Whether you create a formal business plan, or simply document professional goals, workflows, or anything else, these thoughts need to be written down somewhere and shared with all stakeholders.
In the digital age, this is easier than ever before. A living document stored in the cloud and accessible to everyone not only allows for consistency and collaboration but for evolution over time. Changes can be made, saved, and shared automatically.
Need help? Look online. There are guides, how-tos, templates, formats, and frameworks a-plenty.
However, the key here is to write it all down. It's not enough to simply set goals and processes. Research reveals that we are actually more likely to achieve and remember them when we write them down. We learn better when we create rather than just read.
Make a plan. Set goals. Create workflows. And write them down.
3. Set revenue and profitability goals.
For a business to be successful, it has to make enough money to sustain operations and turn a profit to re-invest for future growth. As a business owner, it is critical you understand what this looks like for your business.
Factoring in your business costs including sourcing, production, staff, capital, and more, determine how much money your business needs to bring in on a monthly, quarterly, and annual basis to succeed.
This is also a great time to revisit your pricing structure. Are your products priced appropriately? How many units will you need to sell each period to reach your revenue and profitability goals? Document and lay this information out clearly so you know exactly what you need to do to keep your business running and thriving.
Create a fantastic Human Resources team.
Businesses often overlook the power that culture and employee engagement can have on all fronts of the company, from recruiting to exit interviews.
"Good HR teamed with an arsenal of great tools can change your company for the better," says Ali Anderson of BambooHR. "Happy, engaged employees do great work, and company growth will quickly follow."
According to Anderson:
·When companies invest in their training and onboarding processes, they'll find their employees are more prepared to do great work and take on the challenges of the business.
·Taking steps to measure and improve employee engagement and employee net promoter scores can increase productivity, improve employee sentiment, and make your employees more likely to recommend your business to their friends.
·Monthly or quarterly performance discussions build team camaraderie and improve employee mental health. These meetings can also create an environment of trust, which leads to greater innovation.
Small businesses can attract rare candidates by having a positive culture, a strong career track, and well-trained, unbiased recruiters. "A supportive culture and a strong career track are key to attracting the best of the best," agrees Taylor Dumouchel of Peak Sales Recruiting.
"Top professionals seek respect, not just within their immediate teams, but throughout an organization; they want to work for companies that value what they do. In order to recruit top talent, executives need to highlight their positive and supportive culture and underscore how they recognize that their positions are a part of the major drivers for company growth."
Good HR teams with an arsenal of great tools can change your company for the better. Happy, engaged employees do great work, and company growth will quickly follow.
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