Issue link: http://www.e-digitaleditions.com/i/58061
Think Smart, Move Fast Steve Bennett of Intuit keeps the focus on the consumer while building the software company into a formidable force in the small business market. by Sharon Shinn F or Intuit CEO Steve Bennett, business success is about "thinking smart." And for business software company Intuit, which produces programs such as Quicken and TurboTax, that means thinking like the customer. As a corporation, the company's central strategy has been to listen to its customers, respond to their concerns, and provide products that reflect how customers work and live on a daily basis. Bennett has embodied that customer-focused attitude ever since he arrived at the Mountain View, California, company in January 2000. He's enthusiastic about the company's "follow-me-home" program, where Intuit designers liter- ally go home with consumers to watch them interact with their products and figure out what might not be working. At Intuit, he says, "customer feedback is the foundation for everything we do." Bennett might not have been the obvious choice to take over at the customer- friendly Intuit in January 2000. He'd spent 23 years at hard-driving GE, often in financial services divisions. While Intuit is by no means a small company—it employs 8,100 employees and generates revenues of $2.34 billion—that's a far cry from the 20,000 people Bennett once oversaw. Still, it's a complex organization that carries out roughly 30 million transactions a year. Says Ben- nett, "Something I learned at GE was how to handle complexity." Since Bennett's arrival, Intuit has grown even more complex, as the company has expanded product lines and pushed deeper into the busi- ness software market. In the past seven years, Intuit also has purchased 14 companies to increase its customer base and diversify its product offerings beyond accounting and tax preparation software. All the activity has kept the company robust—and its employees content. This year, Intuit ranked No. 33 on Fortune magazine's list of "Best Companies to Work For," moving up from 43 and 64 in previous years. Like customers, Intuit employees are encouraged to express their views, particularly through quarterly Webcasts where they can talk to Bennett directly. Bennett also is committed to bringing his expertise to the business school. He sits on the dean's advisory board for the University of Wisconsin-Madison, the school where he received his bachelor's degree in finance and real estate in 1976. He has participated in the school's CEO Summit and John J. Oros Executive Leadership Speaker Series. He knows that his own motto of "think smart, move fast" can also help guide business students who are entering the working world hoping to become the next generation of leaders. 20 BizEd MAY/JUNE 2007