Chicago, United States, December 19th, 2024, FinanceWire
The phrase “survival of the fittest,” often used to underscore the importance of adaptation in the animal kingdom, applies equally to the business world, where industries can shift rapidly, threatening companies that fail to meet evolving demands. Veteran CEO Jack Truong, known for turning around struggling companies like 3M, Electrolux, and James Hardie during his 30-year career, exemplifies this principle through his commitment to transformative change and effective workplace communication.
“Jack Truong emphasizes the importance of adaptability, stating that a plan is just a starting point. He notes that businesses operate in competitive markets where consumer habits constantly evolve. Truong stresses the need for companies to adjust to stay on course and highlights the importance of consistently communicating results and successes to all employees.”
Jack Truong: Forging Foresight to Foster Transformation
No matter how innovative a business may be, failing to anticipate market changes can swiftly shift it from a leader to an obsolete entity. History has seen this repeatedly, such as the decline of Blockbuster and Redbox due to the rise of streaming services.
While adaptability is essential to keep pace with industry trends, Jack Truong believes true success lies in shaping those trends. This requires genuine foresight and an in-depth understanding of the market. He asserts that creativity alone cannot generate demand or influence behavior. Instead, true innovation combines creativity, foresight, and a deep understanding of consumers to provide solutions for unmet needs at the right value. Truong shared this perspective in an article for Entrepreneur.
To develop foresight, Truong stresses the importance of understanding what he calls the 80/20 rule—the idea that 20% of operational aspects drive 80% of a company’s value. This requires firsthand experience in the market to gain a holistic view of a business. Such insight allows leaders to evaluate performance from multiple perspectives—including customers, employees, and stakeholders—and craft a transformative strategy to move from point A to point B.
Truong’s tenure at 3M exemplifies this philosophy. Rising from R&D manager to president of its office supplies division, Truong quickly identified the company’s key drivers of success. At the time, the smartphone boom, with devices like Blackberry and the upcoming iPhone, posed a threat to Post-it notes—a core 3M product.
Leveraging deep market research and consumer insights, Truong reinvented the product to keep it relevant. He wrote in Entrepreneur that Post-it Super Sticky notes were designed to adhere to vertical surfaces—like chairs, refrigerators, and doors—addressing the needs of consumers who still valued physical reminders but were using paper memos less often. The innovation expanded the product’s use and relevance in a digital age, ensuring it remained uniquely valuable.
Today, 3M produces 50 billion Post-it notes annually, maintaining its dominance in the global sticky-note market, which is projected to reach $1.2 billion by 2026, despite ongoing technological advancements.
Cultivating Communication to Remain on Track
After formulating a successful business strategy, Truong emphasizes the importance of workplace communication to sustain that success. He believes leaders must consistently communicate the company’s vision and recognize employees’ contributions to align efforts with strategic goals.
“Jack Truong states that there is nothing more valuable than getting people on board quickly when they see that their effort and sacrifice contribute to the company’s results. He emphasizes the need for measurable outcomes to demonstrate that the collective actions of the team actually deliver the desired results and align with the direction set by the strategy.”
Regular communication not only motivates employees but also enables leaders to assess progress and remain flexible. Truong notes that frequent meetings allow teams to evaluate results, make adjustments, and ensure the company stays on track to achieve its goals.
“Jack Truong adds that it is essential to meet regularly to assess the results and make necessary adjustments in order to stay on course.”
Flexibility for Success and Failure
If a strategy falters, Truong advises leaders to take accountability and adapt quickly. Rather than dwelling on failures, he views mistakes as learning opportunities that provide guidance toward future success. Truong shared this mindset in an interview with CEO Magazine, noting that failure is often the best teacher.
He believes that when facing challenges, leaders should avoid hitting the same wall repeatedly and instead find new paths forward. Every setback, in Truong’s view, is a chance to learn and improve, fueling greater opportunities.
While market trends may be unpredictable, Truong argues that embracing change with industry foresight is critical for survival and success. A lack of evolution, he notes, can lead to extinction—both in biology and business.
“Jack Truong reveals in the insights section of his website that throughout his career, he has often been the face of change at various companies. He acknowledges that it has not always been easy but believes he possesses a slightly different perspective that has contributed to his success.”
For Truong, leadership involves creating something meaningful, whether through literal inventions or through transforming businesses, brands, and reputations. Some of his most memorable achievements, he shares, stem from these moments of reinvention.
As a leader who thrives on change, Jack Truong embodies the principles of adaptability, foresight, and communication—essential qualities for navigating the ever-evolving business landscape. His success at companies like 3M demonstrates how businesses can not only survive but thrive by anticipating trends, addressing unmet needs, and fostering alignment across the organization.
For Truong, every challenge presents an opportunity to innovate, ensuring companies remain relevant and successful in a world of constant change.
Official website: https://jackgtruong.com/