5 Ways to Create a Triumphant Culture and Dominate Your Industry.

Jul 24

As a business owner, one of your pain points in running a company is putting out "fires" within the business constantly. If you’re solving problems in your business, you're not working on it and growing your business.

It’s important to have a set of core values within the company so that your organization can build a winning team and culture to dominate your industry.

Being a coach to entrepreneurs I have had numerous of them reach out to me over the years to express their concerns when it comes to creating a high-performance team.

This is why I’m sharing 5 ways you can create a winning team to dominate your niche.

I shared this a while back in my weekly newsletter and trust me, these principles work if you do your part to learn and implement them.

The bad news, is you have to create such a team.

The good news, is there are actual tactics to building a winning culture and team.

1. Create And Clearly Define Core Values.

A set of clearly defined core values acts as your organization’s foundation and north star for your team to shoot and strive towards.

Core values help shape and mold your organization’s culture. This helps set the bar of what is expected from the team and the level of performance and results they need to achieve.

Companies with good organizational culture have reported a staggering 4X increase in revenue1.

Imagine what a 4X revenue would do for your company…

Hire better talent.
Invest in training and development of employees.
Buy newer equipment or systems.
Increase your R&D budget and improve your product or service.
Increase the marketing budget to reach a larger audience.
Extra bonus funds for the employees.
Fitness memberships for employees.
Health and dental coverage.
Office trips.

The list goes on but I’m sure you get my point here. If you do not have a set of core values, I recommend nailing them down quickly.

The list does not need to be extensive. Ideally, you want to have 3-10 core values with no more than 4 to 5 words per core value. This makes it easier to be understood and memorized by your team.

Having a set of core values is cool, but living by them and leading by example is cooler.

Your employees respond better to action than words. Instead of telling them, show them and lead from the front and watch how they realign their efforts to match yours and even better, surpass you.

2. Create a sense of community within your team.

I’m sure as a business owner, you hear a lot about creating a community for your customers when it comes to your product or business. It is equally important to develop a sense of community within your team.

A community within a business organization is a set of people who share common values, goals, and ambitions and strives to achieve them together.

Instilling a sense of community within your team is vital because

A diverse set of skills complement each other and narrows the skill gap present within the business.
They are there to support each other emotionally, mentally, and professionally.
The relationship and bond formed with each other strengthen the sense of camaraderie.

Birds of the same feathers flock together. You become who you surround yourself with. Create winners in your team, and more will be formed throughout the organization.

3. Build Your Employee's Leadership Skills.

Train your employees to be leaders. They are more likely to stick around when you invest in their growth and career.

This will motivate them to work harder and smarter to prove their worth.

Remember that training and growing existing employees is cheaper and faster than hiring new ones.

Here are some interesting facts on the ROI of new employees4:

Upon completion of training, in the first four weeks, new hires are performing at 25% productivity.
The following month, productivity goes up to 50%.
By month three the productivity is at 75%.
Beyond that, you can expect your new hires to be functioning closer to 100% productivity and decreasing your expense.

Imagine the dollar and time it will cost your business if you hired new employees without investing in your current employees. You'll have high expenses with low-profit turnarounds.

4. Show Your Employees they are valued.

Actions always speak louder than words. Show your employees that you value them. This increases their engagement, involvement, and enthusiasm at work.

Some ways you can show that you value your employees include:

Increasing their salary to show that their hard work is being recognized and paying off.
Conversing with them about non-job related topics and building a relationship beyond just the office.
Ask for constructive feedback on how operations can be better in the organization. While you may not implement it all, there are certainly some hidden gems within the suggestions on ways to improve how things are done.
Show their results on social media. While many love to be appreciated and have the spotlight shined on them, be mindful of the introverts who want to be left alone.

5. Improve and evolve your culture over time.

What worked yesterday won't work today. What got you here to this point will not get you to the next. That is known as the Red Queen Paradox.

Improve and evolve your culture over time without losing the core essence of what made your company successful, to begin with.

In today's day and age, you are competing with businesses globally. Businesses are evolving at a rapid pace and when companies have a well-defined value and culture in their office, they stand a better chance to compete against other companies.

Behold A New Culture And Triumphant .

The 5 methods stated above will succeed if you implement them and recognize the importance of each step.

You know which tactic works best for your organization at this current stage. Work on an implementation plan with your team and notice how things began to change faster than you could say a million dollars

Choose them wisely and implement them with your personalized organization game plan.

If you and your team need extra guidance, be sure to sign up for my weekly news letter where I share the best tips and practices to improve yourself and your business.

References:

1 .https://moneyzine.com/careers-resources/company-culture-statistics/

2 .https://www.hotjar.com/blog/company-values/

3. https://www.forbes.com/sites/glennllopis/2012/06/04/top-9-things-that-ultimately-motiv

ate-employees-to-achieve/?sh=168e0db7257e

4.https://www.investopedia.com/financial-edge/0711/the-cost-of-hiring-a-new-employeeaspx

5. https://www.businessnewsdaily.com/8152-employee-appreciation-tips.html