Is your business’ management team aligned with the same vision as you?
Unifying your team is an integral element of the successful operation of any business. Planning for the future and working towards a common goal is essential in today’s business environment. With the current labour market, rising costs, changing consumer behaviours, and an everchanging landscape, bringing together your team will strengthen your overall business.
At Fordham Business Advisors we have a long history of helping family business owners come together in order to set and achieve their collective goals for the future. Our Management Team Plan process provides a mechanism for addressing business, strategic, operational, owner, and personnel issues.
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, they 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 plan, facilitated by a specialist advisor, 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 revenue, no one taking responsibility, divisions operating as separate silos ... to name just a few!
1. No plan at all
- Status quo, do nothing, family life impacted by the frustrations of business
- The business results hold (at best, as in this environment it is more likely business will decline)
- Quality of family life continues to be compromised as a result of excessive business stress
2. Poorly constructed plan
- The owner tries to run the plan themselves
- One or more managers has a “hidden agenda”, managers are not saying what they think and ultimately, they disregard the discussions of the day
- 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)!
- Independently facilitated plan (with privately owned business expertise)
- Championed by the owner (including keeping managers accountable)
- Honesty in forum
- Management team challenged and engaged
- Post plan implementation supported by owner
- Follow up embedded in management meetings
- Owner re-energised
- Management team engaged, drive and empowered
- Business results improved with common goals
- Family life is improved
Independently facilitated by a specialist advisor
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 ... progression only comes through regular planning, diligence in implementing agreed actions, independent support and ongoing commitment to the process. So act now!
If you are not satisfied with the performance of your management team in driving your business performance, we strongly recommend contacting your Fordham representative to lock in a plan that will change the way you manage your business.