From Zero To AED 420Mn In Five Years
All businesses have ambitions for growth, though not all are successful. A significant contributor to success is an effective strategy and business plan. Get these right, and the fledgling business is well on its way to success.
Our Client was a successful ancillary to the growing Construction business in the Middle East. They manufactured a product widely used in commercial and residential construction projects and catered to a fast-growing demand. To generate sales, the Client had dedicated teams to install and demonstrate the product as the means to convincing prospective buyers of their quality advantage over competitive offerings. Given their equity among those involved in construction, our Client decided to become part of the industry itself and needed a Business Transformation Consultant partner to plan and arm the organisation for a successful entry.
We worked with each of the business and functional teams, including the Human Resources Team, to map the existing competencies and therefore arrive at the gaps basis which a plan was developed to recruit team members with relevant expertise and experience. Our Strategy Consultants worked closely with the core multi-disciplinary team that had been put together to plan the transition into a construction company and conducted a strategy workshop to agree on the short, medium, and long-term goals and the milestones leading to the transformation. Basis the agreed strategy, business teams were tasked with delivering operational and function specific plans and setting achievement benchmarks on an annual basis. We identified the constituent members of the HR function and on-boarded them over a period of two quarters post which we handed over the functioning. In the interim, we collaborated with the HR team to build the Human Resources manuals and designed the KPIs and performance measurement processes that would be backed by an agile compensation and incentives structure and create a productive and efficient work ethic.
As per the agreed business transformation strategy, the Business Planning process was initiated with each function involved in crafting the Annual Business Plan with clear objectives, targets, and timelines. The defined performance score card for each function with clear linkage to the overall organizational strategy and objectives was designed and implemented in partnership with the teams. A comprehensive HR Policy Manual was prepared and signed off with the team and rolled out over a period of 3 months - It became part of the induction kit for new employees. The performance management system allowed employees to get transparent feedback, to identify performance improvement opportunities and decide commensurate and fair rewards. We developed and calendarized employee engagement programs to ensure that the culture of the organisation was widely understood and adopted. The annual Employee Satisfaction surveys administered for both for blue and white collared employees saw the overall score improve from 62% to 76% in the first two years itself. The company received the ‘Taqdeer 5 Star Award’ for ‘Best Labour Practices’, from the Ministry Of Happiness, Dubai. The business growth from AED 45 Mn to AED 420Mn in the first five years of operations in the biggest testament to the efficacy of the business transformation initiative.
- Emerging Corporates; Family Owned Groups
- Growth & Transformation; Human Capital Solutions; Strategy Formulation
- M K Moorthi