During a very insightful meeting with the CEO of a growing business I recognized why his business was experiencing a significant upswing, when his competition is tanking. I loved his view on his business and the values he holds personally, which reflected in his insights.
1. Lead by Example
As a business leader, whether you are the business owner, a manager or an executive in a business, you have to lead by example. Do your employees, sub-contractors and your customers know what you expect of them? Do they see your passion? Do you “step up” with confidence to assist your team to get the job done and move the business in the right direction?
When others see you striving to be better and to achieve a clear vision, they are more likely to follow. Failing to lead lets the team down and business will crash.
I have been working with a business who has outsourced to service providers. One service provider is lacking the leadership and isn’t there to lead their team. They hold the belief that every member of their team is doing a fabulous job, despite external feedback to the contrary. The lack of strong leadership is costing them a contract. In contract, a second service provider has been involved and has encouraged staff to take on new opportunities. This proactive leadership has resulted in an expanded role and future growth opportunities on the horizon.
2. Invest in your People
When you are recruiting or making decisions on internal opportunities for your staff, do you recognize what they bring to the table? Every person you work with offers you an array of skills. For continuous improvement to occur, staff training and development is critical.
Investing in your staff shows them how much you value their contribution. It also fosters a long-term commitment and reduced turnover which saves you time and money. Training may include bringing in outside suppliers to educate on how to fully utilize the equipment that you have in your business. It could include sending staff to outside conferences, workshops or training events, or it may be an opportunity for one member of your team sharing their knowledge or expertise with their fellow colleagues.
Leadership is a process, and incorporating continuous improvement is a valuable component which converts to strong results.
3. Optimize the Cash
Creating a profit is a vital aspect of business growth and development, yet it should not be established on the backs of your team or customer. Whether you are working within a corporate budget or own the business and have to manage your own revenues and expenses, identifying ways to make your money go further, and used in the right areas is a fundamental skill to your leadership.
I was working with a small business owner who was cash strapped and frustrated with the lack of profits. Upon further investigation, this business was not working to its full capacity, it was not recruiting the right people and marketing was almost non-existent.
When I asked the owner how much it actually cost them to provide the services and how much it cost to bring on a new employee and how much business was needed to off-set these costs, they were unable to answer these questions. This became to focus of our work together. We identified ways to generate cash flow from existing clients with prepayment options, more effective ways to connect and communicate with their target clients to boost customer engagement and referrals, and an internal cash management system to monitor the business.
Keys to business growth
When the business bucket is full, you have an opportunity to increase the size of your bucket! The keys to business growth include:
- strong leadership,
- committed team members who work in alignment with you to meet the goals and vision of the business, and
- positive cash flow with effective cash management.
What steps do you have to take today to reap the benefits tomorrow?
Please contact me for a complimentary exploration session if you are ready to make changes, strengthen your leadership or you are primed for business growth. Book today!