Most business owner knows that the strength of their team can make or break long-term success, yet day-to-day staff issues can leave you feeling overwhelmed and irritated.
What should you focus on first? How can you create a workplace where your people thrive?
At Munro’s, our seasoned business advisory team in Perth understand that your people are your greatest asset. They take a holistic approach to staff improvement, blending clear, practical strategies with ongoing support to help ensure your team not only meets short-term targets, but, also builds a sustainable, positive culture for the future.
When you’re ready to talk about what we could do for you, please book a meeting or send an enquiry.
People often have a lot of discretion in the way they work and the effort they exert. If their role in achieving your strategy isn’t crystal clear, they aren’t adequately motivated (by more than monetary incentives) and they aren’t held accountable, then business performance can suffer.
Solution
Get structuring right with higher employee standards.
Outcome
Improved staff performance due to clear goals, roles and accountabilities.
video key points
Presented by: Drew Pflaum
video transcript
Why don’t staff “perform”?
It’s not likely because they don’t want to, consciously at least.
It’s more likely because:
It’s probably a combination of these.
So, what are you to do about this?
You need to set out in clear terms how their role contributes to achieving the goals of your strategy.
But, to do this, you need to be crystal clear on what your strategy is.
You should then follow what reputable science shows as two of the key levers for sustained success:
Achieving this will be difficult. By that we mean it’ll require conscious effort and continuous implementation. But the actual building blocks don’t need to get too complicated.
We say keep things as simple as possible, to enable everyone to remain focused and working together to resolve issues for the long-term.
As we’ve mentioned in various places of our website, your people are the source of your competitive advantage. Don’t under-appreciate how influential their discretionary efforts play within the overall success of your business. Rather, commit as all great leaders do, to uplifting your teams understanding, capability and motivation.
Get in touch with us if you want to explore how we can help you, or join the free tier of the Munro’s Business Academy to assist your learning of what can be done.
In that video you just watched, we mentioned some research.
If you’d like the references, simply head on in to the Munro’s Business Academy and you can find them on the Reference page.
Turnover is a particularly expensive problem as many jobs require organisation-specific skills that can take years to cultivate. Scientific evidence shows that both high trust and high purpose increase productivity, reduce job turnover, improve job satisfaction, and make people happier and healthier.
Solution
Develop a high-trust, high purpose culture.
Outcome
Reduced recruitment hassles and costs (average total recruitment costs for professional positions can be nearly one year annual salary).
video key points
Presented by: Drew Pflaum
video transcript
Losing staff has to be one of the biggest costs to many businesses.
We’ve seen reports estimating the average total recruitment costs for professional positions at nearly one year’s annual salary.
The costs of staff turnover aren’t just the advertising, recruiter fee and interview costs. There’s the waste from lost output, both directly from reduced employee counts (at least temporarily) and indirectly due to the hours leaders and managers have to commit to recruitment. Plus there is the additional training costs for the new recruit.
It’s inevitable staff will leave, but how do you extend the productive tenure of staff?
You don’t follow some unsubstantiated “high-performance” framework. Rather, you take advantage of what science has investigated and found to work.
The critical scientific research we’ve read tells us it comes down to building a thriving high trust, high purpose culture.
High trust cultures are motivated to get to the best decisions and have thriving, safe conflicts (or in other words, debates). Furthermore, they have team members who truly work as a team and trust one another to get the requisite work done.
High purpose cultures have team members positively motivated to achieve the big audacious mission – the “purpose” of your business. To help whoever it is your customers are, with whatever painful problem it is your business is driven to resolve for them.
Building a high trust, high purpose culture demands leadership who have set out a clear, motivating strategy. Who live by winning values. Who continuously communicate consistent messaging and overcome the false dichotomy of high standards and being good to people.
So, what is your gut telling you right now? Do you have a thriving high trust, high purpose culture or do these insights perhaps make you feel a bit guilty for falling short?
Don’t feel shame about this. A great many of us have been there. That’s just the journey of business. To learn what is best and continue to get better.
If you want to increase productivity, reduce staff turnover and generally have a happier workforce, don’t feel shame for not being your best now, actually do something about it.
In that video you just watched, we mentioned some research.
If you’d like the references, simply head on in to the Munro’s Business Academy and you can find them on the Reference page.
From time to time employees attend training workshops and seminars to improve business performance. However, besides a training booklet and some scribbled notes, nothing much ever changes, wasting a lot of time and energy.
Solution
Design training to succeed.
Outcome
Training with a positive return on investment and over time a positive force driving your sustainable competitive advantage.
video key points
Presented by: Drew Pflaum
References page.
video transcript
Transcript available on the Improve Programme – Upskilling for Small-Medium Business Owners, Leaders & Rising Stars page.
