How To Keep Growing As A Business

pexels-photo-largeMMR Group continues to grow. Last month, the company proudly announced the purchase of assets and operations of Vector Electric and Controls, Inc. In our 20 plus years as a company, we’ve learned a lot about progress, expansion, and growth as a business. We’re of the belief that there is always room for growth and opportunities to be more impactful. As such, I want to share with you a few tips about how to do just that, regardless of the type of company you manage or lead.

  1. Hire the right people
    Your human assets are the most valuable part of your company. Even if you have the greatest ideas or the largest budget, without the proper talent to manage and execute each of those, the business is nil. Hence, hiring is the most foundational tip for growth and long term success. Look out for people who understand your company’s objectives, its strengths and weakness, and the details of their role. Invest both your time and money in attracting great employees; doing so sets a positive precedent for everything to come.
  2. Have Clear Goals
    The next step is to define what success is for your business and how you want to get there. Perhaps, for your company that means reaching a certain number of customers, opening a second location,  or earning a set amount of revenue. Regardless of what it is, every business needs a list of clearly defined goals and a plan for realizing them. Overtime, as those goals are reached and as your company evolves, your goals should as well. It’s also important to prioritize these objectives and ensure that the rest of your team is on the same page.
  3. Be Strategic
    This step requires a greater level of perception and calls for realizing opportunities that were not previously mapped out, but make sense based on the position of the business itself. With very calculated marketing, mergers, or other business strategies, companies can build an enterprise that is not limited only to rigid goals, but that moves based on what is expedient for the business. Always be sensible about your choices and alert to the possibilities which surround you.
  4. Learn From Mistakes
    Every choice or strategy will be not an immediate hit. In fact, some can be an outright failure; that’s a normal part of business. The best way to recover is to learn from the mistake. Ask yourself which part or parts of the process went wrong and why. Only then can your and your company create more successful outcomes going forward, rather failing multiple times over an avoidable issue. There is no guarantee that all things will work, so don’t be afraid of risk. Even the largest companies from Apple to Google frequently have major failures. As a company, however, your power is in controlling the controllable.

Finally, every business starts somewhere; many with just a simple idea and the work of a single individual. Nevertheless, no one goes into business with small aspirations. Every entrepreneur’s goal is to bring their skills, product or resource to as many customers or supporters as possible. Following these simple practices and words of advice can make the likelihood of such a reality.

The Truth About Why Employees Stay And What It Means For You

startup-photos-largeRecent data from the Bureau of Labor Statistics show that, as of 2012, the average length of time an individual remains in a given job is just under four and a half years. Over the course of a lifetime, the number of jobs a person may have on his or her resume is about 11 (more specifically, 11.4 for men and 10.7 for women). Furthermore, the studies show that the decision to leave is not particular to any one career or industry. These numbers are true for bankers and musicians alike, resulting in turnover anxiety for companies and HR professionals everywhere. Yet, the factors determining why employees leave are equally true for why they stay. Examining such could save companies the estimated $40,000 it costs to replace staff member..

With regard to those who stay, MMR Group recently honored a number of employees which have been with the company for over a decade, some of them almost two. It’s an absolute privilege to be able to say that we have people on our team who have worked with us for so long, who’ve watched our company grow, and likewise, have had a hand in our success in the time they’ve been with us. Other than being amazing people, as all of our employees are, based on this research, I wonder what makes them an anomaly.

According to an older issue of the Harvard Business Review (HBR), employees stay at a company for two reasons. The first is they enjoy the work they do/their job description is aligned with their passion. This concept was confirmed more recently by a poll in TIME magazine, which shows that over 67% of people surveyed remained at a job because they enjoy the work, making it the number one influence for retention. Secondly, people stay because of what the HBR called a good “company environment” or what we call workplace culture, today. It means that employees feel connected to companies with which they share values, ideals and ways of living (or working, in this instance).

However, the latter is usually more ambiguous. What defines a workplace culture, really? It could be a number of things from how you communicate with employees, whether via email or face to face. And with that, are employees required to make a meeting or can they in whenever? Also, does the office go out for drinks after work or do most people at the company abstain from alcohol? Is the office quiet? Is there vacation time? Do most people use that time for vacation? All of these questions help better define what the culture of your workplace is–from simple to more complex results. Everyone has a company culture/environment, and no particular one is better than the other. Unless, of course, it isn’t a proper fit for the people you hire.

Thus, it’s important for companies to be aware of both factors. Make sure that job descriptions are expressed clearly and comprehensively. In interviews, get to know prospective employees on a deeper level than credentials and job history. Finding out someone’s true passion and how they work on a daily basis can make a world of difference in losing an employee and keeping a great one for life.