Any entrepreneur will tell you that it’s easy to fall victim to running round and round the mouse-wheel when it comes to business. We find a method that works and keeps everything afloat, so we trudge on until stagnancy looms over us.
Unmotivated staff, sloppy KPI’s, lack of ability to keep up with the ever-changing competitors around you. Whether in the short or long term, this will result in a drop in revenue. As mentioned by Lucas Goldberg, the online editor for Online Slots Canada, knowledge means nothing if you’re not able to leverage it to your advantage.
Whether you’re an established entrepreneur or a bright-eyed startup, you should always be on the lookout for ways to improve your business performance.
Motivate Your Staff
To reiterate the now-famous quote by Virgin Atlantic CEO, Richard Branson, “If you take care of your employees, they’ll take care of your clients.”
Start each week with a motivational meeting, express to your staff how much you appreciate them, and let them know how important they are to the company.
Give incentives for hard work. Sometimes, working for a month-to-month paycheck can be very demotivating. As humans, we like to feel like we’re a part of something bigger than our own jobs.
Organize a monthly or bimonthly team-building exercise. It doesn’t have to be an expensive event; it can be something as simple as everyone having lunch together at the office. This could also be a good environment to brainstorm ideas for improving your business.f
Plug the holes
Much like any household needs a spring-clean, every business needs to take account of what’s not working and find solutions to fix it. Employees are the best people to ask for suggestions to improve company operations.
Do regular check-ins with your staff and clientele to find out if there are any areas of concern they feel need tending to. It could be one-on-one meetings with your customers or a simple in-house survey of your staff. These could all improve your business strategy.
Set Goals for the Future
As a business owner, goals are the foundation on which to grow your business.
Identify what in your business needs changing or improving. Do you want to increase your marketing reach? Do you want to be a more accessible brand? Do you want your company to become more eco-friendly?
Put systems in place to help realize these goals. From recycling bins in the break room, to hiring a social media manager, to making your brand more accessible to the general public – there are many things you can do.
Put someone in charge of monitoring these changes. This person should be someone who has ideas for improving your business strategy. Are people using the recycling bin appropriately? Do you have a more online engagement? Has your client base grown? Have your profits increased?
Educate and Upskill
With the rate at which information is being shared these days, educating yourself and upskilling your staff is crucial for staying on top of your game as a business.
A yearly subscription to websites such as Udemy or Skill share will not only show your employees that you care about them, but will widen their skill set to make them more efficient at their jobs. Monthly workshops by trained professionals will boost company morale and educate your staff about your industry.
Taking regular managerial or entrepreneurial courses will keep you up-to-date about advances in the profession. It will give you new ideas for improving your business and especially how to get the most out of your employees.
In every company, we have small processes that fall by the wayside, that take longer than they should, and cause more hassle than help.
Communicating with your employees about how they feel reduces stress and teaches us how processes could be done more efficiently. It can range from small things like where the paper for the printer is kept, to bigger issues like turnaround time on inquiry emails from clients and colleagues.
Utilize Resources Appropriately
It’s pointless having a well-trained and educated staff if their individual and unique qualities aren’t put to good use.
Get to know the strengths and weaknesses of your employees so that you’re able to assign them to areas in your business more effectively. Use personality quizzes, such as the Myers Briggs test to help your employees better understand themselves. This will make them more efficient in the workplace too.
Encourage autonomy – if your employees know you trust them to do their jobs, they will trust themselves.
Know Everyone’s Limits
While optimizing your business, it can be easy to get caught up in the hustle and bustle of it all. It’s important to know the limits of your employees and your resources.
Don’t prioritize efficacy over quality; give your team space and time to do the best work they can. Keep goals manageable and attainable.
Understand that your employees have families and lives outside the company; make sure that they know that you are aware of this. With sufficient rest and family time, they will be better happier and more focused at work.
These are the fundamentals when it comes to revving your business engine. Try your best to implement them and always have your employees’ best interests at heart.