April 26, 2022
When you think about profit growth at your company, you’re probably seeing images of dollar signs, profit charts, and green arrows pointing at the sky. Admit it – dreams like this put a smile on your face even at the slowest of times. After all, a brand’s biggest source of revenue starts with sales, right?
Well, not always.
Revenue growth definitely has strong ties to sales volume and order frequency, but it’s not the only thing that can impact your bottom line. The happiness, engagement, and motivation of your employees might matter a lot more than you might think. And we have proof!
In a recent study comparing more than 1,000 of the world’s biggest brands, company culture was tied to better revenue and better talent. When we say ‘better,’ we mean 15% higher profits over the course of three years. We don’t care who you are or what you sell; that’s an amazing ROI!
If you’re serious about taking revenue growth to the next level, you’ll have to get serious about company culture first. This tangible amalgamation of values, beliefs, and motivations will fundamentally impact your company’s position in the marketplace, and create trust, productivity, and engagement that spills into every element of your brand. You’ll start seeing those green arrows in no time!
So why wait? Let’s explore the details of building company culture for revenue growth.
Before we chat about workplace culture, let’s first talk about what it isn’t. There are a lot of misconceptions about what to expect from the term ‘culture,’ and if you’ve had the misfortune of being fed lies from outdated management practices, we’re about to change the record — big time.
Workplace culture is NOT:
In contrast, workplace culture IS:
Workplace culture can be understood just by interacting with a company. The way employees behave, interact, and work speaks volumes about what they believe, what they champion, and what they value. When your workplace culture is strong, your workforce will be too. It’s that simple!
You can probably identify a few brands right now that embody an amazing company culture. HubSpot, Microsoft, and OpenPhone are just a few that come to mind. Of course, you can also probably think of a few that failed to measure up (Activision Blizzard, anyone?). And as you’ll see, a strong company culture makes a world of difference on profits, revenue, and the bottom line.
There is an unbelievable amount of evidence pointing toward the revenue benefits of company culture.
At the end of the day, focusing on your workplace culture is guaranteed to lead to revenue results. But where should you focus first?
Research shows that there are four major elements that create profitable corporate cultures: a well-defined mission, establishing core workplace values, leadership focused on employees, and overall consistency.
What does your company actually want to achieve? What do you believe in, and what should your employees believe in as well? If you’re not sure where to get started, try listening to your employee’s passions in a pulse survey.
Ask yourself: how can I connect employees to the company’s mission? This may take tangible and intangible forms. Consider providing PTO for outside volunteer labor, or establishing a digital communications platform to share wins and ideas.
The leaders in your business should embody workplace culture as role models, teachers and peers. Create detailed documents and provide learning opportunities that help managers lead in confidence, one step at a time.
Once you start working on your company culture, you can’t just stop in the middle! Stay consistent with what you offer, and recognize growth patterns and potential within your business.
You don’t need fancy tools or swanky gear to upgrade your company culture, but you do need a partner that has your interests in mind. And with a workplace culture you can read through the screen, why not give Motivosity a try? We’ve spent almost a decade creating employee engagement software that implements culture in a whole new way — and without a shred of inauthentic jargon.
Join us on a journey of growth in just a few simple taps. Get a free demo today to start nurturing your workplace culture as soon as possible.