As an executive coach, I have seen all kinds of problems business owners tend to have: time management, staffing and team building to name a few. One particular issue – profitability – is a constant struggle for most executives. You may be struggling now, but read on to learn about my tips to increase profitability by 20 percent.
Many team leaders work to find the best strategy for increasing engagement, productivity and achieving goals, but it feels like a moving target. This can often lead to stress and self-doubt, especially when the plans you do come up with are useless, uninspiring and unknown to your employees. So what is the road to profitability?
First and foremost, you have two priorities when creating a strategic plan:
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The plan must engage employees
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The plan must align with the organization’s mission, vision and goals.
Here are the questions employees will be asking:
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Why do we as a company exist?
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What do we specifically do?
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Why do we do it?
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How does what I do affect the world around me?
Here are three tips to consider when creating a strategic plan that engages your employees.
Start with the end in mind
Leaders should succinctly answer the questions above and set measureable goals that will allow you to fulfill your mission. Make sure the goals are broken down on a monthly, quarterly and annual basis. Then, have the appropriate department own their goal. Every week, ask your management team how they’re tracking, if they are facing any roadblocks in achieving their goal on time and if there is anything they need from you or the team. Every week, inspect what you expect.
Get your employees involved
Every department in your company should pay special attention to employee feedback, especially on ways to achieve a goal. After all, employees are usually closest to the situation. Also, be sure to communicate to your employees every month where the company stands on achieving goals and celebrate the wins! Make the vision, mission and goals visible to all employees on a consistent basis and get input from your employees on ways to bring the plan to life throughout the organization. Employees can put up posters, contribute to company newsletters, etc. Have fun with this!
Use graphics
Lastly, I recommend including pictures in your strategic plan. According to The Global Business Hub, the brain processes visuals 60,000 times faster than text. Remember, the purpose of the plan should be to create a focal point in which everyone can rally behind to move the business forward. Gallup revealed companies that strategically create engaged employees experience 22 percent higher profitability, 21 percent higher productivity and have 37 percent less absenteeism.
By following these guidelines, you will surely see an increase in your company’s profitability and greater customer loyalty. If you’d like to learn more about creating a useful strategic plan that engages employees, visit www.stephaniechung.com.
Based in Dallas, Stephanie Chung and Associates offer sales coaching, sales training, and executive mentorship services nationwide that help you work smarter, not harder. As a former sales executive in the aviation and private jet industry, Stephanie has mastered the art of high-ticket selling and has mentored, coached and developed some of the highest paid, most elite, sales professionals in the country.
