This article will provide tips for small business owners on building and managing a team that can help their businesses thrive.
Hiring the right people is one of the most critical steps in building a high-performing team.
First, assess whether the potential employee has the necessary technical skills to perform the job. It's also essential to look beyond a candidate's resume and qualifications and consider their fit within your company culture. You want to hire employees who share your vision and values. One study found that less than 13 per cent of the workforce is passionate about their work. It's a concerning finding, given passionate people are 50 per cent more likely to meet or exceed performance evaluations.
Once you've hired the right people ,the next step is setting clear goals and expectations for your team. This includes individual and group goals, which should align with the overall objectives of your business.
Tangible expectations ensure everyone is on the same page, reducing the risk of misunderstandings about what needs to be done, to what standard, and by when. It also gives employees a sense of direction and purpose, which can increase motivation and productivity.
Building a high-performing team is more than just a one-and-done exercise. Ongoing training and support are crucial, including both formal education programs and informal learning opportunities like mentorship and coaching.
Ongoing training helps employees develop their skills and knowledge, but it also shows that you value their growth and development and are willing to invest in their future. This can increase employee satisfaction and loyalty, improving retention rates and reducing turnover costs.
In addition, tailored learning and development initiatives can address skill gaps. One survey found that 87 per cent of leaders are experiencing skill gaps, yet less than half know how to deal with them. Being proactive in your employee development programs could give your business a leg up against the competition.
With the right people in place, clear goals and expectations, and ongoing training and support, you can create a motivated, engaged, and committed team to your success. Here's what that means for your business:
- Increased efficiency: A high-performing team works together efficiently and effectively, completing tasks faster and with fewer errors.
- Improved innovation: A motivated and engaged team is more likely to develop innovative ideas and solutions.
- Better customer service: A high-performing team can provide exceptional customer service, leading to increased customer loyalty and word-of-mouth referrals. Happy customers are more likely to become repeat customers and recommend your business to others.
- Reduced costs: A team engaged and committed to your business's success is less likely to make mistakes, which can help reduce costs associated with errors, rework, and training. In addition, building an energised workforce can also help reduce employee turnover, which can be a high cost for small businesses.
At GRENKE, we understand the challenges that small businesses face when financing their IT infrastructure and other assets. That's why we offer flexible leasing and asset finance options to help you manage your cash flow and invest in the technology and equipment you need to succeed – all while reclaiming more time and effort to nurture your team.
By partnering with GRENKE, you can focus on building a high-performing workforce and driving business growth while we take care of your leasing and finance needs.