It’s easy to confuse fiscal health with strength. Yes, financial stability is one of the most important agents in a successful company, but when an organization desires to truly thrive and grow, fiscal health can ebb with a rapidly changing market.
A mechanical design company with 160 employees was struggling, but not fiscally. While the company was growing rapidly with four partners at the helm, the acting CEO felt there was an overall lack of alignment among the partners, and the team tended to react to the day-to-day challenges, rather than operate with a cohesive vision. Profitability was good. Processes were strong, but the team didn’t communicate well, and each group was acting independently of each other, causing fractures in communication. While minimal now, those fractures could easily develop into chasms, affecting quality as the company continued to grow. The company desperately needed a planning tool that would help them align their divisions around a long-term strategy.
Before a company can realign itself, the stakeholders have to be able to identify the challenges that the company faces. How can you repair something if you don’t know that it’s damaged? Furthermore, sometimes the things we think are damaged turn out to be symptoms of an entirely separate issue. For this mechanical design company, the fractures in communication were exactly that – symptoms of some larger issues. Working with a Growth Curve Specialist, the leadership was able to uncover five true challenges:
- Difficulty hiring quality staff
- Poor staff training
- Poor project management and resource coordination
- Difficulty understanding how the company will grow in the future
- Trouble putting systems and procedures in place as the company grows
Once those challenges were identified, the Specialist was able to work with the leaders, creating initiatives to solve the challenges that were affecting the company. The employees are now able to articulate their growth, including their challenges and plans for the future. With a cohesive vision, partners in charge of divisions learned how to let go and began trusting their field managers to make decisions while company wide meetings served as an arena for communication so all employees understood the goals of the company, as well as its successes and challenges. Now everyone knows how to play an active role in the communal success.
To learn how to uncover your company’s challenges and strengthen your capacity to grow, contact your TTI-certified Growth Curve Strategist, or call (800) 869-6908.