Management 500
In author Dan Coughlin’s new book, “The Management 500”, he uses what he calls “the perfect comparison” of running a successful business to NASCAR. Coughlin states that there are five core business rules, including—
1. Be careful how you invest your corporate dollars
2. MUST be innovative and marketable!
3. Do not reduce too much value in an effort to save a dollar
4. Decide on your core business and make it as effective as possible
5. Avoid adding unrelated things to your business
One may ponder this analogy of business to racing. Coughlin believes that “innovation is the lifeblood of racing”. He sees this undertaking in the world of NASCAR and accredits multiple racing organizations as having great dedication to eminence.
Coughlin affirms 5 core things NASCAR can enlighten us about business, including—
1. Commitment to excellence is crucial to success (organizations such as Roush Fenway Racing and Rick Hendrick Motor sports all make great investments of time, talent, energy and money to perform at incredibly high levels every week.)
2. NASCAR does a great job of branding
3. You have to persevere through hard times (example: Dale Earnhardt Sr. took years to reach the stardom that he did— yet, he never gave up and it paid off)
4. Every style of leadership can be effective, so long as you stick to one specific style!
5. Take advantage of strategic moments (ex: drivers must deal with pit stops, caution flags, turns on the tracks, etc.)
In essence, Coughlin views the agility of NASCAR aesthetics as being parallel to that of a lucrative business.
References
1. Smart Planet