Written by: James Ponds
The success of a company in the marketplace depends on several factors. It depends on how well it adapts to change, growth strategies and much more. Companies fail because of those factors finding themselves in a difficult position to keep themselves a float. This article focuses on advice from leading successful founders of established companies that made them turn their ideas into established companies.
1. Build growth trajectories
Companies that are looking to sustain their growth have no choice but to build growth trajectories. The corporate leadership team creates growth trajectories through creating chains from the following dimensions of growth: product (acquired or built); customer group (new or current); capabilities (new or current); geography (new or current) as well as culture (new or current). Companies that are striving to climb up the ladder of success have their current source of growth peaking. In contrast, startups that fail take too long to invest in new dimensions.
2. Improve workplace conditions
Empower employees to be more productive by creating a conducive environment for them to work. It all trickles down to workplace aspects such as favorable workplace temperature, comfortable work chairs and more. Installing an electric fan, air-conditioning systems, and heating systems will go a long way into making their working environment more conducive and ultimately, their productivity can increase.
3. Implement new processes and technology
Companies that leverage the power of advanced technology have a competitive edge in the marketplace. The new technologies and processes could include getting iPads for workers in the field in an effort to improve work as well as document or adopting collaborative tools such as GoToMeeting video conferencing. Such technologies and innovative solutions will help in every aspect of the operation of your company because face it, technology is the big thing that is making businesses survive in the competitive marketplace. High quality, modern software and equipment make a big difference in not only the productivity of the workforce, but also the way the company is perceived.
4. Redefine job functions
As a leader, you should strive to see to it that your company adapts to the evolving needs of employees, customers, partners as well as investors. This is easily achievable through restructuring the company by changing existing jobs, adding new ones, as well as eliminating others. The ability to redefine job functions as a company grows makes job responsibilities clear and what everyone at the workplace is expected to achieve. That way, you will have a highly productive workforce.
5. Provide support as well as set realistic goals
The common problem facing companies is a lack of sense of direction that is supposed to be set from the managerial level. Leaders should motivate employees to work harder to achieve their goals with some incentives. Help them set achievable goals. The clear direction will help supervisors as well as employees to clarify expectations. Eventually, there will be increased productivity with a clear focus and goals.
6. Encourage autonomy
It has been found that if employees are not micromanaged, they tend to be more productive. It helps to allow employees to manage their time and resources because it gives them a sense of responsibility and ownership. That way, you will be developing self-starters and self-driven workforce. Manage less to get better results approach has been proven to be very effective.
7. Don’t lock your employees out of social media
Some employees could be using social media for a mental break while others use social media to strengthen professional connections and some could be just slacking off. Locking down social media can be a real morale killer. It also trickles down to the trust you have for your employees. When employees are allowed to access social media, it speaks about how much you trust them. It has been found that social media users at the workplace are more productive overall, better multi-taskers, and happy in their jobs. However, you might want to monitor the amount of time your employees spend on social media.
8. Focus on efficiency
It is important to make sure your company operates as efficiently as possible under the leadership of a capable team. Being part of the team, it comes down to you to lead by example by prioritizing your tasks and becoming as productive as possible. if there is a way your workforce can restructure their day to achieve more, go for it.
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