Growing your company is the natural next step as it becomes successful. Growth, however, is not a straightforward process and requires a great deal of planning.
One aspect to consider is how to manage your employees through this transition. Your employees are the backbone of your company so keeping them onside is key.
Strategic planning for growth
Before you begin to grow you must set aside time to properly plan. Growing and expanding without a plan can lead to unsustainable growth, which will lead to issues down the line.
Outsourcing some of your administrative or financial responsibilities can allow you to focus on the bigger picture and help boost resources in other areas. Employing the accounting services of a trustworthy firm will give you peace of mind that your payroll, taxes and bills are all getting dealt with appropriately, and more conveniently, while you are busy with other pressing tasks.
Building a strong company culture
When people are looking for a new job, wage alone is not enough to retain top talent. Many people want a strong company culture.
One of the most important things when creating a good office culture is trust. Micromanaging is a huge put-off for employees as they do not feel trusted to get on with their own work or manage their own time.
Giving feedback is also important. Whilst constructive criticism is great for improvement, affirmative praise is helpful too. One-on-one meetings with employees should work two ways, so they should be able to discuss any issues or thoughts with you too. This will allow the company to grow organically with multiple voices being heard.
Hiring and recruitment
Once you have created a strong company culture, hiring the right candidate becomes even more valuable. You will want someone who aligns with the goals and values of your company. These individuals will bolster your growth whereas the wrong hire could inhibit it.
Keep your hiring process as streamlined as possible. Dragging it out with multiple interviews and meetings can be seen as a waste of time for both the business and the candidates.
Whilst qualifications are a great indicator of someone’s talent, you may want to consider experience as being as valuable. For example, someone who is fresh out of university does have the relevant degree, but someone who has been in the industry for 20 years will have practical, real-world experience that is priceless.
Employee development and retention
Investing time and effort into your employees can only benefit them and the business. By developing and expanding their skills, you will be able to expand your business into new areas by already having skilled staff on the payroll.
Growth doesn’t just mean new skills – it also means upward mobility. As your business grows it is likely that new positions will be created. By keeping your existing staff as part of the hiring consideration, they will see that hard work and perseverance will be rewarded.
