Changing shape and font colour based on text

Hello people!

I have some shapes with text linked to certain cells. When the cell value is "R", I want the shape colour and the text inside the shape colour to be red. The same with B for blue and G for green. I have attached an example. I need a script that runs through the shapes in the sheet and changes the shape and font colour accordingly. I have tried a few times, but couldn't come up with a solution.

When I try to Dim Shp As Shape, I get an error at the For Each Shp in Sheets("...").Shapes . It seems that no shape is found.

Can anyone help me with a solution?

Thank you
!