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 Your Team
For far too long, employee engagement and wellness have been viewed as a reserve for big businesses. However, that trend has shifted, and small businesses are making engagement and wellness a top priority. Why?
According to a recent study by Gallup, businesses that engage and motivate their employees realise over 40% reduction in absenteeism and have 59% less employee turnover
So, how do you make your employees more engaged and motivated?
- Make them feel valued
- Recognise their efforts and offer advice
- Offer team building activities both on-site and off-site
- Offer small perks
Get To Know Your Team
Great business leaders have mastered the art of unlocking and activating the talents that surround them. They know what buttons to press and when. How?
They invest a considerable amount of time to learn the strengths of each team member. This helps them embrace diversity.
Borrow a leaf from them. Getting to know your team members individually will help make you effective at matching unique strengths and expertise. It also comes in handy when solving problems and finding new solutions for your business.
Look Beyond Business Growth
As your small business grows, think about improving your employees’ professional development. Focusing solely on business growth can only get you so far.
Studies show that businesses that don’t reinvest in their workforce experience higher employee turnover rates. And this is probably why over 30% of small businesses increased their learning and development budgets in 2022.
You don’t have to break the bank to achieve this. Industry experts recommend:
- Sponsoring team members for short learning programs like workshops and seminars,
- Establish mentorship programs, and
- Encourage your team to explore micro and virtual learning opportunities.
Final Thoughts
Any business’s success greatly depends on its team members’ cohesiveness and performance. We hope these strategies help you develop a team that will propel your business to greater heights. For more insights on how to grow your business, contact us. We pride ourselves in helping you succeed.
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