The latest Bureau of Labor Statistics states that roughly 80% employees survive past their first year of operation. However, around half of all businesses no longer exist after five years. Only one-third make it past their tenth anniversary. One of the major causes for business failure is attributed to the lack of coherent business strategies.
For you, the small business owner, short-term projects can be excellent opportunities to grow the company while honing your team’s professional skills. However, they can also be nightmarish exercises in stress for you and your staff. Often, they are some combination of the two.
If this challenge was not daunting enough, as the owner of a growing company you will occasionally have to decide between listening to your staff members’ offers of advice in order to direct certain aspects of the project and asserting a more “top-down” approach in which you allocate responsibilities while offering your staff fewer options. Each approach is appropriate at certain times, and you need to know when to implement each.
Steps to Recruiting and Keeping the Best Employees for your Small Business
You have managed your business, whether it be a direct mail marketing practice or pet care business for the last few years. As a disciplined, independent entrepreneur, you have managed every detail; the semi-comedic introduction plays out like this:
“Are you the CEO?”
“CEO, secretary and janitor.”
However, as a well-studied businessperson, you also understand that the key success is intelligent growth, and the key to growth is hiring passionate, intelligent professionals to manage the aspects of the business which have distracted you and hence bit into your revenue. The question you need to ask yourself is, “I know I need the right office manager, general assistant or sales coordinator, but how to I get him or her to join my team?”
In short: you need to be recruiting.
Observing trends and planning for change in your industry
When looking at a growth strategy for your company, where do you look for direction? Are you looking at your company? Your market? Your industry? Do you know what drives change in consumer spending? What about change in your industry? Where is your industry headed? How do you know?
Observing trends in all three – your company, your market and your industry can help predict where things are going and help you to predict what actions and investments your company will need to make in order to grow and be successful in the future.
If you have been paying attention to trends in the IT industry, one of the latest trends in consumer technology has been wearable tech, from the fitness gear that is becoming somewhat mainstream that tracks your fitness goals, to the more practical watches and headsets, such as Samsung’s Gear lineup, to the tech fringe gloves, glasses, clothing and sport accessories. Additionally, companies are selling components to aid others in the development of unique wearable items to the degree that you may not always know when someone is wearing something.