8 Underrated New Business Growth Steps to Follow
Don’t just wait for your new business growth to happen, take charge and shape your businesses growth with these 8 underrated steps.
So, you’ve started a new business.
What do you do with this wonderful challenge you’ve created?
You need to focus on what steps you can take to make your new business grow and flourish.
New business growth doesn’t just happen and you need to be prepared when it does and a lot of this starts with the work environment you’ve created.
As a good manager, you need to have a good relationship with your workers. While money and benefits are important, to make the employees stick around, you need to create a motivational atmosphere at the workplace.
Happy employees can impact the overall staff performance positively increasing production by over 20% while unhappy workers can reduce productivity by more than 10%.
As a good manager, you should focus to make your employees stick with you for a long time and increase the returns of the business.
Here are some tips to help your workers stay motivated:
Make Your Business a Good Place to be
No one wants to work for hours in an unpleasant place.
Having a well-lit, fun, and functional workplace motivates the workers to spend enough time to complete projects. Most importantly, you should ensure things get well-organized, and equipment gets updated from time to time.
A good new business doesn’t have equipment that workers would want to throw through the window in frustration, like old office machines.
Sometimes it’s the really simple things that get overlooked like, keeping your office neat and attractive. Spicing up your place doesn’t really take a lot of funds or time. You can select modern and interesting wood furniture from the market and involve a local artist to help you with the layout.
These little and interesting touches will keep your employees happy.
Be Honest, Respectful, and Supportive of Your Workers
Bad management is the key reason why workers will stop working for you to go for a better place.
Obviously, this is a killer of new business growth.
The atmosphere you create in your workspace fostered by qualities like respect, honesty, offering support in terms of non-financial benefits like providing life cover insurances, and proper communication should be your key motivators.
Proper management requires practice.
If you are new to managing people, you should take time to do some researches on effective management by reading business books, journals, and magazines. Behaving appropriately towards your employees will help to improve trust and efficiency in the workplace.
Give Room for Improvement
Your workers will need to have a secured future to continue working for you.
Mainly, when new business growth happens at a high rate, finding ways to allow your employees to grow with the company become VERY important.
A common mistake that happens when new businesses grow too quickly is that the people who helped the business take shape in the first place get phased out unnecessarily.
These same people who helped you shape your new business are often very adaptable and can help provide continued growth.
For instance, offering promotions will show that you can trust the employees’ potential and you approve the work done by the workers. Showing respect means that you can appoint some of your good employees to run all the operations in your new branch. If another person is controlling the finance area properly, then, you can assign the sector to the person fully.
When you offer training to help the workers climb up the achievement ladder in life, you fade away the thought that your employees are working as a side job.
Share Positive Feedback
Doing good work, makes you feel good.
Many firms use compliment and praise as a key motivational factor. You can praise a worker during the general staff meeting to ensure other employees get the motivational effect of the moment.
When a customer gives positive feedback, you should share the good news with the employees.
You can never underestimate the motivational power of high praise.
Provide Food in the Workplace
Providing food at the workplace can seem like a simple idea, but at times, what you need to do to motivate people is offering something to eat.
Don’t tell me you haven’t worked through a lunch or stayed late trying to keep up.
No one can work properly on an empty stomach. I know this seems silly, but you haven’t seen my sister on an empty stomach.
Providing food is a brilliant method of motivation. Research shows that many workers say that when provided with well-prepared food, the workers feel valued and appreciated. The action shows that the employer cares for the workers’ physical health and not just interested in the company’s performance.
Also, a survey shows that when given food, some employees will endorse the workplace as a good place to work. Therefore, you maintain your excellent employees and attract more talent.
Offer Rewards to your Workers
All employees want a reason to keep on working for you.
Therefore, you should create incentive programs to make your good employees want to keep working for you and stay motivated to do so.
For instance, some out of the box tactics some small businesses have been using are; offering day offs, planning staff training trips, and encouraging game shows for team building activities.
The whole reason you’re trying to achieve new business growth is to make money and create a better life for yourself.
Well, let me tell you – you’re employees are largely in it for the money too.
You could share the profit with your workers when you do get excellent returns. Also, rewards encourage good employees’ relationship where the workers can resolve matters even when you are not around.
Use Flexible Scheduling
With modern technology, the methods of working and business operations are changing drastically. Today, workers can check work and complete projects from the comfort of home. Therefore, managers should consider proper scheduling to favor the lives of the workers.
Many employees list flexible scheduling as a key factor when searching for a job opportunity.
Think about how often you have to head out of the office to go to the doctor, a kids school, or even drop your car off for maintenance.
It is important to note that flexible scheduling should be used cautiously and with moderation, because this can easily spiral out of control.
While it is important to work on schedules, like opportunities to work from home, this type of freedom isn’t meant for everyone. Not all people are good at setting their own schedule, so it’s important to navigate scheduling cautiously.
Done properly, this format will show consistent growth as a leader and can help you to attract the top talents in the industry.
Employees will feel more invested when you share relevant information about the company regularly.
SHRM’s 2015 Job Satisfaction and Engagement survey also identified “Management’s communication of organization’s goals and strategies” as a key factor, with a 52% importance in the overall employee engagement strategy of a company, while “Trust between employees and senior management” registered 64% in importance.
Such information can include tabling the daily, weekly, or monthly sales information or even giving out the comparison data on the number of new customers versus the returning ones. Your employees can provide valuable insight into identifying areas that need improvement.
Access to information will make your workers feel like they’re taking part in the new business growth and development.
As the business owner, make yourself available. Your employees will feel safer being open and transparent with you.
Allowing open access to some company data, especially financial information, offers not only a sense of fairness, but an opportunity for internal dialog that can help foster new business growth.
It does not matter the kind of business you conduct, but these motivational pieces can work appropriately to structure a profitable overall staff performance. You should not worry about the cost since the return will be overwhelming. Remember, how fast your business will grow is entirely on how you handle your workforce.