Growing into Your Small Business
The leadership agenda is constantly changing. Once a business achieves a level of growth, how do leaders ensure that their businsess can keep up with this growth? Formulating a long-term plan helps business owners find their footing as their companies start to take off:
Prepare the Workforce
One of the most important keys to your business’ success is to train your workforce to compete and to deliver value. If your employees are ready to handle the growth when your company starts to expand, you can delegate tasks to them as your role starts to change. In order to prpeare your workforce, you must hire competent people who have the ability to grow as your company grows. If you give them the right tools, they will be able to grow with you and help you survive past the fifth year that claims about 80% of small businesses.
Embrace Your Audience
Finding your focus is another key to growth and that starts with deciding on your audience. Figure out who you want to target and embrace them throughout every stage of the business. Embracing your audience is one of the best ways to figure out what your customers need so you can implement those needs into your business model.
Attract and Retain the Free-Agent Worker
If your company has grown faster than you thought it would, you might not have enough people to handle all of the new demands of your business. Taking on free-agent workers can help you survive this transition until you feel more comfortable hiring more people and training them to work on their own.
Bring Innovation to the Development of People
While innovation is a large part of the foundation of a small business, owners must figure out how to use it correctly to ensure and to account for growth. Coming up with an idea is not enough to take advantage of it. Work with your team to create new ideas and use your own entrepreneurial skills to put them into motion.