Leaders who publicly share their mistakes....Level 5 leadership. Good to Great

I've made lots of mistakes -some doozies
- amex new app
- RBC new start up

Origins of Company - does it have a bias - innovation, risk, fast follower....

Big events can have lasting impact....CIBC we suffered for many years of PTSD after 2000 and 2009

Divide 100 Points among Clients, Shareholders and Employees based on your Corporate DNA....most organizations have a dominant Stakeholder.

Give UBS example of negative shareholder points....52 years of no profit

Also team sitting around describing each groups priorities... nothing in common.

Too client focused ... NPS...pricing impact

Too employee focused...no turnover

Many organizations run off of Opinions and not Facts and the more senior the opinions the more the organizational direction is set.

Facts matter...need the data/finance....

Financials - how often, what level? 1% per day per week or per month?

Every high growth business had a daily PnL

Tony Fell was the master - arguably the biggest creator of shareholder value in Corporate Canada history.....

Every day - PnL right down to how much it impacted daily shares.

How much does the whole team know? When do they know it?

Old school is limited sharing.

6% of Households control 71% of Canada's wealth.

85% of mortgages in 2 cities in Canada.

Every business is impacted by the Pareto Principle
- top salespeople
- top clients
- top prospects
- top cities/markets

How many of your strategic priorities, budgets are focused on things that won't move the dial?

Credit card business....beautiful business. Multiple sources of revenue.

- merchant or interchange
- card fees
- fx fees
- interest
- cash advance

often loyalty or membership programs try to reduce the visible fees....

How are you measuring growth and how ambitious are your targets....1% quarter tends to be the growth of many businesses.

1% month would outperform many businesses and 1% week makes you a rocket ship.

You think differently based on the time frames you use.

If you had to start the business over...who would you take with you if only room on the shuttle for 6.

How quickly are you adding new Top talent and removing bottom talent.

What are you prioritizing?

"Fit vs

Resume/experience vs passion, energy. In my experience without passion rare to get high growth.

CQ - is the most important in high growth cultures....Curiosity, asking questions, challenging, how do you reward this.....it's the most common thing killed leading to lower growth.....

Who are you hiring and why? Do they make you better - do they bring a different lens?

Is your HR team skilled at finding non English speaking superstars?

Can your team take risks. Can your team make decisions? To move at speed going to make mistakes.

Do you have their backs. One of my favourite leaders said his best skillset was being an umbrella and keeping the "shit" from landing on us.

How flexible are your work arrangements? Can people plug in and be on and then unplug?

Is it easy to have people who can work work on demand?

Are you following the sun?

Building a mortgage business - using Tata in India overnight and also picking and choosing mortgage brokers...

One perishable resource none of you can get back is your time.

How much are you pricing an hour of your meeting time at.

In many situations the fastest and simplest solution is to do things manually.

Using tech to solve small problems is brutally expensive and negative ROI

44 fields on an application vs 1 field.

Response to inquiry - seconds or mins vs days.

Do you have an Amazon 1 click/next day mindset that is the world we live in. Immediate gratification.

Operations/Legal and Sales need to have a common purpose around making things extremely easy for clients. Are you doing things in

parallel vs sequential (Title, Appraisal, ...not ordering title because of $30 fee if expires)

are you doing things.....

overnight between 7pm and 7am (is work passed off overnight to complete and be ready first thing in the morning)?

what are you doing during the most important hours of the day?

Looking to breakthrough with a new opportunity....often the best way to find a breakthrough is look at Consumer compromises...eg. Hotel checkin times, car rental pickup or drop off?

How flexible and easy are you making things for your clients?

The companies with the highest net promoter scores are masters of this. Costco, Ikea, Tangerine/Simplii, Uber, Google, Netflix, Disney

Extremely important to remind everyone where you have come from. If you have a bad week, month or quarter it's okay because look what we have done up until this bump.....we have done incredible things and we haven't had a few things go our way but with everything we have going on now - extremely confident in our trajectory.

We are all lucky. I'm really greatful to have the time with all of you. Prepping for today got me to think back a lot on my career and all of the many people that I have to thank for it.

Can never say thanks too much. I liked Pierre Lassonde top 10 rules to live by...especially 1 & 2

1. Say “Thank You”: Expressing gratitude is an important habit.

2. Never Miss an Occasion to Throw a Party!: Emphasizes celebrating life's moments and opportunities for connection.

360's are very useful for everyone but especially for newer leaders.

I can remember having a 360 done at RBC - I came out of the brokerage culture - more aggressive and less consensus focused.....learned alot through 360 split 10 DS and 10 RBC...