Discover proven, accessible approaches to thinking strategically about your business in order to make more informed decisions, with a focus on the six business drivers that will put you in a position to succeed.
By Bryan E. Pearce
Director of Strategic Business Planning
Gray, Gray & Gray, LLP
“Hire for attitude. Train for skills” – Tom Peters, Management Author
Virtually every high-growth entrepreneur and business leader that I know readily acknowledges the critical role that a strong team has played in making their business a success. How do the best entrepreneurs and business leaders assemble world-class teams? Simply put, the best talent wants to work at the best companies. So why would a great potential team member choose to work at your company instead of a competitor or other industry player?
- They want a clear vision for the future of the business
The best employees and team members want to work in a business where leaders articulate a clear sense of the future direction of the company. This vision should include purpose, growth goals, a commitment to innovation, market positioning, geographic and product line expansion, and an exit strategy. And, of course, a recognition of the importance of a strong team.
- They believe they possess the skills and experience that you require to take your business to the next level.
As businesses progress through their lifecycle, leaders commonly find that the skills and experiences required to move the business to the next level also change. While entrepreneurs and leaders generally want to be loyal to the people that helped get them to where they are today, often what is needed are new team members that have relevant experience to help the business scale to the next level. Choosing between developing existing talent (which may sometimes be incapable of growing into a new role) and bringing in new talent is a difficult, but necessary, decision for leaders to make if the business is to optimize success.
- They see opportunity for personal development and satisfaction
Today’s workforce values development opportunities, interesting work and frequent opportunities for promotion. Are you doing a good job of training and developing the next generation of leaders for your business? Do you demonstrate clear career paths for your people? Or do they perceive they have to leave your company to progress their career?
- They seek performance measurement… and rewards.
It is generally true that “what gets measured gets done”! Does your company identify, explain and reward the behaviors that enable sustainable growth? Do employees receive regular and constructive feedback on development successes and needs? These desired behaviors may include nurturing customers, developing people, thoughtful financial management, and innovation, to name just a few. Do your employees clearly understand what their role requires and holistically how they are rewarded – not just with cash and equity compensation but the full range of benefits that are available to them?
- They want to be part of a great culture with a clear purpose.
Management guru Peter Drucker wrote, “Culture eats strategy for breakfast.” How would you describe the culture at your company? Do leaders communicate and live the culture every day? Is there a clear sense of purpose that is appealing to current and prospective employees? Is diversity and inclusiveness encouraged and practiced? Do your people care about each other and your customers and partners? Are honesty and integrity – doing the right thing – a part of your core values?
Working through these questions is an essential start for any Strategic Business Planning process. Other key areas naturally follow, such as identifying the financial resources to fund growth and diversify your personal wealth. All are necessary to successfully building – and retaining – your own “A Team” that can take your company into the future.
Upcoming articles in this series will look at Strategic Business Planning topics such as identifying and sourcing appropriate financing for your business.
Want more? Get in touch with Bryan Pearce, our Director of Strategic Business Planning, at (781) 407-0300 or at bpearce@gggcpas.com to explore how we can help you define your own future.
