Learning from "March Madness"

I enjoy the NCAA basketball March madness. It is fun to watch a real playoff where all of the conferences, large and small, have a chance to compete and see you is really the best. Every year there is always a "Cinderella" team or two, who upset the higher ranked, more publicized teams. But normally it is the highly seated teams that win it all.

Every year the same names appear at the top. This is not a matter of chance but a clear reflection of the college's commitment to being the best. These teams reflect the spectrum of giant state universities, to smaller but committed institutions.

There are several lessons that we can learn from these institutions.

1. They are committed to being winners and not just competing. I am always amazed when I hear coaches say they just want to be competitive and not that they want to win it all. The same is true in the business world. The leaders are focused on being the best and not just showing up.
2. The teams have long tenured coaches. Some of the coaches have been in their jobs for over twenty years and have moved up gradually, but consistently and when they are on the top they know how to stay there.
3. Many of the successful programs have had a strong succession plan. When the coach leaves or retires, they have assistants really willing and able to take their place. This is a strong contrast to the losing programs, who have no continuity and no succession planning.
4. The coaches build teams to fit their strategies and the really good ones, adapt to change. The great coaches are flexible, but highly demanding and if the players, regardless of their talent, don't follow the game plan, they either don't play or even are dismissed from the team.
5. The colleges commit the resources to attract the players and the fans. Their facilities are "second to none" and they are continually investing in them. They provide supporting staffs to recruit, train and provide academic support.
6. The winners have a loyal fan base, who show up even when things are not going well and support the coach and team players.

These are just a few of the positive lessons we can learn from March Madness. They are similar to what I learned from my study of General Electric...that I summarized in one word, LATIN, in my book: The Secret to GE's Success.

• Leadership- the universities have committed, long tenured leaders who want to win and allocate what it takes to consistently do so. They have a strong succession plan in place.
• Adaptability-good coaches, like leaders in all institutions, must adapt to change and not have one "cookie cutter" approach.
• Talent- the winners learn how to recruit, motivate and retain the talent. This has become increasingly difficult since many of the recruits are just "passing through" on their way to the professional ranks.
• Influence - they winners influence the policies of the NCAA to assure that the sport remains a sport and is not overwhelmed and influenced by the money that is spent. The college presidents work to retain "student/ athlete" and not hired guns. Of course this is a continuing challenge, as it is for any institution.
• Networks- the winning programs create strong networks with alumni to provide funding, as well as to help to find jobs for their graduates.

The lessons are the same, whether it is a winning basketball team or a giant company.

Winners have long term strategies and invest in providing the resources to be successful over the long term.

Bill Rothschild, author- The Secret to GE's Success.