Growth & Jobs | Realigning your business in a challenging economy

A COMPANY’S ability to respond to the economic environment directly impacts its short-term and long-term success. Corporate executives direct the strategic approach to business alignment to reduce or, in some cases, eliminate inefficiencies, improve communication, maximise effectiveness and strengthen their business’ sustainability.

Thalia Lyn, founder and deputy chairman at Island Grill, explained how her company strategically realigned their business goals and operations to stay afloat during one of the harshest financial challenges of the 21st century, the coronavirus pandemic.

According to Lyn, Island Grill shuttered 43 per cent of the time as they manoeuvred the effects of the pandemic. They quickly adapted to the ever-changing health crisis and decided to realign their goals and focus on keeping their staff and customers safe while keeping the doors of Island Grill open and profitable.

“Throughout the crisis, our core management team became skilled at keeping their fingers on the pulse of our business, as well as project management. So, coming out of COVID-19, we were well versed in realignment, since we were constantly pivoting. We were on the ground with our people, reassuring them not to succumb to fear. Having experienced continual minute-by-minute price increases and supply chain disruptions, to ‘wheel and come again’ became ingrained in our culture,” Lyn said.

Organisations that embrace continuous realignment are not only more efficient in just about every way, but they also have the potential to quickly eliminate business processes that no longer support their long-term goals and focus on the most critical initiatives that drive success. According to Lyn, every business needs to conduct an annual assessment to determine the realignment needs of their organisations.

“Are you sticking to your strategy? If you are doing well, focus on what you can do better. If you are missing your targets, what do you need to change or reorganise? Businesses need to refresh or realign annually, just like a motor vehicle. Measure every month to ensure your company has not lost sight of your all-important values and culture, vision and mission; and, if you have, it is time to realign,” Lyn said.

She indicated that, when all the business areas pull in the same direction, it can create a powerful force that helps companies achieve their goals.

“You have to identify what needs fixing, what is going wrong, or you won’t find a solution. Listen to your staff, and listen to your customers. Ideate with them and keep layering until a purposeful solution is reached. Then, act with alacrity, hurry up!” she said.

Are you working hard but not seeing the growth or success you anticipated? This could be a sign that something is off balance in your business. Maybe your strategy needs tweaking, or your team is not working as efficiently as possible. Without proper alignment, progress is difficult.

“Good leadership ensures that cascading information to all levels of staff is continuous. Communication is paramount. It is mandatory that a scorecard with defined targets is maintained, so that progress or the lack thereof is measured. Most people do not like change, so set timelines to measure progress and achieve those goals. There must be accountability, reward, and recognition for success, and intentional coaching and remedial action for improvements must be in sync with the scorecard,” Lyn said.

If your team is unhappy, unmotivated or uninspired, this could be another sign that realignment is needed. A lack of direction can lead to a lack of enthusiasm and productivity in the workplace.

“Businesses differ, so specific ‘realignment’ measures would apply to divergent industries. In general, be cognisant of the business environment and always reorganise your business to capitalise on changes and refresh your strategic goals,” Lyn said.

“Listen to your people, regardless of whether they are whining or intemperate. They interact with your customers; don’t rubbish their ideas; encourage them to ideate with you. Trends change, and their ears are on the ground. Implement the realignment of your business to meet those trends. Keep refreshing your culture to ensure it does not ever get toxic. Never fear change,” Lyn continued.

Lyn praised her team for their openness to change and the success Island Grill has reaped from continuous realignment. “I am incredibly proud of the responsiveness of our team during and post-COVID-19. They remained purpose-driven and focused. Continuous realignment is now a necessity, based on the dynamic business environment,” she added.

Lyn will address attendees at the Realign Business Conference on July 23 at the AC Hotel Kingston, on the topic ‘Overcoming the Barriers to Building a Successful Business’. Interested persons can register to attend at www.entreppartners.com.