In the realm of business value, one critical factor stands out: your company’s ability to thrive in your absence. To achieve this, you require your team to demonstrate owner-like dedication. Fostering such commitment hinges on creating a dynamic and vibrant culture within your organization. Here are three effective strategies to inspire your employees to care about your business as much as you do:
1. Cast Your Employees as Stars in a “David vs. Goliath” Epic:
Gavin Hammar’s journey with Sendible, a social media management platform, provides a valuable lesson. When faced with a sales plateau due to a formidable competitor in 2016, Hammar rallied his team. Instead of sugar-coating the challenge, he encouraged his employees to embrace the role of underdogs in an “us-against-the-world” battle.
Hammar took steps to portray his company as smaller and more relatable, such as starting a podcast, showcasing employee photos online, responding to customer inquiries through video, and sending personalized LinkedIn messages to new customers. The result? His employees aligned with his vision, humanizing themselves and the company in the process. Sendible’s growth resumed, culminating in a successful acquisition by ASG in 2021.
2. Offer Unique Perks:
Natalie and Chris Nagele, the brains behind Postmark, a software as a service (SaaS) company, opted for a different approach to foster a thriving culture. Instead of succumbing to external pressures from investors, they chose self-funding and aimed to create an exceptional workplace.
Inspired by research from the Henley Business School advocating for a four-day workweek to promote a healthier workplace culture, the Nageles decided to implement this idea independently, as they owned the company outright. Transitioning to a three-day weekend proved transformative, creating an environment where employees genuinely enjoyed their work. This culture of contentment led to consistent growth, culminating in a life-changing exit in 2022.
Josh Davis, the founder of Speedee Transport, a freight brokering company, took a unique approach to boost employee commitment. In an industry driven by gross margin, Davis didn’t just instruct his team to focus on this metric; he turned it into a game.
Davis designed quoting software that featured a virtual gross margin scoreboard, enabling employees to monitor their daily performance transparently. To elevate the stakes, he tied employee compensation directly to gross margin, sparking healthy competition within the organization. The outcome was remarkable growth, with Speedee Transport expanding from two to forty-five employees within two years, ultimately attracting an acquirer in 2019.
Elevating your business’s value necessitates harnessing your employees’ dedication to match your own. Achieving owner-like commitment involves fostering a shared mission and crafting an environment that unleashes your team’s full potential. By casting employees as heroes in their own narrative, offering distinctive perks, and gamifying the workplace, you can cultivate a thriving company culture that propels your business towards lasting success.
Your Outside Team
Need a bit of assistance with your business? Contact an Outside Accounting team member today and learn more about our fixed fees. You won’t regret it.
Aside from business consultation, we are business accountants Wellington who offer accounting, bookkeeping, payroll services designed to help you achieve greater financial success.
You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 29 75
As a business owner, reviewing your financial reports each month is essential for maintaining control and steering your business in the right direction. Here are six key reasons why you should prioritize this important task.
Starting your own business is exciting, but handling all the financial details can be overwhelming. Instead of spending your time managing the books, you could focus on growing your business. This is where expert accounting firms like Outside Accounting step in.
Choosing the right accounting software is crucial for your small business, and with so many options available, it can be challenging to decide which one is best. Xero Accounting Software stands out as a popular choice, but what makes it so special? In this article, we’ll explore six key benefits of using Xero for your small business. If you’re looking for a skilled, cost-effective accountant in Wellington to assist with your small business bookkeeping, reach out to the friendly team at Outside Accounting today.
Bookkeeping fraud, including embezzlement and theft from company accounts, can quietly drain your business’s resources for years before being discovered. The consequences can be devastating. This guide will explore how bookkeeping fraud happens and provide five effective strategies to protect your business from it.
Taking control of your small business’s financial operations is a critical step toward long-term success. With accurate financial planning and expert assistance, you can create a roadmap for expansion and growth within your industry. While managing small business finances may seem daunting, following the right steps can make the process both enjoyable and highly profitable.
As a small business owner, keeping a close eye on expenses is essential, and that includes accounting costs. You might wonder if your accountant’s fees are worth it or if you could handle it yourself using online accounting software.
ALL POSTS
NEWSLETTER SUBSCRIPTION