Talent matters a lot for the success of any business. And when it comes to small businesses, it matters even more. For CEO of any small to mid-sized business, it’s imperative to hire the right staff, retain it and develop the processes to help those staffers work as efficiently and effectively as possible. These 3 steps are the secret sauce of small business success, and they separate the winning companies from companies that fail. So let’s understand how each of these secrets can be implemented by following 5 simple and easy tips and how they work collectively to help a small business grow smoothly.
1. Hiring the Right People
Human resources tend to be among the most important resources that any company can have. Therefore, it’s imperative to have the right ones. The right employees can take your early stage company to new heights, while the wrong ones can bring the doomsday much before than expected. When you’re a small company, the efforts of every single new hire impact the company much more than they do at larger companies.
Therefore, when you’re a small business, always be looking for candidates that can be hired for key positions at your company. That way you won’t have to spend a lot of time when you’ve enough financial resources to open some new positions. You’ll be able to fill the positions quickly, which can work very well for your small business.
For a small business, hiring should be an ongoing process – not some event that takes place when cash is available.
2. Empower Your Team Members to Take Decisions
Once you’ve got the right players in your team, the next thing that you should do is allowing them to play mini olympics – fun and creative outdoor game! Sounds weird? Well, I was just kidding!
When your small business is all set with capable and talented team members, you should empower those members to take decisions and step out of the way. Trusting the capabilities of your team members and empowering them to take decisions is critical to retain skilled and talented employees. No great team member who’s good at his/her art would like to take orders from you/your manager. Just believe in their capabilities and let them apply their knowledge and experience to your business.
3. Build A Culture of Trust and Respect
Lead by example, and initiate a culture of trust and respect in your company. Employees can also quit if an environment of your company is not supportive if there’s a lot of politics in the office and if you – the boss – don’t pay any attention to these issues. Ensure that there exists an environment of mutual trust and respect in your company to retain your talented employees.
4. Build and Implement Processes
Even the most talented and skilled employees may get frustrated if they’re forced to do certain tasks again and again in their job roles.This frustration also results in higher than usual attrition rate, so not having processes can make retaining employees very difficult for your business.
On the other hand, well-crafted processes can not only help you in achieving steady business growth by streamlining the workflow of your company but also help your employees work more efficiently and use their saved energy on other important tasks. This, as you can expect, is obviously likely to help you achieve lower attrition rates and retain your employees for a longer duration.
5. Ensure Availability of Cash to Pay Your Employees on Time
Lastly, ensure that there’s enough cash available in your company’s bank account to pay your talented employees on time. No great employee would like to see his salary getting delayed every month, and if that’s the situation in your company, it may also worsen quickly and result in unusual attrition. Ensure that you’ve enough cash in your account to keep such circumstances away.
When you start a new business there are many things that remain to be figured out: products, services, pricing, business model, processes and so on. If you’ve some good employees on board since the very beginning, this journey can become much easier to go through. Therefore, you should keep the above given secret tips of successful SMB owners in mind while hiring your early employees. They can turn out to be very helpful!