Turning the Flywheel (Book Review)
Well, not actually a book, a monograph. One that accompanies Good to Great. Turning the Flywheel by Jim Collins goes deeper into the concept of the flywheel. Below I will define the flywheel and give two interpretations of it, for Queal and for myself.
The Flywheel effect is a concept developed in the book Good to Great. No matter how dramatic the end result, good-to-great transformations never happen in one fell swoop. In building a great company or social sector enterprise, there is no single defining action, no grand program, no one killer innovation, no solitary lucky break, no miracle moment. Rather, the process resembles relentlessly pushing a giant, heavy flywheel, turn upon turn, building momentum until a point of breakthrough, and beyond.
7 steps to capturing your own flywheel:
1. Create a list of significant replicable successes your enterprise has achieved.
2. Compile a list of failures and disappointments.
3. Compare the successes to the disappointments and ask, “What do these successes and disappointments tell us about the possible components of our flywheel?”
4. Using the components you’ve identified (keeping it to four to six), sketch the flywheel.
5. If you have more than six components, you’re making it too complicated; consolidate and simplify to capture the essence of the flywheel.
6. Test the flywheel against your list of successes and disappointments.
7. Test the flywheel against the three circles of your Hedgehog Concept
- Create a complete meal
- Deliver the best meal experience for quick moments
- E.g. good shaker, dashboard, ordering process, etc.
- Build strong customer loyalty
- Grow through WOM
- Have margins to improve –> (repeat)
- Learn diverse fields of information
- Explore learnings in one specific area
- Build business out of knowledge
- Automate business –> (repeat)