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It’s not what you know—it’s what you do about what you know.

I had the opportunity to hear Jim Skinner, CEO of McDonald’s, and Dipak Jain, Dean of Kellogg School of Management, speak at the Kellogg Global Insight luncheon on February 20.

Skinner spoke of the challenges and issues he faced when he was handed the reins at McDonald’s and the practices that are key to McDonald’s growth and continuing success.

In short, McDonald’s guiding principles are as follows:

• Collaboration. While the plan is important, focus and alignment of interests, including those of employees, are the only way to gain traction.
• Be customer-centric. The customer is the reason for being. Without the customer, there will be no profit or growth.
• Ability to be locally relevant. As a global company, sensitivity to local traditions and customs is essential to sustained success abroad. “When in Rome ... ”
• Be a good corporate citizen. Earn customer respect by being a responsible member of the community including being aware of your company’s environmental footprint.
• Talent management and people development—In order to succeed, a business needs the right people in the right places. This often involves training and placing employees in roles best suited for their talents.

Skinner noted that any and all plans need to be developed with intellectual depth and a global conscience. While there are competitors in most cases, Skinner noted that the McDonald’s team’s biggest enemy is itself. That is, team members need to resist the impulse to rest on their laurels and assume they already have the best solutions. His key takeaway comment is the title of this piece: “It’s not what you know—it’s what you do about what you know.” He explained that having a good team is great, but having team members in the right places, with the ability to make decisions and changes as needed, is critical to being and remaining a global leader.

Dean Jain then reinforced Skinner’s notions. (Jain’s ability to weave themes and comments from other people’s speeches into his own, on the fly, is truly impressive.) He addressed Kellogg’s growing global presence and the thinking behind it. Several years ago, Kellogg embarked on an effort to shape the global talent of its student population by preparing students for the diverse management needs of today’s global economy. He indicated that Kellogg sought to provide students with capabilities to deal with ambiguity, to imagine and prepare for alternative outcomes, and to perform in cross-cultural situations. Jain also noted that Kellogg students are instilled with a sense of “social responsibility” to ensure that “they think beyond business and personal success.” Kellogg’s goal, according to Jain, is not to be “ … just the best business school in the world,” but “ … the best business school for the world.”

Whether or not your business has the global presence of McDonald’s or Kellogg, the issues articulated by both Skinner and Jain are no less important as you lead your company through the days and weeks ahead.

Consider the following:

• Do the people in your company understand the power of working together and actually do so?
• Does your company understand the needs and aspirations of its customers and accommodate these needs as appropriate? How can you document this?
• Do the members of your customer-facing teams have the freedom necessary to “act locally”?
• Do you have the right people and systems in place today to identify the right people for tomorrow?
• Does your company act on the principle that you can and will do well by doing good? Does your company instill that spirit in its employees?

If you can answer these questions affirmatively today and are prepared to stay focused on these principles going forward, you’re on the path to sustainable success.

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.