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Published on May 17, 2016 |
In the scramble to stay competitive, some businesses automatically push for innovation and expansion, but an increasing number of brands have discovered that getting back to basics can actually be the more effective short-term strategy.
Despite good intentions, business leaders sometimes adopt layer upon layer of complicated growth strategies only to find they are either buried in the data or lost in the vision. Taking a temporary break from forward movement to reassess some foundational components of your business can actually help reignite your strategy:
Know your client. Existing clients should never be neglected in the name of growth. Use a period of getting back to basics to understand the clients you currently serve, identify exactly what they expect of your business, and determine how to delight them. Nothing beats one-on-one dialogue with clients, but larger companies can learn a lot from thoughtfully-worded surveys and focus groups.
Enlighten your team. If your employees don’t know what’s expected of them and they don’t understand the core purpose of the company—or worse, don’t care— it’s unlikely you’ll see high performance and loyalty from them. Ask your team to describe the company’s compelling reason for being. If all you get back is mumbled phrases or blank looks, it’s time to revisit your mission statement, sharing it with them in a way that helps them to recognize how their performance directly relates to the company’s success.
Revisit your goals. It’s easy to become mired down in trying to be all things to all people. Clarifying company goals will help you strengthen processes, reduce waste, and revitalize existing products and services. Start by fine-tuning your corporate identity. Are you projecting your corporate vision in your policies, actions, and products? Every goal, whether departmental or company-wide, should align with your core identity and be clear and measurable.
“Gentlemen, this is a football.”
Hall-of-Fame football coach Vince Lombardi famously led his team to victory through repeatedly stressing the basics. Returning to your foundations can yield some pretty powerful benefits in business as well.
Let Webster Bank help you get back to basics and streamline your banking. To learn more, contact your relationship manager or Client Services at 855.274.2800.