The growth strategy for your business may take many shapes and forms. It may be about launching a new product or service. Or maybe you need to expand to capture a new market segment. Or …..
Every idea or plan however will lead to one key question: do I have the resources to do more?
If your immediate thought is you need more capital, investment or even hours in the day, think again.
You probably have everything you need to get the growth idea rolling with what you already have in your business.
Or better yet, with the ‘who’ you already have in your business. As after all – your employees are your best growth strategy.
Employee engagement tips that can help your business grow
- Share the idea with your employees as early as possible. You know your business and your customers well, and so do your employees. Prepare the idea to be ‘pitched’ and share it with your employees. Ask them to react to it from the point of view of a customer, an investor and an employee. Gather their honest feedback and then share with them the outcome once you review their suggestions. If you are going ahead with the idea, let them know how they contributed to solidifying the plan. If you decided not to pursue the growth opportunity, explain the reasons for that too. You just gave everyone a voice in the future of your company, and that sense of purpose is vital for employee motivation.
- Let them bring their own ideas to you. An immediate result of sharing your ideas with employees is that they will bring their ideas to you. Let them contribute to the growth plan, identifying efficiencies and ideas for new possible customers. Ask them to pitch the idea to the team and work with you to accept the recommendations to implement or reject. Make your employees feel like business owners!
- Allow your employees to fail. Growth will come from new ideas, and most of these will come from your employees if you let them. These are learning opportunities for you, for them and for the business so test them, gather insight and promptly decide if they are viable or not. Invest in the new idea, but in a small scale – don’t risk the entire business! You will create an environment of growth if your employees know it is ok to fail, as long as there has been something learned. This will inspire them to come back to you with the next idea – and you don’t know if that’s the one that will send your business soaring!
This blog first appeared in Lightwork Business, a space for startups and SMEs to find support for all their needs from Day 1.