In part one of this series, we explored some of the most talked-about issues that can cause a great deal of stress and worry for business owners who are going through periods of change and expansion.
Here, we’ve shared our thoughts on some business growing pains that aren’t as widely covered but are certainly just as important.
Let’s pick up where we left off.
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Out of date systems
By this, we specifically mean:
- Systems that have reached legacy stage; for example, those that have been sunsetted, and are no longer supported by their creators
- Systems that can’t handle demand
- Systems that were great when you first started out, but don’t hit the mark now you’ve grown
These are, in fact, three very different reasons to start migrating across to new technology. The first must be dealt with through necessity; the second is often a result of shortcomings or inadequacies within the software itself; and the third is a homegrown problem relating to the upwards trajectory or general change in direction for the business.
Whichever of these issues you come across, the solution is the same: you must take stock of your new needs and find a platform (or platforms) that will suit your requirements now and be scalable enough to continue supporting you for the next few years, at least.
The key is to spot potential limitations with your company’s technology long before it starts to affect your operations. A good IT partner will be able to keep an eye on your investments and let you know when you’ll have to consider an upgrade. An outsourced finance director will, of course, factor the cost of any such upgrade into your projections, and make sure any software-related costs are accounted for when the time comes.
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Hiring – and retaining – the right staff
In any workplace, there are people who are just there ‘for the job’, and people who have truly bought into the business’s mission and want to help it succeed. Those with the former attitude will rarely last long term; those with the latter mindset are like gold dust and should be treated as such via a carefully considered staff retention programme that provides them with the perks and incentives they really want and need.
Whether you’re attracting new talent or trying to hold onto the good eggs in your team, a strong, inclusive company culture that rewards freely and offers plenty of opportunity for progression will support both your hiring and retention strategies. It takes a lot of dedication to create such an environment – but laying the groundworks early on in your business journey will pay dividends later.
And remember, it’s never too late to start improving things internally; research your options, consult with your staff, and make it clear that keeping your top performers happy is a priority for you.
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Managing personality clashes and challenging relationships
You should always be working on developing psychological safety within your teams; that is, ensuring that their workplace is somewhere they feel they can be open and honest without negative repercussions. This is particularly important if your organisation is undergoing a period of intense change, or there are new hires and reshuffles occurring that could lead to feelings of insecurity amongst your staff.
Feelings of safety aside, personality clashes are inevitable, and you cannot prevent flare-ups here and there. However, one way to stop the seeds of toxicity from thinning your workforce and damaging your culture is to make sure everybody shares a common purpose (you can find more insights on this in part one).
Regardless of their approach, their outlook, their values and their preferences, most people can find a way to work together in harmony if they are actively working towards the same objectives. Inadvertently, you will create a better sense of community amongst your teams by uniting them with a common cause.
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Dealing with the fallout of burnout
It doesn’t matter if you’re a start-up or a more established company, you’re going to be under intense pressure to perform. But placing too much on your staff members will eventually lead to burnout, the effects of which can have a devastating effect on employees and greatly impact your achievements as a business.
Much of the time, the stressors your employees are facing will be beyond your control. As well as giving their all at work, they will likely be grappling with responsibilities at home and within their families, not to mention facing their own financial or health worries. So, one of the most sensible and preventative things you can do as an employer is provide levels of support in all areas. This will simultaneously ease the burden and prove to your employees that you value their wellbeing.
Of course, you will need to look at whether your team are struggling with unrealistic goals and deadlines, and whether they have everything they need to thrive in their role. However, you can go beyond this and strengthen your employees’ resilience with the introduction of things like:
- Team building days to boost morale and improve interpersonal relationships
- More flexible work from home policies to cater for new demands placed on staff
- Comprehensive medical insurance (usually included in staff packages)
- Gym memberships and other health incentives
- Better signposting to support, particularly in terms of mental health
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Monthly board meetings
However busy you and your C-suite may be, it’s important to host senior management team meetings every single month. During these constructive catch ups, all the key people within your business can sit back from the day to day and begin to see the wood from the trees.
If your managers are always in the dirt and preoccupied with the detail, they won’t ever be focused on how to drive the company forward. So, by giving them the time and space to come up for air, you’ll find that, with their ideas and input, you’ll be able to identify realistic objectives together and grow your firm much faster.
As always, instructing a third party to manage and measure the effectiveness of each meeting is a must. Your finance director can help you make the most of your time in the boardroom by guiding you through a comprehensive agenda and ensuring adequate follow-up in the coming days and weeks.
At Dartcell, we’ve experienced virtually every business scenario imaginable. While we will be instructed to take to the reins of your company finances first and foremost, we can also share insights to help our clients navigate many of the growing pains that can occur throughout a company’s journey. Contact our team for more information on our services and our approach.