Almost all businesses are built for Profit. However the year 2020 started with a pandemic that changed the economic landscape, probably forever.
While world leaders continues to figure out how to deal with the current global health crisis and its impacts on global economy; from a business perspective, one of the many challenges that business owners face is
“How do I Continue to Grow My Business?”
There are 5 components that business owners need to consider to ensure that their business continues to grow :
Employees across industries are worried about health, financial and job security. It is important that leaders reinforce & demonstrate the organisations commitment towards the health and job security of their employees first. If employees are not preoccupied with these worries, they will have mind-space to focus on the business at hand. Furthermore having alignment across all rungs of the organisation to the new goals of the organisation makes it easier to achieve the business growth agenda.
Hiring can be a tough nut to crack. In any market environment, prudence is always a good thing while hiring. In a market downturn, shuffle existing employees to fill existing business needs (i.e. elevate from within). When external hiring, Hire only for the future (i.e. hire people that can deliver to future growth needs) while retaining existing employees thus ensuring that business growth agenda's are achieved.
Everyone has different strengths. Those that work within they strengths tend to get noticed & promoted faster. In new roles with new responsibilities these star performers may continue to shine or may begin to fail. It is important for business leaders to understand what made those star performer - perform like stars. In their new role, what development do they need to continue to be star performers?. Develop "People Developers" within your organisation - Those that can help guide star performers to remain star performers in their new positions. If you can "Clone the Magic" you can "Clone the Success" and achieve your business growth agenda.
Businesses don’t need employees to reinvent the wheel every-time there is a new project or hire new employees etc. Documenting the process helps employees understand the right way to do things, help prevent micromanagement, help in effective delegation and most importantly reduces errors. Process Rigour helps in achieving your business growth agenda.
TRANSPARENCY & DATA
Data can be irrefutable if understood & presented correctly. Employees need to understand whats working, whats not and how they will benefit from it. Track activities and tasks; hold weekly status review meetings so that people know where the company is and where its going. Help them overcome obstacles or course correct to achieve your businesses growth agenda.
A simple Yes or No answer to the question “Did you reach your goal?”
However one must remember that there are other aspects that impact success apart from financial success. Operational Efficiencies, Market Segmentation, Advertising, Marketing & Sales, Culture, Skills Training, People Development etc
Trigger Worldwide is a Growth Marketing Agency, built specifically for SME’s and Startups to create Sustainable Business Growth. Our proprietary tools and process methodologies harness Technology, Creativity & Innovation, leverage Economic Drivers and Consumer Beliefs to help SME’s achieve their Growth Agenda’s.