Growth is an organic process that needs to happen across the whole business. You can’t just hope to bite off a bigger slice of the market without putting first the work into it. And by work, we mean equipping your business to handle your ambitions. Growth is, after all, a bet you take on your company. While on paper it looks like an investment to reach the next level, the reality is a little different. Every investment is built on hope, namely the hope that your business can sustain growth and increase its revenues. While some might call it expectation or forecast, there is no denying that even data-driven decisions sometimes need to rely on a little luck too. You can, after all, only predict what you know. Most businesses don’t receive sufficient insightful data to define a clear growth trajectory. As a result, planning growth is a delicate balancing act between making the necessary expansion investments and keeping your fingers crossed. However, somewhere in between, there is plenty of room for costly mistakes that can put your growth process at risk. Messing up your recruiting strategy is, by far, one of the most destructive things you can do to your business.
Growing your team is an overwhelming challenge that implies filling positions that didn’t exist previously. As an employer, you need to be very clear about the type of skills and talent you need. However, gaining clarity about roles that you haven’t needed until now can be tricky. Therefore, it’s not uncommon for employers to create unrealistic expectations in their job descriptions. While the desire is to make the role sound important; there’s a thin line between underlying real functions and “accidentally” exaggerating requirements in an effort to make your company appear more professional. Similarly, failing to include essential and unique details about the company processes and niche market can confuse potential candidates and attract the wrong crowd.
So, you’ve read the resumes? That’s only the beginning. You can’t afford to pursue the hiring process without the support of professionals. Indeed, you need to hire a background check company to ensure your potential employees are suitable and trustworthy. The typical background check includes criminal records check, credit history, specific industry accreditations, right to work, and even identity verification. Depending on the type of industry and the level of confidential data your employees are entrusted with, the checks will be more or less detailed. For instance, credit checks may not be relevant to jobs outside of the financial sector.
Hiring the right candidate is detrimental to your growth. But keeping your employees once you’ve hired them is a lot more critical. Unfortunately, employee retention can be challenging, especially for companies that are growing rapidly. The best employee retention strategies require time and effort, which may not be manageable when you’re trying to run an expanding business. Ideally, you want your employees to feel appreciated from Day One, which means that you have to make your priority to plan their arrival and integrate them into your team smoothly. Employers can’t afford to neglect job satisfaction; running regular surveys in-house can highlight potential issues that affect your staff happiness and motivation. Making your business a great workplace is a promise you make every employee.
Everybody grows. Your employees are keen to embrace their personal development journey and learn new skills with you. Additionally, they also hope to discuss areas of improvement, both within the company and with their work. Supporting personal growth is detrimental to your expansion. While it might seem like a waste of time, your one-to-one meetings play a crucial role in maintaining your success. It’s about making time for each employee and helping them to become the best they can be. Falling behind on your one-to-one meetings affect your relationship with your team.
You might have hired someone for a specific position, but as the company grows, you realize to need a new palette of skills. Ultimately, your employees understand they need to adapt to new demands. However, they are not ready for an unplanned role change. It is not unfair for your staff to move them into new functions – more importantly, functions they didn’t apply for – without addressing the issue with them first. Similarly, you can’t pile up new duties to their list of existing responsibilities without considering what the new role means, both in terms of training and pay rise.
Finding the best talents for your company is the easiest part of the recruiting process. Keeping your employees, ensuring they can grow with your business and deliver the best performance day after day is the biggest challenge you’ll ever face. Learning to put people’s interests first can help you to maintain your growth strategy and aim for success.
Any time a business launches a product or a service, it’s a big moment in its history. However, it’s really a celebration that should be had and focussed on before the official launch occurs. Why do this? Many people have worked hard on developing it and making it what it is. They have worked long hours, late nights and done it all over again the next morning. On top of this, you want to make it even for your clients. Imagine the people who have given you money, have partnered with you, get an exclusive look at the product or service before it’s launched. That would be one of the best ways to say thank you to those people and entities. But how best to go about it? If it’s too big and lavish, it will feel overdone. If it’s too small, it won’t be worth having. The key is to invite exclusive guests, rely on your handling of those people and making it worthwhile.
As you’re creating the product or service, you should film the process of its development. These behind the scenes takes, can then be spliced together to make a short presented journey. You’ll require a professional editing company to make it look great. But in the end, it will be worth it. The guests at your event will get to come along on a ride that allows you to give them the experience of watching something come to life. Your employees will also be in the limelight, giving them a chance to be recognized by all those who attend. You may also wish to present the video as part of your introduction to the event. It could help your guests to understand where your vision comes from and where you want to take the business in the future.
