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How to Motivate Staff and Grow Your One Person Business into an SME
Starting your own business is a big decision but it can also bring big rewards, which is why more and more people are launching businesses in the UK and overseas.
In the early days of a business, many entrepreneurs carried out all the tasks themselves, from making sales to fulfilling orders, but if you want to grow your business into a small to medium enterprise, you'll need to make the right moves to achieve sustainable growth. Here are four things that all business owners should do if they want to take their start up to the next level.
Recruit the Right People
There will come a time when a start-up business owner is just too busy to cope with any more orders, so what should they do? A business that stays still will soon be left behind, so it's essential that you recruit the personnel that will allow you to concentrate on the day to day running of your company and strategic planning. This early recruitment is among the most important that you'll ever do, so it's important to take a holistic look at the candidates who apply for any positions you advertise. They'll have to possess the skills you need of course, possibly backed up with the right experience and qualifications too, but it's equally important that they share your passion for the business and what it can achieve.
Keep Your Staff Motivated
Having a workforce of people who believe in your business and its aims is a great asset when it comes to achieving growth and profitability, but it's important that you keep your staff motivated at all times, not only after they've been hired. Team building events are a great way to achieve this, and specialists in the field Team Tactics have a wide variety of events to choose from, as you can see by visiting teamtactics.co.uk. From treasure hunts to outward bound courses, you'll be able to find a course that's perfect for your business and your team, and the benefits include creating staff that enjoy the job they're in, that have excellent problem-solving skills, and that can work closely together.
Encourage Open Communication
Hiring new staff not only allows you to work more efficiently and take on new customers and clients, but it also means you have a potentially invaluable source of new ideas for your company. Your workforce knows what your business can achieve, but they also understand what consumers are looking for, so you should always encourage them to contact you with their own ideas about new products and services, or improving existing ones. Once again, team building events can help create the atmosphere where staff feel confident enough to approach the business owner, as they encourage open communication regardless of rank or salary.
Seek the Best Possible Funding Option
Don't be afraid to seek out the funding that will allow your business to grow - but that doesn't mean that you should accept the first offer that comes your way. There are lots of potential sources of funding today, so take the time to compare offers from traditional banks, from angel investors and from business crowdfunding sites. Look at the payment terms or equity share carefully, as the right decision can be a quick route to growth in your business.
Growing your start-up business into a small to medium enterprise will take hard work and dedication, but if you want to be a successful entrepreneur, you should already possess these qualities. You'll also need adequate funding and a high-quality workforce that's motivated and that can help you innovate. With these elements in place, growth can be rapid and sustainable.