The culture of the management team was turned around by combining group and business development. A Collective Intelligent program transformed the management team into a co-ordinated group with a clear consensus on how the business should be run. The program provided insights and created a shared view on actions needed to turn the company around.
Shifting behaviors and approach within a publicly listed management and IT consulting firm with 300 employees to help turn their fortunes around.
From liquidity crisis to profit and expansion
After the IT bubble of 2000 the company plummeted into a deep crisis. In an attempt to turn fortunes around, a new management team was put in place. A range of measures were implemented including: reduced employee numbers, lower salaries, new organization structure and fewer customers. Although the management team worked hard at improving the situation, cash flow did not improve. The CEO recognised that the performance of the management team was not optimal and they were not acting as role models.
A new approach was needed. The management team ventured out to the Stockholm archipelago and participated in a Collective Intelligence program. The team were revitalised and within three days the ripple effect of change was already reaching employees. The management team were acting as one unit, with purpose and a positive attitude. They began operating on a new and higher level, with better discussions resulting in superior implementation of those decisions.
The message spread that Connecta was back on track, pride grew among employees and top-notch consultants were drawn back. The impact turned around the financials too with an increase in invoicing per consultant and boosted revenues on key accounts. Within three months the company had turned a corner and cash flow improved in line with increased profitability.
In one year, Connecta’s financials went from a loss of 40 MSEK to a profit of 30 MSEK. In the following years, Connecta became the second most profitable consulting company on the Swedish stock market and expanded quickly.