The event should be worth going to. Many of your partners are businessmen and women, and investors. They go to a lot of parties, not all of the product launches. So, in order to make it worth their while, you should provide them with custom gift boxes that have any kind of gift you want inside. It might be one of the first products off the manufacturing line. It would be awesome to be given the first of something, but it would be amazing to be given the first of your product; particularly if it’s groundbreaking. Who wouldn’t want to get one of the first ever Apple iPhones? It’s vital that your personalized gifts somehow. You may want to write a handwritten letter to the person and wrap it with their gift.
Anybody that’s somebody wants to go to an event venue in the city. So if you’re in the UK, hold the event in London. Even if you’re not based there, it’s a big night and it should be held in a big city. If you’re in America, launch the party in New York.
For any product launch party to be worth going to, you must give each guest a personalized gift and a good presentation for why they’re there.
You might not know it, but the model photography on your Amazon listing is more important than you think.This could make or break your sales. Continue reading
When you’ve been working away on your startup it’s inevitable that it’s going to take time to get off the ground. It takes timeto start making you the money you deserve, that reflects the hours and the effort you’re pouring in. So how to grow business online and make it profitable? 3 Small Business Tips to do just that.
Well, now it’s time to look at exactly how you can start making your business a more profitable one and open up those profit margins.
Let’s take a look at three small business tips to start making you more money.
This is where the profits are won or lost. You may get plenty of inquiries but if you’re consistently failing to convert them into physical sales, you lose. In that case, you need to start asking yourself what it is that’s going wrong.
The best thing you can do is to start from the basics when it comes to sales, whether that’s just you on the phones or whether you have a whole team working with you.
When was the last time you had any training in modern sales techniques? Could it be that you’re using techniques that are out of date and ineffective in today’s modern customer-led focus on business?
Find a training course from a reputable training company that hones in on improving your techniques and see your profit margin soar.
Chances are, your customers are happy with the product or service they receive from you. Chances are they’re happy to refer you to another potential customer. So why not harness that goodwill for your own advantage?
The best way you can go about this is by using actual testimonials from customers to great effect. Have them on your website, not just written versions but video too if you can find customers who are willing to go that far.
If you send out an email newsletter make sure to include these testimonials and send the message straight to your potential customer. You might also think about introducing a referral reward scheme among existing customers.
Whether you sell cars or sell copywriting services you need to be able to increase your customer rates to make more money. Clearly you’ll need to be able to back up your offer. So if you need to employ more staff, install better tech or better fleet management systems, then make that investment.
In the meantime, focus on increasing the number of customers you talk to, the number of pitches you make, the number of sales emails you send out. Whatever it is you have to do to talk and sell to your customers, do more of it. Set yourself realistic goals and objectives, by gradually increasing volumes but make a plan and aim to complete it.
You’re looking to increase your profits and that involves hard work. You’re already putting in the hours, so now is the time to focus on actions that are going to make your business work even better. Then you can finally bring in the kind of profits that you know your business is capable of.
Employee retention is a big problem for many companies. When you hire a new employee or member of staff you put in a great deal of time, effort, and money. Then, after you have spent out on getting your new hire up to the standard that your industry requires of them, they leave. That means another company gets the benefit of the development that you have invested in.
Losing staff is an expensive business and if you are perpetually haemorrhaging team members for one reason or another. You need to find a way to retain the staff that you have brought in. You need employee retention strategies.
When it comes to employee retention, first impressions are worth their weight in gold. The day that an employee joins your company is the most important in their career with you. This is the day that you get to create a lasting impression.
Many companies will assume an arrogant position when it comes to bringing in new employees. They are the company and the employee is just another cog in their machine. This is problematic, and you need your new employee more than you are giving them credit for.
Show your appreciation for your new staff members by making them feel welcome and part of the team immediately. Show them that you care about the contributions that they will be making. You can do this by providing them with a smooth and thorough onboarding process. Inductions take a lot of planning and effort, and you can help to manage this using software such as ELMO onboarding.
People like to stay in a job role that provides security and the long term prospects of progression. If a staff member can see where their career will be heading if they stay with your company, they will be more inclined to stay with you instead of trying their chances elsewhere.
Pay your staff a reasonable rate. Living costs can often skyrocket and leave wages behind, and if you are not reviewing salaries inline with the cost of living, then you will lose staff members who cannot afford to live with you. Remember, the cost of attrition and lost revenue due to staff leaving can be quite high. You can, therefore, afford to invest more money in retaining staff. When it comes to setting staff wages, you will often need to look at the wider picture and not just consider short term profits. Remember that paying a little more upfront for employee retention is WAY cheaper than a high employee churn rate.
Create a positive workplace where the achievements of your team are celebrated. Having upbeat managers who look for the good in their team members will incentivize your staff to push harder and achieve for a company where they feel accepted and valued.
Where development is needed, use constructive feedback delivered in a positive way. Offer support and really spend time in developing your team members rather than putting all of their training needs squarely at their feet. In the long term, all of these things will help to ensure you have well-trained staff who will stay with you for many years to come.