Four Suggestions for Helping Your Company Grow

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.