Hey, welcome back to the Mindy Paol Show! How are you all doing? Lets take a look at How to Build a Great Company Culture. Are you rocking things up in your business? Are you making things happen? Are you going after your goals like your life depends on it?
The Importance of How to Build a Great Company Culture
Today’s topic is really interesting. I’ve been learning a lot about this over the last few years, particularly about growing a business. It’s really important. Have you ever had a guest that turns up and never leaves? They overstay their welcome, right?
Speaking with literally hundreds of business owners over the past few years, I’ve learned that when it comes to scaling your business and growing your business—not just when you’re a solopreneur, but when you actually have a team working with you, like two or more employees—company culture is something really important to take into consideration.
Understanding Company Culture
Think about the culture of your company. Company culture is crucial because when you have people in your organization, you want to work with people who are fun, energetic, and enthusiastic. Often, people get stuck with inherited staff, sometimes from the person they bought the business from. Or, they employ a member of staff and five years later, the member is still there. Initially, they are bubbly and enthusiastic, but over time, their performance starts to decline. They become lazy and comfortable because they have their feet under the table, and that enthusiasm seems to disappear.
Setting Standards and Expectations
If I’m paying someone to do something, I expect them to do it. That’s why I pay people good money. So why do some people have members of staff who run them? They feel like they can’t tell the staff to do something. That’s no way to run a business.
Assessing Your Current Company Culture
What is the culture like in your business right now? Do you have a culture? Are you strict and professional all the time? Being professional is important, but are you yourself with your team and your customers? I am myself, but I’ve got standards.
Exercise: Define Your Company Culture
I want you to identify the company culture you have. Do you even know what that means? Company culture is about the type of people you have and how you work.
Example from Innocent Drinks
I remember watching a program, “How We Made Our Millions,” with Peter Jones from Dragons’ Den. He did a documentary with a guy from Innocent Drinks, which was bought out by Coca-Cola. Their office was laid-back with a pool table, kitchen, beers, dartboards, and more. People even came to work in their dressing gowns. It was fun, but they were performing.
Creating the Right Company Culture
I want to develop a company culture with people who are fun, hungry, self-led, disciplined, and driven. I don’t want to be surrounded by boring people, complainers, or deadbeats because it’s not good for me, them, or the team. You know that one bad apple can corrupt everybody else.
Reflecting on Your Business
Get a pen and paper and write down what your company culture is. If an outsider walked into your premises or Zoom meetings, would they want to be part of your brand? Your brand is an extension of you. I want my brand to be fun, inspirational, fast, and driven.
Crafting a Vision for Your Company
Do you have a vision for your company? I did a podcast about crafting that vision. Write down your current company culture and how you would love it to be. For me, I want talented, creative, self-led, highly disciplined, and motivated people.
Incentivizing Your Team
What incentives are you giving your team apart from their salary? Money shouldn’t be the only incentive. What kind of environment do you want to create where people are excited to come to work?
Making Work Fun
Think about creating an environment where people can’t wait to get to work. Make your organization fun. It doesn’t always need to be serious. As long as things get done, I’m up for having a laugh.
Hiring and Firing
When hiring, don’t just hire for experience. Look for enthusiasm and personality. Sometimes you need fresh blood, someone who can learn quickly and bring new ideas. Don’t be afraid to fire people who are no longer a good fit.
Leadership and Open-Mindedness
As a leader, you need to be comfortable reprimanding and guiding your team. If you feel awkward, you need to address that. Be open-minded and encourage your team to share ideas. A closed mind is an expensive mind.
Conclusion
Create a culture of hungry, driven people who want to make things happen. Avoid keeping deadbeats who have outstayed their welcome. Hire and fire fast to maintain a dynamic and motivated team. Don’t be afraid to lead and mold your team to fit your vision. Your company culture is vital to your business’s success.