Start-ups and small businesses often undergo growing pains during the first few years in business. On the one hand, your sales are increasing, and business is booming. On the other hand, you need to think critically about how and when to scale, what you can afford and the organizational changes that you need to make. If you’re struggling to get a handle on your team growing faster than your business, here are our best tips for keeping everything under control.
3 Ways to Handle Your Team Growing Faster Than Your Business
- Pay your employees above market rates or on par with market rates.
This might seem contrary to logic, since your team growing faster than your business might mean less profit. However, competitors will always be looking to poach top talent, and paying a fair amount allows you to increase employee loyalty and keep them motivated to perform in high-stress situations. If you can’t afford to pay market rates, ensure that you are regularly offering performance-based bonuses or profit-sharing to make employees feel that they are contributing.
- Establish checks and balances for all critical aspects of your business.
When you have a smaller team, it’s much easier to establish duties and follow up to ensure that everything is being done. Your team growing means that you have less oversight and less time to make sure everything is getting done. Make sure that you put checks and balances into place to avoid things like bookkeeping mismanagement, employee theft, inventory shrinkage and other issues you can’t afford to deal with.
- Motivate your team members on a regular basis.
Your employees are your greatest asset, particularly when your company is in the start-up phase. If you end up with a team of passive employees who do not care about your mission and standards, you’ve got an HR disaster on your hands. Be creative in motivating in recognizing your team members and listen to feedback when it is offered.
Handle Your Team Growing with My Admin Co
My Admin Co understands how hard it is to juggle running a small business while playing receptionist. That’s why we offer convenient and affordable administrative services, including a phone answering service. To learn more about our services and take administrative tasks off of your plate, visit us online or call us today at (410) 324-3934.