Novice business owners often assume they are ready for the corporate world and can take on any challenge that comes their way. Some end up learning the hard way that things are not as simple as they think.
All businesses need three main components to thrive: resources, talent and a strong business plan. All it takes is one area to fall short and you might find yourself in that percentage. If only there was a fairy godmother of business who could guide you through your journey and save you in times of need. But alas, not in this lifetime.
Fortunately, with the correct strategy, you can take the necessary measures to ensure that your business grows and succeeds long term.
- Find the Right Talent
This may seem like a no-brainer but you’d be surprised how many times a company hires someone who is not suitable for the role. The issue isn’t always with skills, as you can easily gauge that by looking at the candidate’s experience. In most cases, it’s a culture fit. The employee may not have some of those key traits you are looking for in the role.
Renowned entrepreneurs like Dave Fox, the founder and CEO of growing recruitment firm Focus Global Talent Solutions, recommends being very transparent with candidates about what you’re looking for and what your company values are. Too often, companies try to sell an image of their company that isn’t reflective of the actual environment. Then, when the candidate starts, their expectations aren’t met and the employer may reconsider the hire. So, it turns out to be a lose-lose situation.
Be upfront with candidates and lay out your expectations. From there, ask questions that will allow you to assess how well the candidate would integrate with the team.
- Have a Diverse Team
Diversity is a must-have in any company. When you hire candidates with similar backgrounds, experiences and ethnic backgrounds, you essentially limit how far your company can go. Think of it this way: If your company only reflects one type of person, how will you reach an audience that goes beyond that demographic?
Having a diverse team promotes new perspectives and makes your business prime for growth. But don’t take our word for it, look at the data. In 2018, Forbes reported that companies with diverse team members had 19 percent more revenue than non-diverse companies. The reason why? Innovation – research shows that the more diverse a team is, the more innovative it is.
- Recognize Employee Burnout
Here are the facts: Employee burnout is a reflection of the company, not the employee. While it’s easy to blame employees for poor time management or lack of focus, employers are responsible for providing the tools for success.
Typically, burnout happens when employees are overloaded with work and have very little room to be creative and/or rest. Another common reason is having too many meetings. Now, employers probably won’t like this one but before you send that fifth calendar invite of the day, ask yourself these two questions first:
- Is there a better way to communicate this information?
- Will this meeting lead to results or only more meetings?
Once you recognize that your employees are feeling burned out – absenteeism, poor performance, disengagement – review your processes. See what areas can be streamlined, as that can have a huge impact on employee productivity.
Also, give out rewards. Employees who feel valued are more satisfied at work and thus, tend to perform well. But, you can read more about that in the next section.
- Incentivize Your Employees
Wondering why your employees are feeling unmotivated? Well, it’s not them, it’s you. When employees struggle to feel inspired, it shows in their work. Your job as the employer is to see how you can get them to reach their goals. And this is where – cue the spotlight – incentives come in.
Whether it’s an Amazon gift card, a company-sponsored lunch or trip, incentives are a great way to build some excitement around business goals. For instance, at Focus GTS, top performers are rewarded quarterly with luxury vehicle rentals, company-sponsored trips and gift cards. It keeps employees motivated during those slow days when they need that extra push. Both startups and established companies can benefit from providing incentives to their team.
If you can tackle these common hurdles, you’ll see the impact on your business immediately.