How to scale up without losing your company culture
Scaling up without losing a healthy organisational culture can be challenging for every business, large or small. Organisational culture change is challenging, but not impossible.
As a business leader, your company’s culture is one of the first things you need to consider if you’re looking to achieve rapid and consistent growth. Are you attracting the kind of talent that will boost your business growth? Are you retaining the people that will make your company thrive?
A recent study from the National Bureau of Economic Research revealed that 85% of business executives believe that culture widely influences decisions and actions within a company, and that unhealthy culture leads to unethical behaviour. The same survey showed that 9 out of 10 CFOs think that by improving their company culture they will also increase their company’s value and performance. However, culture change is still a pending subject for many leaders today. In a recent Achievers survey, 45% of employees admitted that their leaders are very little, or not committed at all to culture-building and that they don’t feel heard or valued. That’s why focusing on building an open and honest culture is paramount to the success of business scale-ups.
Scaling up a business is all about Vision, Strategy and Execution. If you get the right people (A-Players) in the right seats, they will take care of the execution, and cash will be guaranteed. Your company’s culture should be in service of your strategy. To build a great culture every single member of your team has to be aligned with your company’s purpose, your strategy, your core values, and your goals. That also means managing your employee engagement; getting rid of the people that are holding you back (Toxic A’s) and bring in new people who share your passion for the vision.
What do clients say?
Understanding how to find our A players, keeping those we want to grow and losing those too toxic to stay has been a real challenge, yet game changer for us at Excelsior.
It was through Dominic introducing high-quality tools validated through his own strategic practice in business which has made all this possible, actually happen and making such a difference.
CEO, Excelsior MAT
How can you change your company culture?
To transform into a new culture and scale up your business, you need to get to grips with the existing culture. What new behaviours do you need? Are you promoting an environment of praise and recognition? Have you built a workplace culture in which everyone feels safe to speak their mind and say what they think? In 2018, LinkedIn conducted a survey in which 65% of people admitted they would rather getting lower wages than dealing with a bad work environment. By choosing to ignore the importance of a positive culture, you could be losing the best talent, or favouring the toxic one. Hence you will fail in your race towards growth. Let’s face it, building a company culture can be a hard challenge to overcome, especially when there are so many behaviours and patterns ingrained within the team. It takes focus and practice, but it will reward you with an increase in productivity and growth.
One of the best tools that we use with our clients at Monkhouse & Company is Gustavo Razzetti’s, Culture Design Canvas. With a simple design, this framework is fundamental if you want to implement a systematic approach to creating a positive workplace environment by mapping out, assessing, and evolving the workplace culture. One of the first and important tasks when shaping your company culture is to re-visit foundational elements like your purpose, your core values, and your BHAG (Big Hairy Audacious Goal). What are the top three priorities for your company? What behaviours do you reward and which ones do you punish as a company? The Culture Canvas will help you set expectations of what the standard practices are in your company at an organisational level. That needs to be clear and consistent at every level of the organisation, from the leadership team to every other member of the staff. Having a way to measure culture fit is highly valuable, as this will be a guarantee that you are hiring and retaining the right people.
Are you ready to work together with Dominic to deliver at an individual, team and organisational level to help you scale up?