4 Actions to Take to Reach Your Company’s Financial Results
Transforming an organization is a complex process. For long-term success companies must transform their way of thinking about numbers and reaching results. To do so, their employees must understand both the importance of having transparent financials and adapting fast in order to stay on course. Firms must also emphasize the need for employees to adapt intelligently – for both the firm’s survival and for their own employability within the industry.
The Importance of Company Vision and Mission
The first crucial step to achieve adaptiveness is owning or creating a common company vision that transcends through all management levels. This is important in order to formulate a common Business strategy, describe it to the teams through efficient strategy mapping (setting common and transparent business objectives) and enable successful strategy execution.
This allows you, as a business owner and leader, to show everyone exactly what needs to be seen, reflected upon, and done to make better decisions.
The conditions to implement change, lean tools and critical drivers are:
- Be comfortable being uncomfortable
- Strive to move beyond the status quo
- Excellent communication
- Embrace a mindset of diversity and openness to new ideas and skills
How to Manage Change in Business
In order to have the right momentum and create the improvements that need to be reached, company leaders will have to follow three more actions:
Simplify the Complex
Complexity is the contrary of implementation and the nest for inaction. It is vitally important to make the firm’s transformation strategies, goals and methods transparent and simple to understand.
Embrace the 80-20 Rule
In my experience, generally 20% of a firm’s tasks, processes and tools bring 80% results. And the rest 80% are tasks that tend to be more comfortable with the status quo and not bring a relevant change in the bottom line compared to the effort put in it. By the way, this rule can be used also in analyzing the results and making necessary changes to improve the bottom line.
Excellent communication is crucial in order to:
- Better understand your employee workloads and forecast optimal times to implement change
- Inform how to execute change (e.g., communication approaches; metrics for success)
- Identify diverse staff members (multipliers) who will help your company and your teams go through change
Organizations need to have real “multipliers” within their teams and critical layers and functions of their organization. These individuals are integral to implementing successful change strategies, big and small, and proactively helping foster an organizational culture in which each employee is capable of pivoting to change. These agents of change believe in the vision and the mission of the organization and are ready to implement, together with the head of the company, innovative and transparent financials and management tools.
The Bottom Line
Transforming an organization and improving the efficiency and transparency of the financial and management tools can be a complex and arduous process, but it ultimately leads to better outcomes. Firms who identify the right adjustments to carry out their critical change strategies can increase their bottom line, gain market share and strengthen their competitive positioning. Counting the Apples Consulting helps you identify the right agents of change to carry out critical strategies that can help you and your company increase your bottom line.