News Detail

December 05, 2011

At the 2011 Business Leader of the Year award dinner, Rand Griffin wrapped up his acceptance speech with some lessons learned from his longtime career at Corporate Office Properties Trust (COPT). Read the “Lessons Learned” and watch Griffin’s full remarks below:

Management Lessons Learned

  • Get the right people on the team
  • Make them all owners
  • Define and articulate the roadmap (vision) – and make it real
  • Align compensation with the vision
  • Raise the bar (stretch) – annually
  • Require growth – plateau and you are dead
  • Give authority and responsibilities – but clearly define boundaries
  • Hold people accountable
  • Leave your egos behind
  • Do not confuse activity with results
  • Encourage candor, debate and openness
  • Make decisions with urgency
  • Communicate, Communicate, Communicate
  • Admit mistakes and solve them
  • Have fun

Business Lessons Learned

  • Anticipate cycles—they’ll be there
  • Cut ahead of the cycle
  • Cash is king—always
  • Be contrarian—skate to where the puck is going
  • Plan on it taking longer and costing more
  • Budget for R&D and creativity—they create future earnings
  • Be entrepreneurial
  • Controlled growth responding to demand
  • Focus on what the customer wants—not what you want to deliver
  • Differentiate—create a sustainable competitive advantage
  • Relationships, Relationships, Relationships


For more information or questions regarding this story, contact Media Relations Manager Nick Alexopulos at nalexopulos@loyola.edu or 410-617-5025.