A Message to Founders and CEOs of Growing Enterprises:
Navigating the helm of a business with 10-50 employees is a unique challenge, but also an exciting one. As you scale, there are some key insights you need to be aware of. Here are 13 truths to consider:
- People don’t quit jobs, they quit managers. Great managers cultivate loyalty. Ensure your leaders inspire, rather than repel.
- Lead by example. The team’s trust rests upon the congruence of leadership actions and company values. If the actions of the company leaders do not align with the values, there will be no trust.
- Recognise and reward deserving employees before they think of leaving. The worst time to offer someone a pay rise and a promotion, is when they have already handed in their notice.
- Culture is more than perks; it’s the embodiment of shared values and trust. Company culture is not bean bags, free beer or a free subscription to a meditation app.
- Foster an environment where team members feel safe to express doubts and disagreements. If your team doesn’t feel comfortable enough to say “I don’t know” or I disagree. You have serious work to do.
- Competitive compensation is essential. If you undervalue talent, someone else will value them correctly.
- Regular feedback is invaluable; it drives engagement and aids professional growth. Employees have four times better engagement when they receive regular feedback.
- Empower your team – don’t micro-manage. Autonomy breeds innovation and dedication.
- Be transparent about job roles. Don’t disguise an experienced role with an “entry-level” title and pay. If your entry-level job advert requires real work experience… then that is not an “entry-level” job.
- Employee well-being directly influences customer satisfaction. If you look after your employees, your employees will look after your clients.
- Proper onboarding is an investment. It paves the way for new hires to truly thrive. Don’t expect your new employees to “hit the ground running” if you aren’t providing an excellent onboarding programme.
- Address and correct bad behaviour swiftly; otherwise, it erodes your culture. The fastest way to kill company culture is to let bad behaviour be tolerated and rewarded.
- Investing in retaining talent is more cost-effective than the expenses and disruptions of hiring anew. It will always cost you more to replace someone than it was to pay them what they are worth in the first place.
Remember, by prioritising your people, you’re building a foundation for them to wholly dedicate themselves to the business. If you make your people a priority, your people will make your business theirs. Scale with intention and heart.
Ready to elevate your business? Here are 4 ways I can assist:
- Download my free book, “CEO Business Growth Secrets”, for strategies on scaling your business. — Click Here
- Gauge your business growth potential with our free 18-question assessment, providing personalised advice for improvement. It’s quick and free. — Click Here
- Listen to “Business.Focus”, our podcast featuring success stories from business leaders. Click Here.
Schedule a complimentary strategy session or engage in private coaching with me to address specific challenges. — Click Here