Often, I’m asked, “Andrew, how did you manage to salvage a $300 million business so swiftly?” Typically, this question is followed by another one: “Is there a principle or practice we can learn from your experience?” The answer is – yes, there is a lot to learn from this story. This business transformation pivoted around a single, influential concept – culture.
My journey with the $300 million business began when I was handed the reins to a declining travel bag company in the UK. This once flourishing firm, a household name in its prime, was witnessing a 60% year-over-year decline. A lack of focus, managerial neglect, and the absence of investment had all contributed to this decline, rendering the company a wilting entity.
Entrusted with my first significant managerial role, I decided to consult Cole Williamson, my mentor. His advice was profoundly simple yet powerful – it’s all about the people. I took that to heart and decided to involve all the 150 employees in our company in a defining exercise.
The task was to identify what we, as a company, stood for. I started by creating a one-page document consisting of 50 words that could potentially represent our identity and values. This document was then circulated among all staff members across our ten locations, who were asked to choose five words that resonated most with them.
Once everyone returned their responses, I collated the results, identifying the top six most-voted words. This step was followed by a country-wide tour, where I met with every employee, group by group, sometimes one-on-one. We discussed the results, their feedback, and collectively decided on our core values.
In retrospect, this single exercise played a significant role in shaping our business. It not only defined our culture but also influenced our marketing strategies, product focus, and overall business identity. This exercise revealed that we were passionate and skilled at delivering sophisticated, long-haul travel experiences, which consequently became our market differentiator and the focus of our marketing and training efforts.
The benefits were twofold. Firstly, it fostered high levels of engagement among the staff who felt included and heard. Secondly, it aligned everyone’s efforts towards a shared vision and a common goal, thereby optimising our strategies and operations.
When I reflect upon the first year, it’s incredible to see how a declining business with a 60% year-over-year fall started growing and generating profits. More importantly, this turnaround was achieved without substantial capital infusion. All we did was facilitate a dialogue with our employees about who we are and what we stand for.
The lesson from this experience is clear and universally applicable: a company that builds and nurtures a strong culture is a company poised for success. A clear, participative culture creates an engaged team that aligns seamlessly towards a shared vision. In my opinion, such a company has a 90% chance of succeeding.
Whether you are running a startup or an established business, pay attention to your company culture. It might just be the pivot your company needs to revive, grow, and shine. Never underestimate the power of a collective vision and an engaged workforce. They are your company’s lifeblood, and nurturing them can guide you towards incredible success.
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P.S. whenever you're ready, here are 4 ways I can help you get unstuck and moving forward:
1. Want to escape the 80-hour rat race?
Grab a free copy of my book. I wrote it to show you how I built a business that runs without me. So I could get my time, my family, and my life back. → Get your copy here
2. Need more consistent cash coming in?
If you're a solo operator and want to grow fast, our Business Class program helps you double your revenue in 6 months, or you don't pay. → Learn more
3. Already making decent money, but the business still leans on you?
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