Maximize Your Business Potential With These 5 Keys to Growth Scaling a business is hard but if you keep an eye on these five core aspects of your business, scaling will become a manageable task.
Opinions expressed by Entrepreneur contributors are their own.
When starting a business, thinking about how you will grow and scale your business is essential. This involves creating organizational structures, work processes and employee incentives to help you reach your goals.
Additionally, setting SMART goals and fostering a culture of teamwork is essential to the success of your startup. Here are some tips on creating these elements and making your venture successful.
1. Organizational structures
Creating an effective organizational structure is the first step in growing your startup. This concerns defining the roles and responsibilities of each team member and ensuring that everyone is aware of their duties. Additionally, it is essential to consider how you want to structure the organization's hierarchy. For example, do you want a flat structure with only a few (or no) hierarchy levels or a traditional design with multiple levels of management? It is also essential to create a system of communication between team members that is clear and efficient.
This includes thinking about the frequency and audience of meetings or setting up the right Slack or Discord channels for the company chat platform. Finally, ensure that your organizational structure corresponds with the processes and procedures you will set up.
2. Work processes
The next step in growing your business is to create effective work processes. This includes outlining the tasks and activities that must be completed to reach your goals. It is essential to consider how you want your team to manage each task and who will be responsible for it. Additionally, it is crucial to create a timeline for when the tasks need to be completed and to set deadlines for each job.
Finally, you need to ensure that everyone knows what needs to be done and the purpose of each process. Providing purpose is essential for your team members to function effectively and make autonomous decisions, especially when you are out of reach. Generally, every process should always be automated as much as feasibly possible to focus manual work on the aspects of the business that require a personal touch or reactive input.
Related: You Don't Need Much Cash to Implement These 5 Essential Marketing Strategies
3. Employee incentives
Creating incentives for your team is essential when growing your business with others. This could come in bonuses, promotions, shout-outs or other material or immaterial rewards. By providing incentives, you motivate employees to achieve their goals and feel a purpose in their work, even if it includes mundane tasks.
Make it a priority to align the incentives with the organization's goals. Your team members and you will be on the same page, and everyone will be excited when you announce milestones.
4. SMART goals
Since a growing business requires you to delegate work, it is paramount that you use SMART goals. SMART stands for Specific, Measurable, Achievable, Realistic and Timely. These goals should be clearly defined and have a timeline for when they need to be achieved. Additionally, it is vital to ensure that the goals are realistic and achievable.
By setting SMART goals, you are helping your team members understand what needs to be done so that everyone is heading in the right direction. To supercharge your SMART goals, let your team members know why you have them work on those goals. Again, feeling a purpose is immeasurably important to keep morale high.
Related: When SMART Goals Don't Work, Here's What to Do Instead
Finally, it is crucial to foster a culture of teamwork. This involves creating an environment where team members have a shared purpose and collaborate towards a common goal. It is vital to communicate in a way such that everyone feels they are a part of something greater than just the sum of its parts and that they are working together on a shared mission.
Of course, you will need to hire team members who are experts in their field to contribute more and better than other team members. The beauty of teamwork is that team members depend on each other and produce outstanding outputs when they can trust each other to do their job correctly. Since a well-functioning team hinges on social mechanics, always be close to your team members to sense if conflicts or other issues cause social imbalances. The best way to prevent such problems is to facilitate frequent social events where your team can gather casually.
By creating organizational structures, work processes, employee incentives, SMART goals and fostering a culture of teamwork, you can set up your growing organization to be successful. It is crucial to take the time to think deeply about these elements and ensure that they are aligned with your business goals and your overall mission. Also, keep in mind that organizational behavior is fluid, especially in a growing organization, so you will need to adapt these elements frequently as the parameters of your environment change.