Advisory Board - Transforming the Business
Professionalising the Business to take it to the next level
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.
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; andAdvisory Board assistance – to contribute significantly to the professionalism of the business by providing sound, objective advice.
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.