Many companies, like many people, in our country are experiencing devastation and loses…. and are panicked about the long-term implications of the coronavirus. The virtually immediate economic recession caused by the Covid-19 shutdown and subsequent global pandemic mandates have caused devastation for businesses large and small. Our very way of American life has also been threatened and changed by this humanitarian crisis. Perhaps forever.
Based on assumptions being made about the pandemic causing “the demise of commuting to work,” “the end of retail shopping,” and “the collapse of globalization,” many executives are bracing for and assuming that business operations will never be the same. According to today’s guest, survival in business, during a crisis and otherwise, is achieved by building in both the short and long term. At the same time.
David Cote is Executive Chairman of Vertiv Holdings Co, a global data center products and services provider. Previously, as CEO of the industrial giant Honeywell, he grew the company's market capitalization from around $20 billion to nearly $120 billion, delivering returns of 800 percent and beating the S&P by nearly two and a half times. In his new book, WINNING NOW, WINNING LATER: How Companies Can Win in the Short Term While Investing in the Long Term, he provides a fascinating, been-there-done-that explanation of how he deployed a series of fundamental principles and practices to transform Honeywell at a time when it was flailing and failing. David believes that the idea that CEOs must choose between winning now and winning later is wrong: They must find a way to do both. Thinking short- and long-term has to work together since you need today’s profits to fund tomorrow’s successes. His insights and lessons learned are a perfect prescription for the challenges that businesses are facing today.