO’s managers began asking: Where do our products fit in this new normal? And how can we expand our share of a child’s day?
- LEGO continues to benefit from its thoroughly Danish sense of restraint, balance, and ethics.
- Non-financial targets are much more important than the financial ones, because it’s impossible to have a greatly profitable company without highly engaged, creative employees who feel satisfied at work.
- Make quality your watchword.
- Evolve.
- Hire talented people – and keep them happy.
- Collaborate.
- Handle the hard stuff with grace.
- Outsource with care.
- Do your due diligence when outsourcing. Remember cheap can cost you dearly in the end.
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