The Greatest Business Decisions of All Time - Verne Harnish
Nordstrom
The pain of making a bad decision far outweighs the satisfaction of making a good decision on the same scale. Nordstrom’s return policy takes regret out of the equation.
3M
It led to the corollary that 30% of revenue must come from products less than five years old, a legacy that is still alive today. In 2009, even in the midst of the financial crisis, 3M launched more than 1,000 new products.
Ford
Workers responded; within a year, annual labor turnover fell from 370% to 16%, productivity was up 40% to 70%, and the number of replacement workers hired would fall from 53,000 to 2,000. Between 1914 and 1916, Ford’s profits doubled from 60 million. “The payment of five dollars a day for an eight-hour day was one of the finest cost-cutting moves we ever made,” Ford later said.