27 May A Proven Way to Jump-Start Performance
Hint: it’s about fixing your People Problem.
How would you describe your business’s most pressing or urgent problem?
It likely includes challenges such as:
- Understanding why your strategy is no longer effective.
- Addressing financial issues such as access to working capital, declining margins, and rising costs.
- Growing sales
- Improving customer satisfaction scores and retention issues.
- Fixing employee morale.
You are not alone
These are all too common and shared issues that most businesses continuously address. There is one fundamental problem that trumps all other challenges. This is a foundational component that you must get right if you want to grow a strong business. It will always come back to one overriding and under-addressed issue.
You have a “people problem” that you are not proactively managing.
The most common challenge businesses in all sectors face is the often-forgotten “People Problem.” Unfortunately, most of us are not equipped or adequately trained or do not commit the time to manage our most important assets effectively.
“But my business or industry is different.”
It does not matter what business sector you compete in. You can be in banking, government, manufacturing, finance, technology, retail, legal, pharmaceutical, consulting, insurance, travel, food, or health care.
Prioritizing your most important asset will make your business more successful, your employees happier, and your professional life easier.
Let me explain
It has been proven that leaders who understand themselves and the dynamics of their leadership team have much better odds at improving whatever challenges their business is facing. Neuroscientific studies using brain imaging techniques show that self-awareness involves the prefrontal cortex. Leaders who actively engage in self-reflection and introspection strengthen this brain region, leading to better decision-making and emotional regulation.
At Stone Management Partners, we’ve developed a process that quickly assesses the health of your business and how your management team can deliver better results. We use a combination of experience as business leaders and science to develop a customized playbook for your business.
Early in my career, I worked in the grocery industry, where I was taught that any success enjoyed would greatly depend on the quality of the team I had working for me. I began asking myself whether the individuals on my team were aligned behind our common goal and if they could perform as a cohesive group. By re-aligning my team to our organizational goals, I achieved noticeable growth within a few weeks. I have carried this advice and crafted my skills and approach with each business I have been hired to turn around. I have become a master at understanding and realizing that the future success of an organization starts with accessing the workings of the leadership team as a whole and individually.
Stone Management can help you understand how to achieve success with forward-looking due diligence on your business and address three questions.
- How healthy is your business?
Focusing on reading the many signposts within your organization tells a hidden but often accurate story. - How well do you know your executives, their skills, and their motivation?
Do you have an accurate reading of each person’s talent and commitment? Do they share the same motivations to achieve success? - How well does your management group work as a team?
Most would agree that five Connor McDavid’s on a hockey team would not make for a great starting lineup. The same is true for a business. Is your team’s chemistry and complementing skills balanced? Do they perform as a well-oiled machine, or is it time to re-evaluate how effective the team is?
In addition to these insights, our upcoming blog will delve into the importance of resetting the internal urgency clock—a critical yet often overlooked aspect of business management. Time is a vital asset most businesses do not actively manage. Time and a sense of urgency can be a strong competitive advantage in taking your business to the next level.
Stay tuned to our next blog as we discuss time and how to instill urgency into your organization.
Want to know more about kick-starting your business and finding that great starting line-up? We have done it and would happily meet with you individually and show you how.
By Garry Wood
Partner, Stone Management Partners