Culture and Strategy for Business Resilience
Culture and Strategy for Business Resilience
Peter Drucker said that “Culture eats Strategy for breakfast.” While I agree that a strategy without a strong culture is just a bunch of good ideas, a positive culture without a strategy is just a great place to hang out.
The two are intimately intertwined in great companies.
How Culture and Strategy Work Together
In 2018, I started working with a progressive company that wanted to create a culture of respect and inclusion. They were in the financial services industry, which relies on long-term employees to build strong client relationships. A strong, positive culture that retains employees was critical. From that, they aimed to develop a framework for sales and strategic execution.
They were a sales organization but hadn’t focused much on sales management. They also had annual strategy meetings but didn’t always execute their plans effectively.
Transforming Culture into a Competitive Advantage
Over the next two years, we introduced several concepts that improved both internal and external communication and fostered a higher level of personal responsibility than had previously existed.
One quarter after their 2019 strategy meeting, the CEO stated that they had accomplished more in that quarter than in the previous two years. The team was flourishing, and sales were ahead of plan.
Then COVID hit. I met with the Senior Leadership Team and said, “We have to pivot on the strategy.” Then, I asked the following question:
How Do You Want to Be Remembered When This Is Over?
What do you want people to say about what you did during COVID? Consider the following groups:
- Employees
- Clients
- Suppliers
- The Community at Large
They listed the outcomes they wanted to achieve and then got to work creating specific strategies to produce those outcomes.
Executing a Crisis Strategy with Integrity
Within two weeks, they moved all staff to remote work, purchased the necessary technology, and ensured employees could serve clients seamlessly from home.
They launched a COVID facts newsletter for both clients and employees, arranged for counseling services to support employees, and maintained their community involvement. Additionally, they highlighted the outstanding contributions of essential workers in their area.
Results: A Thriving Business Despite the Crisis
By the end of 2021, the company’s employee and customer retention remained strong. Unlike many of their competitors, who experienced setbacks, they grew revenue during COVID instead of retracting.
The combination of an intentional culture, an intelligent strategy, and great execution ensured that they not only survived but thrived during the pandemic.
Culture and Strategy: Two Sides of the Same Coin
In my opinion, culture and strategy are like the front and back of a hand—you need both to be whole and successful.
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