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After 18 months failing to achieve financial commitments, implementation of new business model delivered sustainable future profits.
Business Context:
The Unit failed to deliver commitments in 18 months, generating a loss for 6 consecutive months
Autocratic management style discouraging cross functional information sharing.
Profit management perceived as a finance issue.
Communication from Corporate Head Office channelled through Unit Head.
Employees felt little ownership for the business and morale was low.
Project brief was to return the business to profit within 6 months and review the business structure to ensure sustainable future profit.
Results:
Business unit returned to sustained profit within 2 months
Entered strategic alliance with major player in market:
Significant upfront payment generated in addition to royalty fees at a level guaranteed to achieve the required profit for 5 years.
62% of employees moved to roles with strategic alliance partner and remainder left the organisation believing that they had been fairly treated.
Approach Adopted:
Employee involvement:
Involvement of functional heads in information sharing to provide a full picture of the value chain
Mentoring functional heads to undertake market, environment and competitor analysis
Coaching functional heads and key employees to understand commercial realities and identify options to improve profitability for short and long-term.
Working with team to develop recommendation on appropriate future business model, impact and risk assessment and implementation plan
Creating a vision, sharing the strategic options with all employees and creating a professional pride in how they handled the process
Ensuring provision of support to employees through difficult, ambiguous times.
Honest and regular feedback to employees on progress and celebrating milestones.
Stakeholder management:
Sharing of vision and plans with stakeholders and providing regular feedback on progress.
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