Client: One of the nation's fastest growing contract manufacturers of pharmaceutical creams, ointments, and toothpastes.
Due to the untimely and unexpected death of the father, his son stepped into his new role as President and CEO of this company, at just 26 years old. He inherited a prosperous business, and for the first year was afraid to touch a thing. His father’s focus on cost control and his authoritarian leadership style had been just what the company needed to climb out of bankruptcy. Sales were at a plateau, and they were bouncing from one market to another.
Resource Associates implemented a strategic planning process to transform the organization and position the company for breakthrough financial results. They developed strategic objectives for the next five years that included doubling revenues and quintupling profits. After completion of the five year forecast, the Affiliate then helped the client develop a detailed 12 month business plan. In addition, the Affiliate worked with the client to bring new talent onto the senior team and provide coaching as the business evolved.
- The business planning process has made a significant impact by bringing new discipline to decision-making. They now review new projects against other priorities in their plan, which allows staff to maintain focus.
- Managers also have a clearer understanding of the projects their colleagues are pursuing and why, since they were involved in establishing shared business priorities, which has eliminated silo-thinking and dissolved interdepartmental tensions, as well as improved customer service.
- Their focus is now on the company’s resources and major contracts that are aligned with their core competencies.
- The organization is currently making significant investments in equipment, laboratories, regulatory systems, and other aspects of its operations that enable growth and profitability.
- Two long-time employees were coached to develop the precise skills the team needed to succeed.
- In response to a $2 million downturn in sales during the past year, the organization rose to the challenge and exhibited a laser-like focus on cost control. As a result, the company doubled its profits during one of the worst economic downturns in history.
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