Beyond obsolescence, Internet effect or industry consolidation, the solutions to the underperformance problems that face a closely-held company are process driven on all fronts. Beginning with the setting of realistic, attainable goals; every business does better when it has perfected a sustainable process for the critical functions that drive that business. This requires being fully absorbed in the often quoted: people, process and product success triangle.
Think of your business this way – good marketing, the system that finds and keeps customers, also sets expectations for your customers. To “win,” your people and your operational systems must be able to deliver on the promises made in your marketing statements. Closing the gap in the following equation is the key to a more encouraging future: Satisfaction = Expectation – Reality.
Satisfied customers stick around, and tell others. Unsatisfied customers only tell others! By putting more science, math and a bit of the humanities into your systems, and your people, such an undertaking should have a profound positive effect on your future.
The business engine begins with the customer finding function, which today is part art and a lot more science. Once the prospect enters the customer phase of a relationship, optimized operational processes must effectively order the systems and protocols on which customers judge performance. But, it’s the culture that makes the heart of a refreshed company really rush. And, that depends on an employee group that is dedicated to the objectives of an organization where these objectives have been clearly and regularly articulated by an inspirational leader.
Many times leadership is the missing link in the mix. Stimulating your employees takes preparation and possibly some people skill refreshers. Think like the coach of a professional sports team or orchestra conductor. When you begin to close the expectation/reality gap you can expect to turn the corner on making more money.
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Offer new life to an underperforming company in an otherwise stable industry. Email Steve@Lauterback.com for a free 5 point business diagnostic to find out how much life is left in your company.
Steve Lauterback and his associates have worked with owners of privately-held companies to build robust business development platforms, optimize operational systems and improve the culture. Our acquisition to partner option may be the right solution for a declining company.