Archive for December, 2014
Many large companies have started to develop specific characteristics that they rely on to help define the entire business. This process is referred to as a corporate culture. It involves creating standardized policies that pertain to everything from the overall attitude of employees to the daily rituals businesses use.
Benefits of a Corporate Culture
Businesses that have taken the steps to create a corporate culture have enjoyed several benefits including better organization and improved customer drive. Some companies you may have heard of created and benefit from a strong corporate culture.
• Four Seasons Hotels and Resorts
• Ford Motor Company
• Detroit Red Wings
• Hewlett Packard
• Southwest Airlines
After completing corporate training programs that have changed the overall company culture, these businesses have experienced less resistance to change, greater commitment from both employees and customers, and less backlash than they experienced prior to the shift in culture.
Creating a Corporate Culture
It’s not reasonable to assume that a corporate culture will be something that’s easy to create or change for that matter. Doing so requires initiative, inspiration, planning, and corporate training.
When it comes to creating a corporate culture, there are six different components that business managers need to be aware of at all times.
• Knowing exactly what type of culture best suits the overall professional organization
• Understanding the businesses core values as well as the values of the employees and customers
• A willingness to back up statements made about the business’s corporate culture with accountable actions
• Having a team of employees that truly believe in the business’s corporate culture
• An environment that encourages employees to work well and to interact
• Power of narrative
One of the things that business owners and managers must keep in mind when creating corporate training programs is that nothing remains the same. It’s unreasonable to expect that the corporate culture will remain static. Individuals who have been placed in charge of the corporate training programs need to be aware of changing attitudes, trends, and circumstances and adapt to the changes. The good news is that in most cases, the changes take place slowly so adjusting the culture feels organic.
The most important thing to keep in mind when it comes to creating a corporate culture, is that managers need to lead by example. The best place to start creating the new culture is at the top of the pyramid. The attitudes of the business leaders will quickly trickle down and impact the rest of the organization.
How do you succeed in a tough economy like the one we are currently witnessing? How do ensure that your business doesn’t go down like many others have done? How do you ensure that you’re not just keeping the business afloat and instead make meaningful profit?
It demands that you make very thoughtful decisions and calculate every of your moves. In down economy you can’t afford to make careless mistakes.
Here are 4 tips to help you steady the ship in the hard times.
1. Cut costs judiciously
Tough times call for big decisions so the first thing you may need to do is cut costs where necessary. These are several ways to do this;
— Take out less money from the business
— Slow down any expansion plans by shelving investment plans
— Cut or reduce owner and/or partner compensation by a calculated margin,
— Hire fewer employees or thin your staff appropriately
2. Do not slow down
When business slows down, it’s time to be most active. Instead of waiting for the next customer to drop by or make a call, engage your employees in finding ways to cut costs. You can also use this opportunity to strengthen relationships with existing customers, refine business, or prospect new customers.
3. Re-evaluate the effectiveness of your marketing
A tough economy also presents you with the opportunity to re-evaluate your marketing and find out what you are not doing right. We mentioned cutting costs and this will actually help a lot, but do NOT cut your marketing spend in a tough economy. Keep spending; just do it smarter. This helps in three ways;
— You instill confidence in your customers as they learn that you’re a stable business,
— You position the business to move forward swiftly when the economy bounces back, and most importantly
— You gain a market share over your competition.
Finally, consider reinventing practices for increased profitability. And reinvention here is not just about doing the same things differently; in some situations you’ll need to ditch old methods and adopt fresh ideas. For instance, it could be a good time to find new markets, not outside but within your competition.
With these tips and a bit of patience, you can expect to steadily sail through a down economy and should actually emerge stronger on the other end.