Tuesday, July 19th, 2016
The first principle of the Toyota Way is:
Base your management decisions on a long-term philosophy, even at the expense of short-term financial goals.
Have a philosophical sense of purpose that supersedes any short-term decision making. Develop, work, grow and align the company towards a common goal that is bigger than making money. Understand your place in the history of the company and work to bring the company to the next level.
Evaluate every function in the company in terms of its ability to generate value for the customer, the society and the economy. Toyota is aligned around satisfying the customer. It believes that a satisfied customer comes back and gives more business through referrals.
Be responsible. Accept responsibility for your conduct and maintain and improve the skills that enable you to produce added value. Strive to decide your own fate.
Act with self-relience and trust in your own abilities. One of the keys to success of Toyota is that it lives by the philosophy of self reliance and a “let’s do it ourselves” attitude. This can be best illustrated when it ventured into the luxury car industry. It did not buy a company that already made luxury cars. Rather, it created its own luxury division – the Lexus – from scratch in order to learn and understand the essence of a luxury car.
Summing-up: Long-term goal should supersede short-term decision making or goals. The Toyota message is consistent: Do the right thing for the company, its employees, the customer and the society as a whole.