Revenue-focused goal-setting is only one piece of the puzzle to successful company growth. Companies should set goals to improve and maintain company culture as well.
Much like humans and other living organisms, companies need to adapt, change, grow, learn and improve or they will die. Growth is a natural evolution in the pursuit of excellence and what propels leaders forward. But in this pursuit, it is easy to lose sight of the most important indicator of the company’s health: its culture. Good leaders maintain a focus on their organization’s internal health and make smart decisions that push the company forward without compromising its core values. Setting goals to improve and maintain company culture is just as important as revenue-focused goal-setting. Each opportunity for growth in one area should be measured by whether it will foster growth in the other.
What determines intentional growth
People often mistake growth as simply an engine to increase profit. Although that can be a byproduct and ultimately should be if done well, growth is really about the people who experience it. Thoughtful growth forces leaders to keep their core principles at the forefront — disaster lies in wait for those who grow haphazardly or at a pace that exceeds capabilities. It is essential to grow not solely for the sake of growth but because it is what the company needs and is relevant to the overall health and success of the organization.
The most growth will occur where the biggest focus is. By prioritizing culture, that sector will flourish. Focusing only on numbers will surely lead to growth, but the culture may get left behind. Finding a way to center both and, ideally, making sure that they inform each other, is the best way to ensure the company can grow at a healthy pace while maintaining its integrity. Establishing a clear mission that outlines the company’s goals and expectations makes it easy to see which opportunities fit by using those principles as a measuring stick. It is easy to get excited about the prospect of making a deal, whether it’s a platform deal or a new hotel contract, but displaying restraint when approached with the wrong opportunities is mandatory.
Building an associate-forward culture
To build a strong company culture, leaders first have to look within. Knowing what to focus on can be discovered only through open communication and input from the employees most affected by the company culture. If the goal is to provide associates with the opportunity to thrive, the first step is understanding what thriving looks like to them.
As companies grow, it is easy for them to implement policies to keep up with their expansion first and then address whether they are helpful or relevant afterward. With this approach, companies can lose sight of what encouraged and made growth possible in the first place: strong and dedicated employees. It is more efficient to start by considering the impact or benefit of every decision at the associate level, which will clearly indicate whether it is right. This often means challenging the status quo and getting creative to do what is best, not simply mirroring what other companies are doing.
Setting goals to improve and maintain company culture is just as important as revenue-focused goal-setting.”
Chris Green
Crafting a strong culture to build off is not easy and requires resolute and unwavering integrity. To best lead by example and stay true to the promises made by executives, there can’t even be an inch of space between the claims they make and how they are presented in the organization. Saying that the company invests in its associates means that every decision must be made with them in mind, with the central focus of making that claim true at every level. This builds a strong foundation of trust and creates a genuinely healthy culture that attracts the best talent the industry has to offer.
A group of aspen trees is an excellent metaphor for the strength of a company and how others perceive it. They are joined by the roots that lie beneath the soil and as a result, the beautiful trees flourish above. A company should be recognized for its strength and growth due to its thriving culture that occurs behind the scenes. This is why establishing strong core values and always referring back to them when faced with opportunities for growth ensures that all new ventures are intentional and right for the whole of the company.
Chris Green
is president of Remington Hotels. The views and opinions expressed in this
column do not necessarily reflect the opinions of Hotel Investment Today or
Northstar Travel Group and its affiliated companies.