The book - How Toyota became #1 (by David Magee; ISBN: 978-1-59184-179-1) in my opinion is a great book for students and business leaders and anyone else who is interested in Toyota’s amazing results over the last 70+ years (UPDATE: Toyota has just reported their first loss in approximately 70 years).
This book covers many of the Toyota systems such as the TPS (Toyota Production System) and their continuous improvement policies which include the following; (Edited from the actual book)
- Challenge: we form long-term vision, meeting challenges with courage and creativity to realise our dreams;- Values through manufacturing and delivery of products and services
- Spirit of challenge
- Long-range perspective
- Consideration in decision making - Kaizen: We improve our business operations continuously, always driving for innovation and evolution; (Kaizen: Japanese for improvement)- Kaizen mind and innovative thinking
- Building lean systems and structures
- Promoting organizational learning - Genchi Genbutsu: We practice Genchi Genbutsu (Definition: Go to the source to find the facts and make correct decisions, build consensus, and achieve goals at our best speed)- Genchi Genbutsu
- Effective consensus building
- Commitment to achievement
Another important part of their company is respect. According the the book, it is said that no matter how important you are in the company (or un-important) you are still treated with respect. So with that in mind, the following two points are made;
- Respect: We respect others, make every effort to understand each other, take responsibility, and do our best to build mutual trust;- Respect for stakeholders
- Mutual trust and mutual responsibility
- Sincere communication - Teamwork: We stimulate personal and proffesional growth, share the opportunities of development, and maximise individual and team preformance ;- Commitment to education and development
- Respect for the individual; realising consolidated power as a team
This book also talks about Toyota’s introduction into the American market (with its competitors such as Ford and General Motors.) It was an initial struggle, but once in, Toyota has become unstopable, trumping (in wonder if that phrase comes from Donald Trump? 
just joking ) both Ford, General Motors and just about any other motor car company on the planet.
It mentions how Ford and or General Motors executives make use of private jets to fly around and still recieve large (really large) bonuses, while their companies are making huge losses. Compare this to Toyota, which located their office blocks near a train station (The Japanese Head Office) so that employees can catcg the train to work, why? Because it is one of the most effecient methods of transport in Japan, and they do not believe that they should live extragantly.
Lastly, it was interesting. The executives / management do not make decisions depending on their figures of the stock exchange, they say that the the figures are a result of what they do, so they dont watch their figures as closely as Ford or General Motors might. That is when bad decisions are made in their opinion.
Anyway, I would reccommend that you buy the book and read it, it has many great principles (one that I have forgot to mention is the elimination of waste – a huge thing at Toyota, but you will have to read the book to find out more about this) which anyone can apply to their businesses, no matter how great or small.
My next book that I am reading is Choice, not Fate – The life and Times of Trevor Manuel
Noel Harrison
