Growth is Amazing (But it Can Also be Destabilizing)

Believe it or not, destabilization is a good thing. It means you’ve been able to grow your workforce, chase new opportunities and boost your revenue. This is what has seen your business destabilize slightly. Alas, you need to find a way to adapt to these changes, stabilize your growth and then move forward. That’s the secret to success. Not a talent boost, an improved product or better service but the ability to adapt to your successes.

With that in mind, we’ve pulled together a few pointers to help you stabilize your growth and make success all but inevitable.

1. Care About Compliance

The bigger you become the more important it is you are compliant with rules, regulations and, yup, you guessed it, laws. Thankfully, there are plenty of options to help you stay on the straight and narrow. Attending seminars, joining professional organisations and outsource your legal requirements – anything that will help you learn about where you need to be more compliant, such as recruitment, insurance and tax.

2. Stability Through Tech

The bigger your business grows – whatever direction that might be – you need to have the right tech to support you. The best way to get this right is to use managed IT services. Tech is the unsung hero of all businesses. It’s what allows the day-to-day aspects to run smoothly, and anything that puts a glitch in this can prove very problematic. You need support for any network challenges you may have and so that your environment can be stabilized.

3. Hire The Right People

It doesn’t matter how futuristic the workplace may be getting, the most valuable assets you will ever have are your employees. The humans in your office. But it’s not enough to just hire anyone, or hire the best ones; you need to hire the right people and use them in the right way. That means placing the right amount of emphasis on competency, experience, technical ability and soft skills.

4. Retain Top Talent

We mentioned the importance of hiring the right people for the right roles, but it doesn’t stop there. You also need to retain your employees and avoid the destabilizing effects of a high turnover rate. This is the key to the ongoing success of every business out there. It won’t just increase your productivity or keep motivation high, it will keep processes consistent, customers happy and reduce the huge costs associated with recruiting new team members. It keeps acquired knowledge within your business and that will strengthen it.

5. Listen To Everyone

Stakeholders, employees, suppliers, customers, clients, everyone. You need to listen to everyone. These are all experts in your industry. More than that, these are all experts with different perspectives of your chosen field. As such, they are able to contribute innovative ideas that will keep your business stable and efficient and cost-savvy. To milk this, send out feedback forms, hold regular meetings and promote an open door policy. Anything that will encourage people to send thoughts from the front line your way.