You can have all the intention in the world to create a great company, but the key factor that sets apart a great company from a mediocre one lies in the quality of its people. You need to find people who are self-disciplined, and who have the passion for what you do and offer as a company. Many good-performing companies are out there, but the truly great ones have one big difference. They build a culture around the idea of freedom and responsibility within a framework that has high trust. They don’t micro-manage their staff, instead, they empower them to take full ownership which drives personal reward and great outcomes both for them and the company they work for.
So, what is the difference between a good company and a great company? What makes one company better than the other in the same industry? What secret ingredients do great companies possess over their competitors? And what makes staff go above and beyond, turning good businesses into great ones? At KBA, we believe the answer lies in aligning a company’s Mission, Vision, and Values with a strategy that has a purpose. Our past newsletters have emphasised the power of brainstorming, using case studies, and other supporting materials to drive positive change. This is all linked back to building a high-functioning cohesive team where everyone is on the same page in building a great company.
Turning good companies into great ones requires creating a moment of truth for where you envision your company in the next 2 to 3 years, especially during challenging times. KBA is always advising the importance of having a Strategic Plan, a roadmap of where you want your company to grow. We are all about having a 2-year plan linked to key topics for improvement and growth with a 3-year vision, as this sets the foundation and the pathway for your leaders and staff to follow. When you have everyone on the same page being fully committed, they take full ownership. You cannot execute a Strategic Plan unless you have a cohesive team that drives it. When you link strategy with a purpose you can build a great company.
For more information about the above model check out: https://keyba.com.au/leadership-training/the-five-behaviors-of-a-cohesive-team/
At KBA we know the ingredient for success is when people trust one another especially when there is a vulnerability within the team with good intentions. Great companies engage in healthy conflict around ideas, and when there is clarity and buy-in, your leaders and their teams will go to the next level. There is a common belief that managers need to control people, but when there is team commitment to decisions, great companies allow people to take ownership and run with it. When there is a great culture within your company, then team members hold each other accountable not the manager. Great companies produce great results because their people are the ones who build the company, and the great results happen as part of the process.
The secret ingredient to having the right people involves:
✔️ Passionate staff dedicated to delivering the best outcomes.
✔️ Staff committed to meaningful and rewarding work aligned with the company’s values.
✔️ Staff who hold themselves and others accountable contributing to a driven environment.
✔️ Staff who are disciplined through their own actions every day.
✔️ Staff who work together strengthening a culture of immense trust.
Staff engagement, along with HR Best Practices linked to the company’s growth strategy is key as it sets the foundation of staff behaviours and expectations. Having this in place creates alignment especially when you address performance issues and recognise and praise your high performers. HR Best Practice is all about empowering staff to perform where individuals take ownership to drive personal and company outcomes. It is also about looking at staff capability and resources who can deliver company outcomes that will take a company to the next level.
As we approach the end of 2023, have a good look at your team and structure. Think about what you need to do as a company to transition from being good to great. Do not blame the economy, inflation, interest rates, downturn in the market or the lack of responses to job vacancies. To be a great company, you need to look within. Ask yourself: Are we a great company? Do we have great products and services to offer? Do we have the right people to drive our business to the next level? If you have any doubt, then do something about it to set your company up for a successful 2024!
Key Business Advisors has a proven model that spans over 15 years. We have a dedicated team that delivers results aligned with our mission, vision, values, and purpose. KBA’s comprehensive services cover all aspects of employee engagement and performance, assisting our clients in taking their business from good to great.
To learn more about our services and access FREE resources for business growth, visit:
- Key Business Advisors – keyba.com.au
- KBA Business Strategy & Growth – https://keyba.com.au/business-advice-strategy-and-growth/
- KBA People & Culture – https://keyba.com.au/people-culture-business/
- KBA HR Advice and Support – https://keyba.com.au/hr-advice-support/
- KBA Professional Sales Training – https://keyba.com.au/professional-sales-training/