How Does This Place Make Money? Part Two

In the last post, I illustrated the value of asking the question, “How does this place make money?” But exactly how can you do that without breaking the bank or disrupting normal business function? The strategies I’m going to recommend are remarkably simple and can be accomplished with a smart-phone and a bit of money spent on editing and design. In fact, you probably have employees who would welcome the opportunity to work on projects like these and will bring their creativity and hidden skills to the effort. In no particular order:

Produce a video (or videos) that illustrates how the firm functions – Accounting firms have used this strategy for years to aid in the recruiting of young auditors. A “day in the life of” video helps viewers understand the nuances of the job, the effort involved, the typical decisions made, even the employee’s daily routine. Here’s an example. How can you adapt this idea? It doesn’t require anything more than a smart phone and a bit of creativity.

Commission infographics – These one-page illustrations can summarize company functions and processes in a colorful and entertaining way. An on-line graphic artist would be happy create one for a  hundred bucks. Then give it to everyone. Better still, make a list of the 15 or 20 things every employee should know about the firm. Then commission an infographic for each one.

Host a series of podcasts – On any given day, most people have no idea what the firm’s leadership does and the decisions they make. Why not create a series of thirty-minute podcasts allowing those in senior leadership to explain their roles, how they make decisions, and a bit about how they got to where they are? Employees can listen to them during their commute or even on the job as they work.  As with infographics, the cost for implementation is minimal.

Explain the process and economics of typical projects and functions – Ask functional managers to take a few minutes during staff meetings to breakout the costs and steps involved of the work typically performed by the organization or division. I have been surprised countless times by what people do not know about the functions they depend upon daily. When they know more, they will make suggestions for improvement. Those suggestions can be invaluable.

Promote inter-team collaboration – Give those in functions that interact with each other periodic opportunities to interact with each other socially. Throw periodic pizza parties and the like during lunch time. You don’t need to provide a formal structure. It’s been my experience that the people who have questions and concerns will find each other and discuss what needs to be discussed. The relationships and trust this engenders can be invaluable.

Have people trade jobs for a day – Years ago, there was a British tradition in which the bosses switched positions with the front-liners for the day after Christmas every year. While now a little recognized effort, implementing a modified version of this idea would provide those involved with insights into the challenges and decisions of those with whom they work, not to mention a bit of humor as everyone gains more empathy for other roles.

These are just a few of the ways you can answer the question, “How does this place make money?” If you know of others, pass them along. I’ll include them in a future post. From the person who started last Monday to the twenty-year veteran, everyone benefits from being better informed about the firm for which they work. And so will the firm itself.

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