Case – Delivering change in professional services
This mid-sized firm has a strong reputation in its chosen markets. However, economic conditions had severely affected performance in one department whose results were under scrutiny; they needed to increase revenue by 20% and profitability by 8 percentage points. Profitability following a strategic review 2 years previously had been lower than expected despite major cost-cutting.
The Head of Department wanted to drive the strategic changes agreed by his team 3 months earlier and prepare his colleagues for change. Without this they would not attract the investment funding needed to expand into hopefully more fruitful areas.
We interviewed all 11 executive members of the departmental team to understand how they saw the future and what might stand in the way of achieving the desired results. After presenting an analysis of this first phase, we ran a series of discreet workshops for the senior team, aimed at gaining buy-in, confronting the issues and helping them see what they needed to do to progress.
The team made incremental changes both internally and in terms of their market activity as a result of the initiative; revenues are holding though profitability has still to pick up. They are now going through a more radical phase of the change and the general feeling is that without the initiative they would have been less ready to face the change and uncertainties.