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Articles:Entering Fixed Assets as Journal Entries Estimating, Project Management Overview Paying Liabilities and Transfers Between Accounts Profits - Strategies to Improve |
Take Your Business to the Next LevelIs your business stuck in one place or, worse, sliding backwards? Like humans, businesses have stages of development. Each stage presents particular challenges and opportunities. How you navigate these critical transition points will determine your business success and your personal satisfaction. A company I worked with was eager to grow. Management envisioned an ever-expanding business at the top of its field. The company boosted the marketing with an active radio and print campaign. It also advertised for and hired more staff to handle the workload. After a few years, the expansion became a nightmare. Client work backed up. Many of the recent hires didn’t have the talent that the founding partners enjoyed. It wasn’t satisfying for the partners to correct other people’s errors and fret about poor quality. What happened? The company tried to grow by simply doing more of what it was doing, adding more clients and adding more staff. It didn’t develop the systems for recruitment and managing the work that it needed to support the next stage of growth. The prescription for the company to break through the bottleneck is one that many firms can follow. Hire the best for your core. Identify the key roles in your business. Use a recruitment process that will attract and select the best people to fill them. In order to manage the company at a level of 25 people, the company needed four very highly qualified people. Each needed an expert level of knowledge and the ability to motivate and supervise other team members. The company had followed standard recruitment procedures. The problem is that these average recruitment efforts yielded only average candidates. For the critical hires, the company had to do better. It refined its quality standards and upgraded the opportunities and rewards for the top positions. Then, the partners networked with the best people in the field to find prospects who weren't looking for jobs and used skill and style assessments to choose superior players. Higher quality colleagues also rekindled the partners' enjoyment of the business. Leverage the rest to produce more. Get the most benefit from your top performers with mid-level professionals and administrative staff to support them. Think of your firm as a pyramid of talent. The company’s pyramid had become wobbly. It had too many average performers in the middle. The firm trimmed average players and boosted its standards. Use systems to be your best. Finally, implement quality systems that enable new hires to quickly learn and apply best practices. These systems become business assets for your next stage of growth. The company’s leaner, more capable team committed time to document best practices. They scanned how other firms handled similar work, documented standard procedures, and added their own elements of distinctive value. These translated into quality checklists and procedures everyone could follow. Instead of worrying about whether junior people were making mistakes on individual projects, the senior team tracked the quality systems. Recognize the stages of growth for your business. Business as usual won’t get you to the next level. Develop the standards, strategies, and systems that will enhance your business’ value and your enjoyment of it. Mission Development can provide a solution: service@missiondevelopment.com
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