Family Business Plans

Management Solutions Scenario

Because confidentiality is a cornerstone of our business, we never publish any information that may identify clients or reveal what we have done for them. This is a typical scenario that we have compiled from real experiences with multiple clients that shows the benefits of proper family business plans.

Situation

A business that was once very profitable had gone into decline and developed a poor reputation in its industry. Sales had stalled, gross profit margins had fallen and customer service was mediocre. Staff turnover was extremely high and the business was finding it increasingly difficult to attract suitable applicants to fill vacancies.

The directors engaged us to review the business and provide advice on improving performance, reducing staff churn and becoming a more desirable employer.

Problem

The core problem was a lack of planning and a failure to focus on what mattered. This was evident in several ways.

There was no detailed business plan or clearly defined strategic goals
There were no key performance indicators.
Staff were neither engaged nor motivated
Management measured the wrong things
The reward system encouraged behaviours that harmed the business

Solution

We worked with the directors to create a new vision for the business, introduce cultural change and develop all the required plans, processes and documents.

A business plan identified strategies, business objectives and behavioural goals
Key performance indicators were created to measure what mattered
A new renumeration policy aligned rewards to individual and collective key performance indicators
A new performance review process examined both outcome and behaviours
Written job descriptions were created for every role
An employer branding program commenced to attract and retain the right people
Recruiting and onboarding processes were overhauled and redesigned

Outcome

The business has a very strong sense of purpose and everyone is clear about their goals. Sales and profits are increasing. Staff feel empowered and motivated and turnover is low. When vacancies do occur, the business no longer has difficulty attracting quality applicants.

We continue to work closely with the directors as their professional advisers.

To arrange a free consultation for family business plans in Perth, click on the link below.