It’s not uncommon for people to be promoted into management positions without any management training. Some cope, but many take a while to learn things the hard way, whilst some others who were once star performers may never be their best again. Even when there is some management training, it may be sporadic and ineffective.
Solution
Coaching and just-in-time learning.
Outcome
Better leaders.
video key points
Presented By: Drew Pflaum
With Thanks To: Ayman Al-Abdullah
References page.
video transcript
Transcript available on the Business Improvement Workshops, Sprints & Programmes page.
First Session is FREE (incl. GST)
Upskilling Event for Business Leaders
Can every one of your employees succinctly define their role in achieving your strategy and do they execute that with outstanding precision?
Take the spam-free* Staff Performance Diagnostic.
* You’ll receive only two emails, which deliver the results, analysis and recommendations from the diagnostic. You won’t be added to our mailing list unless you explicitly opt-in.
Claims of being a ‘Top 2% ranked Australian Accounting Firm‘ (and similar claims) are based on two separate assessments conducted by Munro’s on 9-10 August 2023 and 1 December 2023. The ranking is derived from a comparison of the total of each accounting firm’s overall star rating multiplied by each firm’s quantity of reviews as shown on Google Maps. A total of 4,235 Australian accounting firms listed on Google Maps were identified for the earlier assessment, and a total of 4,301 for the latter assessment, which may not represent a complete list of Australian accounting firms. Munro’s claims are based on Munro’s best estimation and represent a snapshot collected at the time of each assessment. If the assessment was to be conducted today, then it is likely that Munro’s ranking would have changed – Munro’s may or may not be in the Top 2% today. Also, the methodology does not account for other potentially relevant factors such as quality of service, expertise, or client satisfaction beyond Google Maps reviews.
video key points
Presented by: Drew Pflaum
video transcript
In December 2023, we conducted a review of Australian accounting firms on Google Maps, based on star rating and quantity of reviews.
Out of the 4,301 Australian accounting firms we identified on Google, Munro’s ranked number 44, placing us in the Top 2% of Australian Accounting Firms. We’re thrilled to share this fact with you and share those reviews on our website. We’d also like to thank all our clients who left us those wonderful reviews.
Thank you.
Drew has been exceptional. Very knowledgeable, easy to understand, timely with his responses, he came in to bat for us when we needed someone to do that. Highly, HIGHLY recommend.
Extremely professional, attention to detail and a knowledgeable team. Working with Drew and the team at Munro’s was a pleasure.
Drew Pflaum and Munro’s have been Fantastic with my crypto portfolio and their advise on my taxation requirements regarding this. I am also very impressed with their promptness, expertise and dedication in all my accounting matters. I would recommend their services to anyone who wants a professional and up to date accounting firm.
I used Munro’s for the first time this past year for my tax. My situation was complicated, but this did not phase them. A massive thankyou to the team there including Drew and Christine. Their professionalism was excellent. I cannot flaw their efforts at all. It was a pleasure to deal with them. Thankyou very much Munro’s. See you next year.
Drew and Simon offer an amazing service at Munro’s as professional accountants and I have been using them for over 10 years now. Their customer service is second to none and I always receive prompt and reliable advice. Well done guys, keep up the great work!!
Drew provided great tax advice tailored to our circumstances. His guidance was clear, easy to understand and is expected to save us thousands. Munro’s accountants are fantastic, highly recommend.
I can highly recommend Tony and Michael at Munros – they have done my family affairs for several years now and couldn’t be more happier with the service I receive. The quality and professionalism of the work is second to none.
Congratulations on 50 years of accounting. We transitioned from Wesfarmers to Munros and have been extremely happy with the professional, efficient, courteous and friendly service provided by Barry, Simon, Ted, Christine and Noelene during that time
Looking forward to continuing the association for many years to come
Drew was extremely helpful and professional. Highly recommend!!
Munros are a quality accounting firm. My accountant Rama is very thorough with his work and attention to detail, I would recommend him to anyone who is involved in cryptocurrencies. Keep up the good work guys 🙂
MUNROS what a great team:
Munros have supported 3 generations of the O’Halloran family from Kojonup over the past 50 years. Starting with Donald Munro when he was Wesfarmers client Accountant.
We are very grateful for their ongoing support in all accounting matters. Simon, Christine and their team are always willing to help whenever we need it.
Congratulations on your 50-year celebration. All the best for the future.
Do You Thrive To Learn More About How To Achieve Greater Business Success?
Sign up to our magazine designed specifically for Australian business leaders.
