Presented below are four suggestions for a small company
owner to help his (her) company grow. These
suggestions are based on Professor Edward Hess’ Coursera course entitled “Grow
to Greatness: Smart Growth for Private Business,
Part II”. (https://www.coursera.org/course/growtogreatness).
1. A key to growth is the owner. The owner sets the tone for the company on
all matters. The owner needs to lead by
example; what the owner does is important in influencing how employees follow. Recognize that what the owner says, does, and
shows (e.g., by body language) will have an influence on the employees and
others connected to the company. The owner
will create the company’s culture. In
order for the company to grow, the owner needs to also grow. The owner (leader) needs to go from being a “doer”
to being a leader/mentor/coach. And, the
owner (leader) needs to go from being a “doer” to a delegator. Delegation is not natural and requires skill
and practice. The leader (owner) needs to
work at being a successful delegator. Delegation
is not giving orders, but demonstrating, coaching, and suggesting. A good leader (owner) is: humble; seeks
opinions and feedback; shares; and is fair and consistent to everyone.
2. A second key to growth is making employees happy
and successful. Happy and successful
employees lead to happy customers. Employees’
happiness depend upon the owner (leader).
Do not try to control employees but to assist them in doing their jobs
and in doing them better. Recognize that
employees are the most important asset of a company. Allow employees to contribute. Everyone wants to contribute – by contributing,
people feel better about themselves, something everyone wants. Do not give orders to employees but
delegate; encourage them, guide them, suggest how you would do the task. Go from concentrating on “me” to concentrating
on “them”. Be sure employees are
adequately compensated and rewarded. Not
all people hired work out as planned. Recognize
as soon as possible when an employee is not right, explain this to the employee,
and let the employee go quickly. Work hard
to have the right people.
3. A third key to growth is excellent execution. Focus on continuous improvements in processes
done, and products and services provided.
Stress in improvements the importance of employees and the leader
continuously growing. Concentrate on the
most important process for company success.
Make the necessary changes for improvements in this process. Then move on to the next most important process,
and so on. Provide lots of training. Set up a schedule of training and ensure
that all receive the needed training. Set
up measurements to monitor desired changes in processes, products, and services
and implement needed reporting to show and understand these measurements. Reward employees when the results of these measurements
are positive.
4. A fourth key to growth is to focus on a common
sense, doable list of strategic goals. Put these goals in writing and review them
periodically. Set up measurements that
show success or failure on goal accomplishments. Have strategies that relate to the company
being successful, including success in other than simply making money. Be sure that all employees and processes are
in alignment with achieving the goals. Be
able to summarize the goals in a 30-second presentation. Change the goals as needed.
