Get your company culture right – and the rest will follow
A company’s culture is not just an influence on business, it is a business. The heartbeat of each and every company lies in its company culture. But the term itself can be confusing. What in fact is a company culture? A company culture is a set of values that your company holds right at its core and that shape the way a company is managed, as well as every behaviour from every employee under the company roof.
With a company’s culture being so central to every facet of the business, it is not difficult to see why creating the right kind of culture within your business is of the utmost importance. Get your company culture right, and you will have a set of happy employees, happy stakeholders, and happy clients – and all of this adds up to a boost in the earning potential of your business.
Here are some of the ways that creating the right business culture can promote positive cash flow.
1. Boost your sales
Make sure that your employees are invested in your company’s culture and values, and they are more likely to develop products and services that will be attractive to your consumer base. That means increased sales for your business. If your products are targeted well enough, you may even be able to sell at a premium price, increasing revenue while the competition falls behind.
2. Increase customer loyalty
Enhancing customer loyalty is invaluable and it should always be a business priority. Why is it so important? Because customers who keep buying your product or service over a long period of time are more valuable than one off customers. When your staff are invested in a company culture, they will promote company values when dealing with customers, exceeding their expectations and keeping them loyal.
3. Reduce turnover
Employee turnover opens up an unnecessary leak in a business’s pipeline. Employing the wrong person creates discord in your business that cuts productivity, and of course you then have the additional hassle of finding a suitable replacement. If your business has the right culture, it will make significantly reduced mistakes when it comes to hiring new staff – and the staff that you do have will be more loyal.
4. Increase your business productivity
A shared company culture means shared business goals. Shared business goals, means that the people within your organization will be working together in jobs to realize those goals. This means that more staff time and energy will be in actually getting the work done and that your staff will provide greater value for their salary, ultimately having a positive effect on cash flow.
We can help your business develop the right culture to boost its cash flow so your business makes a positive contribution to your bottom line. Get in touch today to find out how Ascend Twentyone can help your business.