Big business is what a few small steps could mean when it comes to growing your company. You must research target markets, establish a budget, implement a strong business plan and build a client base in order to create a solid framework for growth. Small- to medium-sized businesses represent 97 percent of all U.S. employers and generally employ less than 1,000 people.
Here are four ways to help your business grow.
Employee benefits can be used to attract and retain employees.
To succeed against big business, owners of growing companies can compete by using employee benefits to their advantage. In recruiting and retaining employees, business owners should know how their benefits package (health, dental, disability, retirement) stacks up against others in their area and their industry.
Make sure to provide a work atmosphere that is flexible and comfortable. For example, offer flex days instead of sick days.
Hire the best.
It’s not possible for one person to do it all. Hire self-motivated employees versus individuals who require lessons in motivation.
Assemble a pool of talent by raising your company’s exposure at local universities by offering internships. Do regular interviews.
Hire slowly but fire quickly. Learning to say no to employees is a must. One employee in a growing company that is not pulling his or her weight can have a domino effect and negatively impact productivity and employee morale.
Employee strengths can be identified and put in positions where they will naturally excel.
Make sure to listen to employees.
Because you never know where the next big idea will come from, listen to all your employees.
A comfortable work environment can be created and honest and innovative feedback from employees can also be stimulated by encouraging employee feedback and contributions through company brainstorming and by rewarding winning ideas.
Multiple avenues of support should be created.
To help your company flourish, cultivate relationships with clients and mentors during periods of growth.
In order to expand your company’s expertise and services, bring on talent that excels in the areas where you are weak.