Running a Successful Company

Following on from my last Meaningful Moments, I want to continue focusing on what is important running a successful company. The majority of my thoughts and ideas come from the Employee Ownership Conference, I attended in Liverpool a few weeks ago.

One of the case studies focused on the fact that people’s performance still needs to be assessed individually on a regular basis. Performance ratings and meritocracy are still a very important factor. For people who negatively impact the behaviour of their colleagues, it is important to bite the bullet. I have come across these negative people as a line manager, and as a coach, and too often we try and be kind or don’t take the action needed for some time. Eventually when managers do reflect and say, “why didn’t we do something about that months ago”.

The environment for employees is important, having premises of which they can be proud of. Establishing how much resource is required for the planned growth in the business is also essential. My experience is that too many smaller companies don’t have a business plan, don’t have time to reflect and fail to work ON the business as they are always fighting fires. I have found a number of companies have improved dramatically and motivationally after one of my regular reviews, either monthly, quarterly or even annually, the end of the year being a good time!

A people first approach and putting people before profit is important. This normally reflects well with customers too as they are treated well by motivated employees. Senior Management or Leadership teams need to be developed in with training, coaching and mentoring, depending at what stage the emerging managers are at. If you don’t do staff or employee surveys, how do you actually know how well, you as a company, are doing? What needs to be changed or improved?

Continuous communication is vital, particularly the more hybrid working there is. How do you make sure the simple corridor discussions which can be so important still take place when people are working from home? How do the values of the company continue to be evidenced and the culture continue with employees being away from the office so much? Recognition of employees continues to be important and when a successful challenge has been achieved, how are you going to celebrate that achievement?

How does a company attract and retain the people they need? Whatever the sector, there seem to be shortages of employees, particularly talented people. It is not just the role and salary that is important but what does the company stand for and how flexible is it going to be for the future of the employee? How authentic is the company? Does the company actually live its values?

For the young and less experienced, it can be just a job or for social reasons and the grass can always look greener. The key benefit is giving younger people opportunities to learn and develop and feel part of the company. It is likely they want to be in the office more so they can learn more and, of course, enjoy themselves too, both in work and after work. For the more traditional employees, often the older ones, the more time they can work from home the better, to be more supportive of the family and take away wasted commute time.

If I can help you reflect, build a business plan, be your mentor, or help coach the next layer of management coming through, please get in touch with or have a look at my website

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