Running a small business comes with opportunities and challenges. In order to identify and address both, it’s important to understand the components that make up your small business and how they can influence results. This blog post provides more information on the role of each component and how partnering with a co-op can help you leverage all those components for business growth.
Detail Your Business Vision
To ensure that everyone within your organization is on the same page with where the business is headed and how you plan to get there, you need to paint a vivid picture for them.
- Use a detailed description about what your vision means, including the purpose for the business and the benefits of creating it.
- Incorporate the values, cultural elements, and strategy that will bring the vision to life.
- Illustrate the role each team member has in activating the vision so they can become vested in the business, its purpose, and direction.
Hire and Retain the Best Talent
Your people will be the most significant asset in your business. It’s their talent and motivation that determine your success. You need to find the right people and then offer them the right environment so you can retain that talent.
- Review your benefits and offering for your team and recruits to assess if you are giving them everything they deserve for the results they are delivering, or could deliver, for you.
- Focus on a targeted recruiting campaign that sets your organization apart to attract like-minded individuals to your team.
- Continue to seek ways to improve your culture and provide for your teams’ current and future needs, including ongoing professional and personal development initiatives and a work-life balance structure.
Make Data-Driven Decisions
Everyone has an opinion, which can be beneficial for a business. However, when those opinions are guided by egos, feelings, and conflicting personalities, opinions can stall a business in its tracks and create unnecessary issues between your team members.
When opinions are considered but then backed by data, there is a better chance at getting to the right decision and action for the company and its team members.
- Add tools and platforms that help you effectively measure various aspects of your company’s performance as well as add transparency to how the organization is doing and where improvements need to be made.
- Present the data as part of your discussions with the team so they understand that quantitative information is driving decisions and organizational changes. Be sure to also link the data back to your vision and team so they can see how they impact results.
Address Issues as They Arise
One of the best things you can do in understanding your business is to tackle issues as they appear. After all, they are not going to go away on their own so you might as well proactively acknowledge the issues and start working on a solution. In doing so, you can also set the tone for your team to address issues in a similar manner.
- Add risk assessment practices to your business so you can better understand what issues might impact your organization.
- Implement new practices that help you address issues, including investment in technology, outside consulting services, or tools that can minimize issues.
- Find ways to incorporate problem solving and proactive contributions to sharing potential issues within your company culture. You want everyone to know that there should not be any fear of repercussion for reporting any issues or the potential for a problem.
Devise Organizational Processes
Not only do these business components work separately, but they also influence how well each one works within the organization. For example, while the vision is the blueprint for your business, it’s your people and processes that create the physical manifestation of that blueprint. Then, the data helps to address issues and provide the basis as to whether your people and processes are working.
For your people to work their magic, they need a critical business component known as your organizational processes. These processes make up a system used to run the daily operations of your business, propelling toward achievement of your vision. When everyone is using the same processes, you will be able to enjoy consistency and promote growth.
- Delineate a process that addresses each department and function in your business.
- Communicate what the processes are, how they work, who can use them, and the benefits they provide. That way, your team has the context and motivation to use them.
- Leverage tools and technology that can help facilitate using these processes.
Create Discipline and Accountability
The last business component you need to develop is about execution across all roles and responsibilities. From fiscal discipline to individual and team accountability, everyone in your company must understand the importance of having high standards, creating memorable experiences for customers and colleagues, and delivering exceptional results.
- Emphasize the importance of discipline and accountability as drivers for execution of all roles and responsibilities through regular staff communication.
- Address this component externally with customers and prospects, providing examples of how you value and incorporate this component in everything you do.
- Tie this component to performance reviews to reinforce its impact on the overall business.
A Business Component Support System
With so many components to define and understand in your small business, it can be challenging to stay on top of all of them. That’s when it helps to have a partner or community of experienced professionals to provide input, share resources, and roll their sleeves up to help, when needed.
Innovia Co-Op is here to accomplish all those things and more. The cooperative includes access to other small business owners like yourself as well as partner business solutions, including tools, platforms, talent, and more. Contact us today to find out how we can partner with you on developing and connecting these critical components of your community management company.
