Challenging Your Senior Teams - Using TSG Senior Team Development ProcessesThe Challenge for the Company
A professional services firm had been experiencing steady growth over a number of years. Each of the partners enjoyed considerable personal financial success. But, with changes in the firm's industry and new competition, the growth and profit picture was beginning to show its first signs of shakiness.
The managing partner of the firm met with TSG to discuss this situation. The firm was baffled over how years of success were coming to a seeming screeching halt. The partnership was seeking counsel to turn the situation around.
To begin, it was important to obtain an objective picture of the current situation, so a TSG Senior Team Assessment was conducted. This showed that the partners were operating in their own "silos" - running their own parts of the practice, but not creating any synergy, practice-wide. This lack of cooperation hindered the firm from working at its potential capacity - it was more like a group sharing space than a team executing against a plan, so resources were being wasted and the firm was beginning to show signs of slow/no growth.
Next, the firm engaged in a TSG Senior Team Development process. The TSG Senior Team Assessment was reviewed at a partner retreat. In several one day sessions, views were aired, concerns were addressed and an action plan going forward was created, including restructuring the leadership of the firm as reflected in a revised organizational chart. Ongoing meetings created a new chain of command, heightened individual accountability and increased ability to execute as a team. And, the partnership also created a more incentivizing compensation plan that rewarded individuals while also clearly benefiting the firm.
The TSG Senior Team Development process provided the following ROI:
1. the partnership group realigned itself from individual to firm-wide goals - a new culture, allowing the firm to begin addressing strategic initiatives which would make the partner group and firm more successful - the firm was now positioned to increase its productivity and efficiency, which would reestablish its growth path
2. the newly found teamwork skills and willingness to work as a team gave the partner group improved ability to execute more effectively for their clients based upon improved work process infrastructure
3. the realignment of firm leadership lead to the implementation of the firm's succession plan - positioning the firm for decades more of success