Business Quote by Michael Spence
“The combination of a workable basic formula and the capacity to improve over time is what one hopes for in any aspect of society: business, government, the non-profit sector.”
About This Quote
Source Article: Harvard Business Review, 2018
A workable formula plus improvement capacity is desired in business, government, and non‑profits.
In simple terms: Systems need both solid foundations and adaptability.
Design flexible, improvable structures.
Themes
Mood
Type
When to use this quote
- policy design
- organizational change
- strategic planning
Key Concepts
Questions to Reflect On
- How can you embed continuous improvement in your organization?
- What metrics indicate a formula’s flexibility?
Rigid formulas can stifle creativity.