It’s not always easy, but reducing costs, tightening budgets, making people redundant
and completely transforming the business at the same time, can actually be done without resentment, regret, and destruction of culture.
And if it’s done properly. With respect for all involved.
The business that emerges is stronger, leaner and more efficient.
You’ll find you’ve embedded a culture of innovation, and not only will you survive
the current crisis, you’ll be ready for the next one too - whatever it happens to be.
A tried and tested process that saved a major bank $130M, while actually increasing engagement.
We’ll guide you through a simple five-step process that’s been tried, tested and proven in organisations of all sizes. From SMEs to multinationals, across a wide variety of industries, and although the solutions are always unique – the approach is always the same.
Analyse the numbers and determine exactly what you need to achieve. Don’t worry about how you’re going to get there yet, instead, develop a set of principles that will guide everyone’s decisions as they work through the issues.
‘Don’t destroy things our customers love’, for example, is a principle that might steer you away from a quick and easy, yet ultimately destructive cost cutting decision.
Share the objectives and principles with everyone. So they know what needs to be done, and how it’s going to be approached.
Then, create a working group of trusted employees and empower them with driving the process. Finally, get all employees in a room (literally, if possible) and ask for every single idea they have to save costs, and achieve the objectives.
There should be hundreds of ideas on post-it notes, in a spreadsheet or on trello - wherever they are you need to sort them into categories. And don’t worry about what you’re actually going to do as yet. Just sort the ideas.
Don’t be tempted to just go for the one ‘Big Idea’ that will save all your problems. Get some runs on the board first. Quick, easy, and perhaps not earth shattering in terms of savings, but a signal to the business that everything’s on the table. More ideas will surface, and you’re off and running.
The key to emerging stronger than before, is to open the door for change and encourage employees to be constantly curious. Challenging convention, as a habit, will lead to new ideas, streamlined processes, and the elimination of redundant activity.
If you follow the process you can lead a business through any financial crisis.
Pulling together in the face of adversity, as opposed to grabbing a red pen, cutting costs and culture at the same time.
And when you emerge you’ll be ready for anything.
For more details on the process, and how we can help guide you through it, feel free download the whitepaper.
There’s obviously more to it than just the above, so you’ll be matched with a business leader who’s been through the process many times. They’ll guide you through from beginning to end ensuring nothing is missed, and the correct weighting is allocated to each and every item.
As you can imagine, very little of this is black and white, so your guide will be able to offer advice while navigating through the grey areas of cutting costs, and maintaining culture. Hard decisions will have to be made. Inevitably, some people will be upset. The key is to make it fair, and transparent, so any disillusion is localised.
The person in charge of the Working Group, tasked with addressing the practical elements
of the program, will need some one-to-one coaching throughout. No matter how you approach it, this is going to be a tricky situation to deal with. Emotions can often run high. Keeping a level head, and managing potential conflict effectively will be a key skill for the Program Manager.
You’ll need to assemble a Working Group, with a Program Manager in charge, and you’ll need to provide Executive Sponsorship of the entire program. Financial analysis, and change management specialists will also need to be involved, and they can come from your internal resources, or externally supplied.
Reduce waste and increase effectiveness.
By focusing on value as opposed to cost, you’ll get rid of waste, not people.
Less waste leads to a more efficient and effective business.
Increase engagement and leverage talent.
By empowering your people, engagement will increase and you’ll start to develop untapped human potential.
Greater cohesion and satisfaction.
By actively demonstrating your commitment to values, people will begin to align, strengthening overall cohesion and leading to increased employee satisfaction.
Ongoing culture of innovation.
By changing mindsets and challenging norms, you’ll have created a culture of continuous improvement, leading to long-term, sustainable growth.