William McKnight is inducted into The Goldsmith Group's Business Hall of Fame

ATLANTA - Aug. 9, 2013 - PRLog -- The Goldsmith Group  www.goldsmithgr.com   E-mail:  ideas@goldsmithgr.com.  Address:  4081 Riverlook Parkway, S.E. Suite 104, Marietta, GA  30067.

The Goldsmith Group Announces Former 3M CEO William McKnight has been inducted into their Business Hall of Fame.

“William McKnight’s creativity and innovative leadership style is legendary.  He instituted an open mindset management approach that put the needs of the company ahead of his own.  His principles, vision, and values are still alive and well throughout 3M to this very day” states David S. Goldsmith, President of The Goldsmith Group. 

The Goldsmith Group is pleased to announce that William McKnight has been inducted into their business hall of fame for his innovative leadership contributions to 3M and the business world.  Long before it became popular, McKnight was known for managing by walking around, insisting that 3M constantly reinvent itself, and investing 5% of sales into product development. 

A study conducted by Booz Allen Hamilton and MIT found no correlation between how much money is spent on research and development and a company’s financial performance. McKnight took research and development to a new level.  Between 1926 to the early 1950’s, for every dollar invested in product development, 3M’s ROI was $28.00 “Give good people opportunities, support them and watch them thrive.  Respect the ‘power of patents.’ ”  Under his leadership, product development was a company wide responsibility.  If a laborer had an idea he was given the opportunity to express himself.  After all, when William McKnight first applied to be a laborer at 3M, the company turned him down. 

McKnight was not known for hiring the best and the brightest from the best business schools.  Instead he hired employees that were eccentric, energetic, tinkerers, creative, and used a disciplined approach.  He stated,  "As our business grows, it becomes increasingly necessary to delegate responsibility and to encourage men and women to exercise their initiative. This requires considerable tolerance. Those men and women, to whom we delegate authority and responsibility, if they are good people, are going to want to do their jobs in their own way."  He believed that failure could be used as a tool that lead to deeper learning and knowledge.  His forward thinking management style encouraged others to use and develop their creative thinking skills which created a competitive advantage that set 3M apart from its competition.

Maybe his secret was in having a belief that inside of 3M and its employees laid a hidden greatness that was his responsibility as a leader to unleash, and unleash it he did.  Today 3M is one of the most respected companies in the world for its innovativeness.  William McKnight and 3M never sought out the spotlight, but instead they would rather be quietly tinkering their way to greatness.  After all, you never know what those 3M’ers are going to come up with next, just the way McKnight wanted them be. 

The Goldsmith Group helps clients stop struggling with business challenges, issues, and problems. They incorporate hands on executive experience with clinically proven tools, techniques, and academic research into their consultative processes.  Contacted us at ideas@goldsmithgr.com and their website is www.goldsmithgr.com.