Posted On 12 Apr 2023
Nikk Carmichael

Let’s face it. Small businesses power the Australian economy.

According to the Australian Baking Association, 98% of businesses in Australia are small and medium-sized enterprises. Small businesses alone employ close to 50% of the workforce and contribute about $400 billion annually to GDP.

Despite this tremendous impact, small businesses have a fair share of challenges. The Australian Bureau of Statistics data shows that only 77% of new businesses make it to their first anniversary. And one of the most cited reasons for this dwindling performance is not having the right team.

Small businesses with the right team thrive, because great teams:

  • Improve innovation
  • Increase employee motivation
  • Improves productivity
  • Encourages collaboration
  • Reduce employee burnout, and
  • Builds trust and respect

So, to take your business to the next level, you must build a solid team. And in the spirit of entrepreneurship that is deeply ingrained in our nation, here are five proven ways to do it right.

Re-evaluate Your Hiring Strategy

Building a great team starts when hiring. Onboarding new hires can be an uphill task. But recruiting the wrong people is even more devastating.

This is why it is crucial to relook at your hiring strategy. This will help you develop a hiring plan for your small business.

While at it, define what you and your business expect from new employees. Ask yourself: what skills do you need? What are their responsibilities? This will help you identify what to look for in potential candidates.

Empower Your Team

A majority of small business owners find it difficult to release control to someone else. This is probably because they have been doing it alone for many years. But this is something you must do – believe in your team.

Once you have a new hire, empower them. Make your expectations known from day one, and provide the tools and resources needed to complete their tasks. Throughout the journey, have checkpoints to monitor their progress.

Engage And Motivate You