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Five whys
By Colin J Campbell
Everyone knows how successful Toyota is at making automobiles. They have achieved number one in car production worldwide. What you may not know is that the company originally started as a manufacturer of knitting machines.
The founder of Toyota Industries, Sakichi Toyoda, created the company to manufacture the automatic power loom that he invented. His power loom would automatically stop itself if a problem occurred; a principle known as Jidoka.
In 1933 the motor division Toyota Motor Company was founded and headed up by Sakichi’s son Kiichiro. Toyota Industries is still the largest shareholder of Toyota Motor Company and continues to produce state of the art weaving equipment.
Sakichi Toyoda was an inventing genius, but also an astute businessman, several of his management principles are still useful to businessmen today and can be implemented by anyone. The first principle is the Five Whys.
This simple technique for finding a solution to a problem can be applied to any problem when it arises. Toyoda’s theory was that if you asked “why” five times, you would find the solution to the problem.
Another simple tool that Toyoda used and promoted throughout his companies was the daily list. Each day before you leave the office, list the five things you hope to accomplish tomorrow. A simple easy way to use a principle that relieves stress, allowing your subconscious mind to work on the issues overnight and make you more effective immediately when you arrive at the office every morning.
These are two simple tools can be implemented by anyone in personal or business situations. They cost… nothing , just remember where they came from every time you see a Toyota. You may own one so you will be reminded of these, every time you get in the car.
– Colin J. Campbell, CFP, CLU, is managing partner of Guidance Planning Strategies Ltd. in Cranbrook, B.C. Guidance Planning Strategies Ltd. is an independent insurance and mutual fund broker that specializes in helping families and entrepreneurs create wealth and keep it for generations. [email protected]
