Expanding your team as a startup or small business is not an easy job. According to a recent CB Insights study, 23% of startups fail because they do not have the ideal team to run a business. If growth is your business’s objective, it is vital that you choose the right people for it. A startup should be aware of the critical areas of their business. For a startup’s growth, the strategy, finance, human resource, product/brand design and development, research and development, and operations are essential.
BUILD A STRONG TEAM
Growth is possible only if you have a good team to back you up. Hiring people that can help bring creativity and ideas to the table is always a good idea. Hiring people who also get the job done and are willing to be flexible in their role is essential for the early stages of growth of your business.
If you are considering fast paced growth within the business and team then it is worth considering hiring someone senior with experience to help like a Finance or Operations Director. They can help then support you with business decisions and plans.
Retention is then also key. It is all well and good expanding your team and getting the best people but useless if you then can’t keep hold of them. Help build a company culture from the early days. Show that you care and offer perks. These don’t necessarily have to be monetary; it could be flexibility with working hours or location for example.
FOCUS ON YOUR BUSINESS FUNCTIONS
When expanding your team, your strategists should always determine whether that particular time is ideal for you to grow. Performing a SWOT analysis (strengths, weaknesses, opportunities, and threats) will allow you to understand your ideas better. Moreover, financing is integral to the growth of your business. Since your business is relatively small in size, you might need loans. On top of that, finance is important for forecasting and budgeting purposes too. When hiring people, you need to make sure that they possess sufficient knowledge regarding business.
Most people tend to ignore the area of research and development when expanding their startups. Your startups and small business will only grow if you work on your ideas well.
THINK OF YOUR FUTURE ROLES
Expanding your business might be a good idea, but you need to see whether it is even in line with your business objective. There is no point in growth if your strategy fails to help you reach your ultimate goal. For this purpose, you need to know what your organisation chart must look like in the future. Thinking long-term is, therefore, the key. Always check whether your decisions blend well with the structure of the organisation as well as the relative ranks of its departments.
IS IT BEST TO HIRE OR OUTSOURCE?
You need to consider whether hiring employees of your own would benefit your business’s growth or outsourcing would be a better idea.
If you are finding you have too much work but not sure if you are in a position to hire then companies such as ADAVIRTUAL Business Support could be an option. By offering hourly rates as well as monthly retainer packages businesses can utilise the expertise and time of the team with the flexibility of increasing or decreasing the workload as business needs demand.
In most cases, small businesses or startups prefer to outsource during growth because they tend to avoid issues like sick pays, workplace pensions, holidays, etc.
However, it is for you to choose what option is the least costly for your business.