Which one will be victorious?
Does business culture make a difference as to how successfully a business can survive the pandemic? The research shows that companies with healthy cultures consistently outperform their peers on all important metrics.
These are usually companies where there are high levels of trust and respect, where staff members feel comfortable in challenging the conventional wisdom and ask for feedback.
It therefore stands to reason that companies with healthy cultures would be better positioned to survive the pandemic than companies without healthy cultures, provided everything else is equal.
For companies struggling to survive through the pandemic, this may be an opportunity for you to reset your business culture, tap into the energy and wisdom in your midst, and position the organization at the right scale and in the right place for a post COVID-19 world.
To transform a company from a culture perspective is not an easy task. One of the best ways of doing this is to find an external party that can look at the company through new eyes, challenge the prevailing thinking, and help people see their reality in a new light.
A culture transformation would look at the current and desired states of the following elements:
- An evaluation of the levels of emotional intelligence in the business
- The purpose and values of the business (why it exists)
- What the customer journey looks like
- The processes and systems that support the customer journey
- The alignment of compensation and incentives with the customer journey
A new way forward will then be forged that is in line with what the market wants and be positioned in a way that employees feel valued and energized to bring the best possible version of themselves to work every day.
Should the company be in financial distress during this period, remember that there are legal mechanisms in the Companies Act that can be relied upon to help companies buy some time while they transform themselves for life and business after COVID.
If you are finding yourself in a situation like this and you need somebody to talk to, please WhatsApp Hermann Woithe on 082 418 2828. Hermann runs a coaching and consulting business that helps leaders transform their businesses by challenging their default thinking. Hermann can also set up a video conference with business turnaround specialists to help you discuss your financial situation, if required.