Why, how and what to do when managing people as your business grows

Managing people and keeping up the motivation for yourself and your team as your business grows can be a complicated, exciting and daunting process.

While the increased cash flow and growth is great, it can also mean many organisation and managerial changes, which you need to be ready for.

However learning and planning to manage people as your business grows doesn't mean it has to be hard.

At the end of the day – the evolution of your company or business is directly linked to the professional growth of your team members, your systems, marketing and satisfaction of your customers.

When you're able to manage and communicate with people effectively, your business or company will reap the benefits and continue to evolve.

So how do you handle managing team members along with the growth of your business?

Keep listening to customers & team members

Successful leaders listen, so you should always be open for feedback and suggestions from team members and customers alike.

Your team members and customers are the ones helping you grow your business so it's crucial you're open to and listen to their feedback.

Of course, listening has many advantages besides the ones we've mentioned above.

Listening to customer's feedback can point out problems in your business that you or your team may never notice. There could be a huge error in your back end support system, one of your products, or your website could be confusing customers.

In short, listening and learning from your team members keeps your team working and focused on the big picture and goal. It also engages and involves your team that they are a part of something and of course listening to customers helps generate repeat and referral business, instead of losing them.

Promote a Positive Work Environment

Go to any of the most successful companies in the world. 90% will have a very positive and creative work and team culture. That's because a business can't achieve success without keeping their team members happy and motivated.

And this doesn't just mean giving team members a pay rise and calling it a day.

It's the little things that count. Listening to a team member's idea, updating their job title, putting them through skill building courses, group lunches and so on.

These are little things that go a long way to creating a positive working relationship, encourage teamwork and most of all creating a positive and interesting work environment.

Develop a shared vision for your team

A good way to go about doing this is showing goal progression with visuals such as charts or graphs.

These visual strategies are effective because they show team members how much further they have to go with a project or task, but they also get clear visual of the progress.

It's important to break the bigger picture down into small goals too, so each team member has an idea of how
their performance relates to the overall functioning of the team and company.

As Steve Jobs said "Incredible things in the business world are never made by a single person, but by a team."

Think About The Financial Implications

The sad truth is many businesses don't survive this stage because they grow too fast. Others businesses don't know how to manage that money, how much they should spend and on what or how much to delegate to paying their team members and so on.

This is why it's really important to keep your eye on the ball and monitor 'money in, money out.'

Four critical financial areas to focus on and understand during company and business growth are:

•  Your business's budget
•  Your cash flow
•  Team member costs such as wages, superannuation and tax
•  And evaluating your equipment so your team have the right tools
   to perform their tasks so they can keep up with the increase in demand.

Conclusion

Going from managing a small business to a fast growing one at the end of the day will always bring about challenges, but as long as you're able to adapt to new strategies and always look for ways to improve – your business will continue to grow and succeed.

Of course what we've shared with you is just a fraction of some of the strategies and methods to managing people as your business grows . And while each business may be different in regards to products, services and business model, these basic principles on managing people as your business grows are proven so you, your team, business and customers continue to expand in a harmony.

Want to know more about managing people as your business grows?

We're all about helping people succeed financially and in all areas of life and business. If you, a friend or loved one would like additional advice on how you can make managing people in your busy easier, please contact us at Murray Nankivell on admin@murraynankivell.com.au or by phoning us on 08 8765 7777 .

About Murray Nankivell
Our goal, mission and purpose are to help people reach their full financial potential professionally and personally and whatever that means for them. We understand everyone is different which is why we're anything but your typical Accounting Practice. It's also why we've been growing our clients' businesses, minimising their tax and improving their bottom line for almost 80 years.
You see, we're well known for having a personal approach where we get to know you, what you want and what you want your business to give you first.
We have three main offices - Naracoorte, Bordertown and Murray Bridge – as well as 11 visiting offices in Meningie, Coonalpyn, Tintinara, Lameroo, Keith, Millicent, Robe, Penola, Kingston, Nhill and Kaniva. We are also happy to visit all areas in between on appointment.

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