A regional PSF business had grown, and performance of the business was varied. New people had joined and there comes a critical point in maturity of the business where profitability and business direction is unknown and profitability suffers. The growth in staff and clients allowed the board less time to manage teams and offices resulting in variable performance, creating resentment and impulsive behaviour.
We began with a round table meeting – where we asked the kind of challenging questions that you know are important but boards rarely ask of each other.
Meeting with direct reports, we clarified what people believe was the business vision, the focus. There was a disconnect.
The work progressed in stages:
- An initial report that identified specific challenges
- Facilitation of board meetings to get clarity around the key strategic imperatives
- Working with teams to align their goals to the strategic focus of the business
- Conference to silo bust, generating leads with current prospects
- Hands on development and coaching on the BD process
- Board able to step back and prioritise challenges
- Teams took greater responsibility to deliver on goals
- Leads from conference generated substantial fees within 3 months
- BD process clarified, goals set and confidence improved
- Fee income and profitability grew by 12%