In this episode of the Wealthy Consultant podcast, Mike Walker talks about the importance of building a strong company culture. He explains that culture is the personality of an organization, and the way it operates, and that a strong culture is imperative for keeping a business operating in a cohesive way. He highlights the risks of not having a good company culture in place, which include a lack of identity and purpose among team members, low buy-in, and high turnover. He also explains that a clearly defined culture can attract higher quality people, reduce turnover, and ultimately lead to better performance in the market.
Mike emphasizes that a company's culture and mission statement are like a lighthouse that guides it through the storms of adversity that inevitably come with doing business. He encourages business owners to put a strong culture in place before they need it, and to see culture and mission statement as crucial elements for success. Ultimately, building a strong company culture is a simple but important step towards running an effective and successful business.
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OVERVIEW:
(1:07) Importance of Having Strong Culture
(2:01) What is Company Culture
(2:43) Consequences of Weak Culture
(6:01) Core Fundamentals
(9:23) How to Lead
(13:10) Examples of Cultural Values
