In a recent study conducted by the Harvard Business Review, the researchers found that ninety-five (95) percent of employees do not understand how their day-to-day activities contribute to the strategy set by the executive team of their company.
According to Franklin Covey, the biggest reasons that strategic initiatives do not get done is due to the enormous amount of energy is takes just to run the operations on a daily basis. Let’s face it, between serving a customer and working on a strategic initiative, which one is your team going to work on? Every time, it will be the day-to-day work. So, now that we know what the issue is, how do we fix it?
Step 1: Establish Your Company’s Identity
An identity statement is not only something you tell your prospects and customers, but also a statement that you hold your team accountable to on a daily basis. For example, Apple’s identity statement is “creating simply and easy to use technology.” Keep your identity statement to no more than ten words so that you and your staff can remember it.
Step 2: Create Your Core Values
Core values expand upon the identity statement on how your company delivers value to your customers and how your team operates. For example, at an executive retreat we did recently, one of the core values for a design firm was that they deliver their designs in profitable manner. By having this core value, they can now hold their designers accountable to not only deliver great design but to also do it in a profitable manner.
Step 3: Create One Goal
Many businesses suffer from having way too many strategic initiatives going on at the same time. We find that there is always one over-riding goal for a business that trumps all of the other ones.
For example, at an engineering company, the company was able to increase its profitability rate from 16 % to 21%. The company accomplished this by making sure each Project Manager was training on creating project work plans and having a communication plan with each of their clients.
Step 4: Create 90-Day Sprints
Why ninety days? The reason 90 days is the best time frame is because it breaks down the one-year goal into achievable action items where it does not overwhelm the business. For the engineering company discussed earlier, their 90-day goal was to ask the best project managers what they use to manage their projects so that it can be rolled out to the rest of the company. They used the information gathered as the baseline for rolling out the project management best practices to the rest of the company.
Based on doing hundreds of these retreats and working with companies to implement the 90-day goals, we find that profitability increases 22 to 27 percent over a 6 to 12 month basis, attrition goes down 62 to 78 percent, and employee productivity doubles.
Cornerstone has developed the 30-Minute “Business Accelerator” which we conduct over the phone with you. Here is what we can accomplish together in this fast-paced, zero-nonsense session:
- Lead Magnet: According to the Harvard Business Review, less than 3% of companies in America can articulate their competitive advantage to their market. We will review your marketing material and make any modification necessary to attract more leads to your business, on demand.
- Revenue Boost: Frustrated by your sales numbers the past few years? We have helped hundreds of clients achieve an immediate boost to sales using one strategy that works like a champ every time. We will detail the strategy out for you in detail and create a roadmap on how to easily implement it.
- Increase Employee Performance: Are you frustrated by the performance of one (or more) of your employees? We will show you the two biggest motivators for your employees and how to use them to boost employee performance.
The 30 Minute Business Accelerator is conducted by the CEO of our company, Charles Alvarez, who has worked with more than 200 corporations including Shell, Enterprise Partners, Crestwood Midstream Partners and many well-known privately held businesses in the Houston area. Please be assured that this consultation will not be a thinly disguised sales presentation; it will consist of the best intelligence Charles can supply in a thirty minute time span. There is no charge for this, but please be advised that the call must be strictly limited to 30 minutes.
To secure a time for this consultation, please click here to access our calendar to schedule your time. After you select a date and time, we will provide you with a pre-consultation questionnaire that will prepare both you and us to get you the maximum value in the shortest amount of time.