Return on Culture. Your Biggest ROI yet!
As a President, CEO or other leader, the main consideration for new initiatives is always focused on the ultimate Return on Investment (ROI). How much time, effort and resources will it take to yield positive results for your business? But what if we told you that by merely committing to leading a culture-first team you can expect big personal and professional changes and a financial return from a newly implemented culture-first mindset?
For the price of some time with your team and a few bucks in printing, developing culture:
Requires a low capital investment
Produces the highest return
Is one of the most rewarding experiences you can have alongside your team
Where healthy cultures enable companies to thrive, companies with broken cultures merely survive, or even fail. If your company is in survival mode, you may see effects like resources stretched thin, staff stressed out & high employee turnover with replacements stalling performance and costing money. The trickle-down effect soon hits your customer base, oftentimes resulting in clients sensing this desperation of survival mode.
As Julie Mitchell, founder and CEO of Torq Ride, shared with me in an interview for the Culture Czars® podcast series From Core Values To Valued Culture, culture affects every facet of a company, from employee fulfillment to client satisfaction:
“[Culture is] the feeling or the experience that you have when you interact with the brand. And I don’t see it as something that’s limited to the employees of a company. I think the culture lives in the experience that the customers are having as well....I really think about the culture as something that works regardless of who the audience is—whether it’s the suppliers that you’re working with, the staff, or the customers—they’re all part of that culture experience.”
If you are still wondering, why culture, it’s simple. No other initiative brings greater rewards for all members of a team. Any smart business makes investments in its greatest assets, so if you believe people are your greatest asset, commit to it. Investing in culture is investing in your people. It lets you use them to their best advantage and full potential. You may be a hard-driving CEO who cares about results, but it’s okay to have some fun and feel good about it. Not only is it okay, your team will love you for it, stay with you longer, and give you more, ultimately driving your business to reach its full potential. Starbucks, Southwest Airlines and McDonalds are great public examples of companies that have invested in their culture (people) and reaped tremendous measurable value from their initiatives. They also happen to do a great job of living up to their definition of their culture; their stated CoreVals™.
Now, back to that simple task of commitment. Trust me, as a business owner I understand that it sometimes feels impossible to add another project to your list. But that’s why I made it easy for you with a self-guided 3 part process in The Culture Fix: 9 Deeds in 90 Days®. This quick read leads you through this entire process, including prompts, checklists and free resources available via www.cultureczars.com . In tandem with The Culture Fix®, when you commit to doing some honest thinking, carving out time to get the process in place, and to making a modest financial investment, the return is exponential. You’ll see gains associated with higher productivity, better customer relations, and stronger employee attendance & retention to name a few. There’s no need to take a class, get certified, or be an expert in anything other than what you are already doing. It all hinges on identifying and articulating your values.
After your 90 days as a culture-first leader, you’ll acquire the tools to:
Give tough conversations finite boundaries and clear-cut resolutions
Educate and empower employees to make decisions in line with values, rather than having to delegate or authorize individual actions
Free up your time for executive duties by relying on qualified staff members
Be more accurate and successful at hiring for cultural fit
Give your clients something to believe in
Just the anticipation of better focus, more time, and less worry for yourself may be worth the effort. Then factor in greater employee engagement, increased productivity & innovation, and an improved image with your customers, and you’ll begin to see where increased satisfaction meets higher revenues. Don’t fret over the intangible rewards—embrace them. They lead to real, measurable improvement.
We recommend keeping The Culture Fix® around to reference as you continue leading your culture-first team. You will use a variety of tools to measure the quality and quantity of the benefits that flow from your culture quest. These include:
Goal achievement reports
Financial reports
Employee evaluations
Quarterly and annual surveys
Consultant interviews
Spontaneous testing
Gut checks
Building culture is the lowest investment/highest return initiative you can bring to your company. Implementing a cultural plan is less expensive, less risky, and more personally rewarding than venturing into new markets, new products, the next marketing campaign, or the next acquisition that your partner or shareholders want. For a few thousand dollars and some team time, you will get infinite intangible benefits and an ROI—or ROC (Return on Culture™)—that will certainly be one of your best investments.
If you are interested in more information about The Culture Fix® please email Will@CultureCzars.com or visit www.cultureczars.com.