Once your business is successful your thoughts will naturally turn to growth and expanding the business. There are healthy and unsustainable ways to grow a business, though, so managing employees is key. Here are some ways to effectively manage your employees through business growth.
Why is management key during business growth?
Business growth can happen in a number of different ways. For example, venture capital can give a business a much-needed boost and induce rapid growth. This growth needs to be navigated with care otherwise it can run away from you.
During times of change, your employees can be your biggest asset. Without your employees working hard and being productive, your business will not grow. This is where great management strategies come in.
Unsustainable growth
Unsustainable growth is when a business takes on lots of new contracts or increases the volume of existing contracts. This can overwhelm employees who will burn out, making the potential growth stall and even stop completely.
Taking on too much at once also can encourage your employees to leave for other companies, depleting your workforce and making it even harder to keep up with your demand.
Recruitment
As your business grows, getting new staff on board will be incredibly helpful to keep up with demand. You will need to think about the sort of people you are employing. As much as graduates and inexperienced people are great, this may not be the right time to hire them.
You will want people who can hit the ground running, so people with experience would be better. This will also mean they need less training to get up to your company’s standard which would cost you less.
Training and development
As your business grows you may begin to work outside of your initial business area. These new areas will require different skill sets that need to be learned and developed by employees, ensuring they can carry out the job most effectively in an evolving business.
By training existing staff in preparation, your company can get started on new contracts as soon as they come in, rather than having to wait for new staff or training to be completed. This will also give staff an extra skill, so they can be utilised better across the business such as filling in for a colleague or supporting in a busy period.
Incentives and reward
When business is booming, it is important to recognise how hard your employees have worked to make that happen. Incentives and rewards are a great way to help keep their motivation and productivity up.
If you can find a quiet period, maybe midweek, then treat your staff to a lunch or mini party. You may also want to start recognition ceremonies where hard work is commended and rewarded. The reward could be something like an Amazon voucher or a paid half-day off.