We’ve been in the small business sector for over 25 years, and it’s safe to say that the environment has evolved and changed dramatically in that time. Yet with all of these changes, there are a few trends we can’t help but notice, namely when it comes to small business successes. We’ve seen three things that fast-growing businesses get right, time and again. They are:
- Talent – People are your #1 asset. As machinery and materials were the drivers of the Industrial Revolution, people are the driver of the Digital Revolution. Those who have a competitive edge with talent win. There is a little caveat I would add. It’s not always the best talent on paper, but the more often the best talent that works as a cohesive team.
- Staying Current –Most fast-growing companies begin as agents of change, but then, human nature sneaks in. A reluctance to change in hard-wired into human nature. You need to have a natural curiosity and desire to always want to learn more. This can go back to talent. Hiring younger workers can enfuse an organization with new ideas.
- Showing up – Do what you say you are going to do. Prove your value quickly both internally and externally.
To help you understand how these successes work, we want to introduce you to Jake.
Your business is doing well. But what’s next? ProStrategix knows how to help. Read some of our other articles below, or feel free to connect with us and get a complimentary thirty-minute consulting session.
Jake’s Story – A Fast-Growing Business and a Rocky Future
Jake runs a tech company. He started out a small start-up that grew quickly. This rapid growth put strain on his team. When we met him, he was concerned about keeping up the pace of growth. His team was starting to show some symptoms of burnout, but he didn’t have the time to set aside to think about how to fix it.
People are your #1 Asset
Clients often ask how can you keep costs to a reasonable level while keeping people happy? Hiring and retaining talent is hugely important, as it was to Jake. The golden rule that employers tend to forget is that people stay for the intangibles more than the money. Money is important, but other things can matter more, such as:
- Sense of belonging
- Clear and copious recognition
When we talked to the team, we found they felt that Jake was running short on recognition and transparency. When we shared that with Jake. He was open to the feedback. It was clear to us that it wasn’t that he did want to do. He just didn’t have time to breathe with his business growing so fast.
Mistakes are Opportunities to Learn
Mistakes happened infrequently as Jake’s team got stretched too thin. The team was getting frustrated with each other. They were frustrated for a good reason. Mistakes had a domino effect. One is mistake from someone meant more work for someone else. This was adding to the tension. When we worked with the team, we used this as an example. The mistakes were a symptom of the larger problem. They needed more people. We used this as an opportunity to learn the root cause of the mistake, so we could fix it.
Empowering People to Make Decisions Makes Them Feel Like They are Part of Something Bigger
This is often a scary proposition to business owners. It’s your baby. How can you trust it to someone else? Luckily, Jake did have this problem. He had clear rules for delegation, and his small business’s team felt that they had the ability to make decisions. This is the key to keeping your business growing fast. Delegation is about setting boundaries and accountability. Allow someone to make a decision means they need to know they are responsible for the outcome. It doesn’t need to be draconian or punitive, but it does need to be enforced.
It was pretty clear that Jake was doing a lot of things right. His business wouldn’t have been growing so fast if he wasn’t. However, it was also clear that he needs to hire if he wanted to maintain his trajectory. We recommended and created a hiring plan for him, which we helped him execute. We created job descriptions. Posted them on several hiring sites. Screened applicants. Finally, we recommended those to bring in for a formal interview. Jake hired two people, who were desperately needed, and his business continues to thrive.
The key takeaway from Jake is acting before the strains from growth become highly visible. It’s easier to cure a disease if caught early. The same is true in fast-growing businesses. The longer you wait the more repair work is need, and the harder it is to expand. But Jake was able to find his problems and come out stronger overall.