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Peace
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Toyota Tackles an Audacious Goal
How to lead an organization through transformational change
by George Borst, President and CEO, Toyota Financial ServicesIt would be great if leaders could learn everything they need to know before they need to know it. That's rarely the case -- most of us learn on the job, in the thick of it. Sometimes we don't even realize what we've learned until long after the moment has passed. In hindsight, I realize how fortunate I was.
We were beginning to tackle a major initiative that would significantly change Toyota Financial Services (TFS); simultaneously, I was being exposed to new leadership ideas. I would need these new ideas, along with new skills and abilities, to lead my team to achieve a "BHAG" -- a "Big Hairy Audacious Goal," as Built to Last authors Jim Collins and Jerry Porras call it.
My BHAG was to lead TFS through an expansion of our customer base and product line. TFS offers automotive loans to Toyota and Lexus customers, but if we could add credit cards, mortgages, and loans to Toyota customers and dealers, we could create much more business, profit, and ultimately, loyalty.
But that required transformation in every aspect of the organization -- new people, infrastructure, knowledge, and skills. Some of the changes offered exciting new opportunities, but others presented new problems. In every case, the expansion required new methods of leadership from me -- including framing, communication, and team-building strategies -- to face the upcoming challenges.
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