Do you have managers running their divisions without genuinely supporting and driving your overall business operations? Business owners can be lonely in their lot in life and in many instances have managers challenging their ideas and authority. When it comes to business problems, owners often lack interaction with peers and the counsel of a wise colleague.
Without question, one of the key challenges faced by any business owner is achieving the desired culture where their key people are all “signed on” and driving the business forward as a collective group. This is where a management team workshop, facilitated by specialist advisors, can produce enviable results for your business.
So ... which example would you rather be?! Let’s look at three possible scenarios, each with a business that has plateaued and has a myriad of issues continually frustrating the owner – flat or declining revenue, no one taking responsibility, divisions operating as silos ... to name just a few!
1. No plan at all
a) Status quo, do nothing, family life impacted by the frustrations of the business
- The business results hold (at best, as in this environment it is more likely the business will decline)
- The quality of family life continues to be compromised as a result of excessive business stress
2. Poorly constructed plan
a) The owner tries to run the plan themselves
b) One or more manager has a “hidden agenda”, managers are not saying what they think and ultimately they disregard the discussions of the day c After the plan, the owner goes back to day to day and does not follow up
- Waste of time
- Management team disengaged
- Owner not supported
- Little, if any, improvement in business results
3. Successful plan (best practice)!
a) Independently facilitated plan (with industry expertise)
b) Championed by the owner (including keeping managers accountable)
c) Honesty in forum
d) Management team challenged and engaged
e) Post plan implementation supported by the owner
f) Follow up embedded in management meetings
- Owner re-energised
- Management team engaged, driven and empowered –Business results improved with common goals
- Family life is improved
Independently facilitated by specialist advisors
The Fordham Business Planning methodology brings together the management team of a business and openly draws out key issues such as management structure problems, cash flow concerns, low margins, sales and marketing opportunities, shortcomings in policies and procedures or even mergers and acquisition opportunities.
Against these issues we look ahead to where the business needs to go and identify goals for the future. This leads to planning for the achievement of those goals, with a management team that – through participation in this process – is committed to the success of the business as a whole.
The process is drawn together with actions, timelines and responsibilities, and often results in our clients becoming “high performers” in their industry sector. Clients and their management teams value the opportunity to work on the business (as opposed to working within it) and ultimately engage Fordham to provide this service on an ongoing basis.
Unfortunately, there is no magic formula ... progress only comes through regular planning, diligence in implementing the agreed actions, independent support and ongoing commitment to the process. So act now!
If you are not satisfied with the engagement of your management team in driving your business performance, we strongly recommend contacting your Fordham representative to lock in a workshop that will change the way you manage your business.
If you have any queries or would like to discuss further please do not hesitate to contact your Fordham Partner.
This publication has been prepared by Fordham Business Advisors Pty Ltd (Fordham) and Perpetual Trustee Company Limited (PTCo) ABN 42 000 001 007, AFSL 236643. Perpetual Private advice and services are provided by PTCo. Fordham is part of the Perpetual Limited Group. This information is believed to be accurate at the time of compilation and is provided in good faith. However, it contains general information only and is not intended to provide you with advice or take into account your personal objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice. This publication, including any assumptions and conclusions, is not intended to be a comprehensive statement of relevant practice or law that is often complex and can change. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information.