The four areas of business focus in 2018: Part 1

We are now almost a month into 2018! With a new year comes fresh motivation and numerous opportunities.

In this blog I want to highlight the key areas I believe all high growth businesses must focus on in the next 11 months to ensure success and stay ahead of competitors. This is by no means the end of the list, but instead areas which if worked on will have a disproportionate positive contribution to the success of your business this year.

  1. The people making it happen

Having the right internal team is a cornerstone to accelerating business growth. A business exists because of the people who get up every morning and believe in the product or services it delivers. Without these people, there is no business!

Hence, getting your recruitment strategy right is fundamental. How you recruit should be unique to your business and needs, but here are some of the tactics I have seen work:

  • Have a career path plan for your new recruits. Employee retention matters! All the hard work that goes into bringing the best talent won’t be worth much if your staff don’t stick around.
  • Traditional rewards aren’t always as effective as you may think. To stay motivated, people are looking for purpose, mastery and autonomy .
  • Go for diversity. By hiring a team that is diverse in backgrounds, strengths, personalities and perspectives, you will generate innovative ideas and greater productivity.
  1. Managing the business behind your business

In a digitally driven age, you cannot afford to have your technology lagging. Not only does it affect your efficiency and ability to serve your customers, it also makes it harder to attract and retain top talent.

There are a multitude of articles covering digital transformation. For the purpose of this blog, I am going to simplify it: Digital transformation is how companies are taking advantage of technology to do things better.

It comes down to using the right tools to ensure you can deliver a flexible work place, efficient processes, leverage automation to complete manual tasks that take time which you are better off investing somewhere else, and ultimately establishing a foundation on which you can innovate and add new revenue streams.

 

Next week the final 2 areas of focus for 2018

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