No Turning Back – Toughening Up Your Business Culture to Boost the Bottom Line

Improving financial planning and controls is among the critical actions that business owners and senior managers can implement to turbo-charge their productivity and profitability – especially as weakening business confidence sparks concerns that the UK economy could be on the verge of contracting.

In my vast experience as a business strategist and performance coach, making the transformation from a family-run culture, where long-term friendships are made and nurtured inside and outside of the business, to a more hard-edge culture, in which commerciality and delivering numbers is all pervasive, is a tough journey to undergo.

Going down this route demands mental toughness, discipline and perseverance. Once embarked on, there is no turning back. Before taking the plunge, I urge you to consider the following questions:

Have you got what it takes to carry this through?

  • It will make the adage: ‘It’s lonely at the top’ more relevant than ever.
  • It requires relentless testing and measuring.
  • It demands being consistently tough – remember there’s no turning back.

What does this mean for you and your managers?

  • Are they up to taking more responsibility and accountability?
  • Do they have the mind set to be proactive rather than reactive?
  • Are they willing to apply tough love more often to under-performers?

How will you use the improved financial information?

  • Is the aim to make better operational and strategic decisions?
  • Will you prepare more carefully considered plans?
  • Will you implement better, tighter controls?

Once in place – can you sustain the following?

  • Be more disciplined and hold your team to account?
  • Release good friends who are holding the business back?
  • Seek out and recruit top talent who could be more able than you?
  • Step back and give up some control?

Committing to the above to make the often perceived contentious changes entails the following four- pronged attack which we’ll get to grips with in subsequent blogs:

  • Planning the Future of the Business
  • The People, Financial and Mental Preparation
  • Changing Your Leadership Style
  • Executing the Cultural Change Strategy

If you have any queries before we get the process under-way, e-mail me via richard.bosworth@whatifspecialist.com, go to @RichardWhatIf on Twitter, Richard Bosworth on LinkedIn or post on www.whatifforums.com.

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