Growing a business is something that is part of every company’s strategy – whether they realise it or not! It is also part of every success story, but often is taken for granted, or simply seen as the day-to-day workings of the business, which ‘growth’ is a by-product of. Sometimes it happens naturally. As more clients are engaged or more products are sold, a larger workforce is needed to carry out the work.
Success leads to expansion, which may lead to diversification, which requires greater knowledge in affiliated fields. This too can lead to growth. The other side of the coin is that the more productive and expert a team becomes, growth will occur naturally in this instance as well. But what do leaders need to do to encourage their team to step up, and how do they grow their future workforce?
Grow your own
There are many ways to grow a company. The most obvious and simplest is to employ more people. This can primarily be done with the recruitment of experts, who possess prior knowledge of the roles, business and sector. Or course, this can be a competitive field, with managers and recruitment agencies battling all kinds of issues affecting the pool of candidates available in the workforce. These issues, some of which we’ve touched on in other blogs, are things like the departure of expert talent due to early retirement, better opportunities elsewhere and the long-lasting effects of the pandemic on supply and demand. Engaging with your workforce – making them feel valued, acknowledging their efforts – will encourage them to remain loyal and will also keep morale high. Both of these things will also help growth thrive.
Gaining knowledge
Alternatively, recruitment for growth can be part of an in-house training programme that will strengthen a business. This will make sure that by ‘growing your own’ you retain the vital skills at a time when there is a widespread shortage in all kinds of areas and sectors. Keeping knowledge in-house with promotion and mentoring will encourage talent to remain within the company. Many firms are keen to have staff improving their skills and knowledge, either in refresher or training courses, or with industry accreditation and degrees at all levels. It enhances the company’s reputation and provides staff and management with the right message of self-development and academic improvement.
The right environment
Developing the right environment for growth is a vital part of the process. Positive workspaces can have all kinds of residual benefits. Encouraging staff to use their initiative, to look for new opportunities and find new challenges, itself encourages growth. Expansion and diversification – new markets, new knowledge – will result in growth too, when the opportunity arises. And when it comes to higher level roles, senior teams and first level managers need to provide role models for each other. In this way, the management teams of tomorrow are already in place, as part of a natural progression and onward expansion and success.