My clients are ambitious, have a competitive spirit, and strive to be the best in their industry.
They want to be rewarded handsomely financially for the risks they take.
They want to have a business they can pass on to successors.
Being mediocre isn't in their DNA.
During my thirty-plus years in business, I have been diligently working at putting together the pieces of the "business success puzzle," and systematically documenting my findings.
After selling our extraordinarily successful family-owned manufacturing company, I started my own business consultancy, Profit Strategies.
My quest has been to translate all the experience and knowledge I have acquired in to a system that will help my clients build businesses that massively outperform competitors.
Over the last year, I have worked really hard to get to distilling down to what I do best, and the activities that must be performed so I can help my clients achieve the success they're striving for.
What I've discovered is a framework that I think is essential to create a sustainable, high performance organization.
I've developed this system by tapping in to my practical business experience (60,000+ hours), advising thousands of business owners with both hands on and advisory assistance, academic and informal studies, as well as working with a few exceptional mentors along the way.
Through all this, it is my determination that if any one of the following pieces are missing, an organization will not achieve its growth or profit potential.
Sustainable Organizational Success Framework
The framework maps a constellation of eight interacting factors that are key to create a—
+ highly engaged
+ high performing
+ multi-generational (Boomers, Gen-Xers, Millennials)
culture and team to achieve Sustainable Organizational Success and superior results in the areas of—
+ profits
+ cash flow
+ ROIC
+ valuation
+ succession
It is a framework to optimize human and business performance:
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Sustainable Organizational Success Elements
For each of these areas, I have identified key elements that must be addressed in order to make each piece of the framework a high functioning area in the business, and create sustainable organizational success.
TRANSFORMATIONAL LEADERSHIP
- Culture-based
- Inspires people to engage with vision
- Manages delivery of the vision and strategy
- Coaches to grow others' leadership skills
- Coaches to build high performing team
- Develops successors
CULTURE
- Values-based
- Optimize quality of work life / psychologically healthy workplace
- Purpose
- Shared vision / BHAG
- Economic drivers
- Organizational structure
- Culture of discipline
- Innovation
PEOPLE
- Right people in the right seats
- Lifelong learning and continuous development
- High-performing work teams
- Engaged, committed, responsible, accountable, motivated to help organization succeed
SYSTEMS, PROCESSES, PROCEDURES
- How work "gets done" in each functional area
- Consistency
- Reduce need to manage
INTERNAL COMMUNICATION
- Peer-to-peer emphasis
- Generate ideas / address issues / problem-solve
- Remove disruptors to increase productive thinking
FINANCIAL TRANSPARENCY
- Everyone understands the "language of business"
- Everyone understands what "winning" means
- Open Book Management
- High involvement planning / forward forecasting
- Scorecards
- Gamification
- Stake in financial outcome
EXECUTION
- Priorities, focus & alignment
- Data, metrics, quantitative and qualitative feedback
- Meeting routine and rhythm
RECOGNITION & REWARD
- Focus on individual
- Non-monetary recognition
- Monetary to keep the right people
Each of these areas will be addressed more fully in future articles.
The rewards for a business leader that systematically addresses these topics are high, and will create an organization that is a leader in its respective industry.
If you would like to personally discuss this topic feel free to contact us.
We look forward to talking with you.
Bonita Richter, MBA