‘Growth’ is the most common theme from business owners when asked what they want for their business this next 12 months. We associate growth with high demand, profits and of course, success.
To successfully reach growth many puzzle pieces that come into play – strategy, goals, funding, resourcing, geographic location etc. But the key pieces are often neglected or pushed aside as business owners focus on internal and everyday functions. These are your people and your processes.
Getting your people on board enables you to move out of the holding pattern
Are your staff your most valuable asset? They should be, and they are also usually your biggest expense. But having the right people on your team is not enough to support your growth. You need them to be on board with your growth strategy, to know where you are going and why, and for them to want to be part of the journey.
Engaging staff in this way is not easy, especially for busy business owners who might be struggling with shift workers or casual employee arrangements. Staff often view the strategy as a far-removed idea that has no bearing on their everyday responsibilities. Worse still, your staff may have no idea what the direction of the business is!
Critical business functions
Your people need to be aligned to the critical functions that are going to boost growth, so you need to understand what your critical functions are. For example, if your business is a gourmet cake shop, is selling your cakes the most critical function in your business? Or is it the process for ordering and storing your ingredients and fresh produce so you can make top quality products which are already in high demand?
Understanding the critical functions in your business and how they impact upon your strategy gives you a clear line of sight on the daily tasks you need your staff focused on.
List all the activities in your business and group them by area. Then look at which processes have a direct bearing on delivering your brand promise to your customers. Rank these activities in order of importance. Are your most important processes clearly listed on the roles and responsibilities for your key staff? Have you got people responsible for making sure they happen to the level you need?
Once you’ve established your critical processes you need to demonstrate what they are to your staff so they can engage with and own the activities which drive your strategy. When your team are focused on how to make your plan happen you get the 1+1=3 effect. Better focused employees produce greater impact.
Look at industry benchmarks
Running a business isn’t easy – fitting all the pieces of the puzzle together is difficult and time-consuming. This is where external advisers can lend a hand, giving you industry data to benchmark your performance and processes with other related businesses. As well as looking at financial impacts, an adviser can give you tools and materials with which your staff can engage and help you to identify any gaps in communication, skills development and employee alignment.
Setting a business on a growth pathway can seem daunting but when your whole team is focused on the same thing at the same time the results can be repeatable, dependable and surprising.
Kelly Chard, Manager Business Services & Tax, Prosperity Advisers Group
