There are always challenges in a business. They stem from a range issues, from technical problems to resourcing. If they’re not addressed, they can result in poorly produced products or services and an inability to drive a business forward.
Here are some strategies to implement into your business to give it the best chance of survival.
- Embody your values
To achieve your full potential, it’s important to work on things that feed your energy rather than depleting you. Make sure you’ve created clear values for your business which you’re fully aligned with. These values should be shared with all employees.
Only produce products and services which help to support your business values. Say no to those that don’t. Continually track this so you can take the necessary action. For instance, a product may be aligned with your business values in the conception stage, but when it goes into development it may no longer meet them. Continuing on this path will negatively affect the energy of the employees who are building the product and will have an effect on your business when the product goes to market. Therefore action needs to be taken to either adjust the product so it reverts back to being in accordance with the business values or work on it needs to be cancelled.
Employ people who believe in these same values. If an employee doesn’t act in accordance with the core business values, address the situation. They may just need to be reminded of the importance of adhering to them, or it may be time for their path to take a new direction.
- Assign task according to skillsets
When you hold a leadership role in a company, it’s important to work on tasks that are suited to your skillset and to not be overburdened so that you can work to the best of your ability. Be prepared to say no to tasks and to delegate tasks to others. You may find that someone is better suited to a task than you or that delegating something to an individual could be an opportunity to teach them something new and enable them to grow.
It’s equally important to be aware of the talents of your team. Ensure they are also only responsible for tasks that best compliment their skillset to give them the best chance of thriving in the company. For example, someone might have great developer skills, but they’re not strong as a writer. In this case you’d limit the written documentation they complete so they are more focussed on development work, whilst someone else who can communicate well in a written format has greater responsibility for the documentation.
- ‘Do no harm’ policy
As well as adhering to the above strategies, a conscious business also operates a ‘do no harm’ policy. This means that decisions must be in the best interest of all parties involved. Any actions which do inadvertently cause harm to another person or a product must be stopped.
Internally, action is taken so your team members feel empowered and listened to. Team members are keen to collaborate, helping each other wherever possible. This sparks innovation, allowing the company to produce the best products possible.
Externally, maximum value is provided to your customer as you go out of your way to ensure your solution solves their issue in the best way possible. This creates loyal customers, driving the repeat business aspect of your income.
These strategies are key for a small or medium sized business looking to overcome typical business obstacles. They look after the wellbeing of everyone in the company, ensuring decisions are taken with the right intention. They help to build strong foundations in a business with a view to grow.
Which of these would you implement into your business?