Advisory Board - Transforming the Business
Professionalising the business to take it to the next level
Advisory Board - Transforming the Business
Professionalising the Business to take it to the next level
Situation:
Our client was the CEO of a family-owned business. The strategic objective was to professionalise the business, to set up a formal management structure in order to take the business to the ‘next level’, leading to increased efficiency, profitability and, ultimately, business growth.
Approach:
The approach we recommended to professionalise the business was:- Defined Business Plan, which is central to the professionalisation process.
- Documented roadmap – which translates the business plan into actions.
- Sound operating plans and methods – to guide the process of interaction within the business.
- Recruiting strong, competent management at all levels – to implement the plans.
- Articulated performance expectations – develop clear, well-defined goals, KPIs and expectations for the management team.
- An appropriate reward and compensation system – so management know with some certainty what types of rewards they can expect for reaching their goals.
- Formal monthly advisory business meetings and monthly management meetings and performance reporting.
- Advisory Board assistance – to contribute significantly to the professionalism of the business by providing sound, objective advice.
Results:
Over an 18-month period, our client transformed its business into a specialised agency delivering strategic and creative services across internal communications, customer experiences and consumer activations for blue-chip businesses across Australia.Professionalising the business has been a key step towards ensuring the long-term sustainability of the business and reducing the amount of time the business owners to spend in running the day-to-day operations.
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