Growing Pains Part Four - Culture For Change

Running a business can be so intensive that we don’t always have the chance to think about where we’re headed. Occasionally that can mean we miss out on an opportunity or end up heading in a direction we never intended. With a clear picture in mind, you’ll be able to create a strategy that draws you closer to your ultimate aim, driving the future direction of your business. Only then will your vision for your business become reality.

In the last three articles of the “Growing Pains” series, we looked at different perspectives from which businesses can experience growing pains. These articles being: funding growth, managing client expectations and engaging your people. In all three articles, the common factor identified as the driving force for success was the effectiveness of the business processes. Even if these processes are well thought out and consistent, it is the organisation’s culture and environment that will ultimately position your business to succeed.

Creating the culture for your company is about creating mutually beneficial partnerships within the team, moving together in one direction. Your culture clarifies your identity, your values and your beliefs, in addition to more basic things like the products or services you offer and how you price them.

 

What really is culture?

There are a number of contexts that can define culture, in the organisational context it is a shared value system that is reflected in people’s behaviour, practices and goals. The existence of culture is not a solution to business growing pains, because whether senior management likes it or not, culture will grow whether it is purposefully nurtured, or left to evolve in the absence of such nurturing.

Our experience and observations has provided insight into those elements that we believe reinforce the culture of those organisations that experience growth successfully. Some of these elements include:

1. Direction that is clear and meaningful to all staff,
2. Leadership that inspires action and decisiveness,
3. Clarity around roles, responsibilities and authority,
4. An external focus whether this be customers, suppliers or partners,
5. Learning and innovation that is actually developed and adopted, and
6. Performance assessment, as well as the capacity to evaluate risk, deal with issues and capture opportunities.

These elements create a culture that ensures values and goals are shared, and therefore made relevant to individual employees. Secondly, each employee is equipped and motivated to excel. Lastly, the organisation has the capacity to adapt to the changing external environment. 

How is your business progressing?

Altus Financial has expertise in Business Strategy & Performance, and can help you create and implement a strategy that will draw you closer to your ultimate aim, driving the future direction of your business. Let us help you work through the growing pains of your business development by utilising our services below:

• Strategic Planning
• New business feasibility
• Industry & Competitive Positioning
• Financial & Operational review
• Product & customer profitability analysis
• Workforce capacity & alignment
• Financial Forecasting
• Mergers & Acquisition
• Pricing & Costing model
• Distribution & Supply chain strategy
• Organisational design
• Performance reporting
• Organisational & Leadership development
• Restructuring
• Outsourcing
• Working capital management