By Dr. Stephie Althouse, Intelliversity Faculty
It is easy to understand why a company that has fallen on hard times and barely can pay its bills might need a turnaround consultant and executive coach. Such companies need help with assessing the business with fresh eyes and extracting which problems can be turned into profits the fastest.
BUT Why Do Successful Companies Need Fresh Perspectives?
What about successful companies? The kind of company that has made smart strategic decisions, set up an action plan with milestones and executed it successfully – and is now recognized as a success story because of it.
To answer this question let’s look at an example:
A client's company which had been acquired by its current owner and CEO 23 years ago, had a mere $1 M in revenue and provided mostly basic services back then. Over time the company grew and became vastly more sophisticated. Then revenues really took off, to a peak of $76M! Business journals and trade journals alike celebrated the success - and rightfully so!
The company took on bigger and bigger contracts – and with it bigger risks. However, some things stayed about the same: The leadership structure didn’t change much; hiring practices stayed what they always had been; new employee orientation and training was often minimal. Critical business systems were absent or not updated in time to handle the explosively growing business. Then, all of a sudden, two large contracts crashed, and the company experienced multi-million dollar hit to the bottom line. On the surface, it seemed the economy was to blame. Certainly, it was a factor.
Yet, realistically, the company had outgrown its own foundation. It's process, training and leadership structures were insufficient for sustainable growth, let alone giant steps. But where to start? How can top leadership see what they can not see?
What This Story Teaches Us
This story shows how very successful companies can be so busy chasing the next milestone - in revenue and/or prestige - that the foundation can crack without them noticing or being able to pinpoint where the cracks are.
Thankfully, our example company was successfully revived and put back on the road to profitability. While we worked on this turnaround, we identified these top five reasons why even successful companies reap ROI benefits a Fresh Eyes Assessment™:
1.) Reveal - Even the best CEO and executive team cannot clearly see all aspects and perspectives of the business. It’s physics – think of a truck driver in an 18-wheeler. There are as many as 4 cars at any time in his blind spots. No amount of experience can make him see what is invisible at any given moment.
2.) Strengthen - You might get so focused on the next milestone and the new challenges that are associated with them, that you overlook the need to strengthen your core foundation for growth.
3.) Clarify - Current ways of team communication often break down or no longer work as the number of employees grows. Along with that, there may be confusion about who is accountable for what. This kind of confusion and communication breakdown often causes frustration, discord and thwarts profits.
4.) Scale - Existing systems often do not scale smoothly to the new size of the company. This is not always immediately apparent from the inside of the company. A Fresh Eyes Assessment™ quickly brings to light gaps, unworkability and provide solutions.
5.) Grow - Training needs might go unnoticed until mistakes or outright disasters happen. This is especially likely when new employees are needed quickly for a large new contract or a new project.
Our experience has shown us that the eight-point Fresh Eyes Assessment™ has an immediate and lasting impact on the company's bottom line in two ways. One, it preserved existing profit by addressing inefficiencies, blindspots, and waste. Two, it creates new efficiencies, reveals opportunities, identifies underperforming employees and improves staff productivity. And it has an additional, priceless benefit. Moral - a company culture of good communication and productivity encourages creativity, contribution, and loyalty.
What we love about the Fresh Eyes Assessment™ are the results. Your company has nothing to lose and everything to gain.
Want a Fresh Eyes Assessment™? We are happy to answer your questions. Call us at 1-844-44-TNCEO [1-844-448-6236].
This article originally appeared on Top-Notch CEO on July 1, 2017.