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Home » Grow Your Business

How to Grow Your Business (Part 8): Talent

This is the 8th post in the series How To Grow Your Business if you’ve missed any of the posts, you can catch up here.

In this post we look at the importance of people to your growth strategy.

Value your people

Regular and clear communication to your team is key to keeping them engaged.  You need to  develop key talent,  keep them motivated and develop appropriate incentives for them.  Think about outsourcing the stuff you’re not good at or the stuff that’s time consuming so that you can focus on key activities.  One thing a downturn throws up is an abundance of talent as other organisations downsize and shed staff.  Regularly meet with talent and look at ways of working with the talent, even if you can’t immediately afford to hire them.

You need to answer these questions:

  1. How is the economic climate affecting your people?
  2. How does your team want to be rewarded?
  3. Are you rewarding your team in the way they want to be rewarded?
  4. Do you tell your top people how much you LOVE Them?
  5. Does your performance measurement system reflect the contribution of your team?
  6. Do you regularly communicate with your team?

Are you doing all these things?

5 Comments »

  • Eric | My 4 Hour Workweek said:

    Hey Matthew – great tip. People are really what drive business (this has to be at least 90% of it), and if you don’t treat your people well, you really are headed nowhere but down.

    Furthermore, people are only worth what you value them. If you treat them like they’re worthless, they will in fact be worthless. It’s crazy that some people still don’t understand this.

  • Matthew Needham said:

    Thanks for the comment Eric. Without people the business is dead. You’re right – people drive the business.

  • Rick Byrd said:

    Matthew:

    Interesting tip. I am just starting out building an online business so I do not have any people…yet!

    I can appreciate the importance of people as in my current regular job I am definitely underappreciated.

    I am currently reading, okay it’s actually an audio book so I am currently listening to “One Minute Entrepreneur”. This is an awesome book. In the story of the book there is a section about valuing your people. It talks about sharing your ideas with people. It also talks about sharing the company goals so everyone is involved. They also recommend opening the financial statements to your people.

    The way I see it, you want to value your people in a way that is valuable to them. You may think you are doing the right thing but your people may think differently.

    – Rick

  • Matthew Needham said:

    Hi Rick, thanks for the comment. I agree with everything you share here Rick. I’ve read a lot of the One Minute series although not that one. But it’s exactly the philosophy we recommend to our clients when dealing with their employees. It really annoys me when business don’t share info with their employees then complain of lack of engagement….hmmm I wonder why that would be?

  • Steve Scott Site said:

    You’re right. Sometimes people get so caught up in the idea of being successful with their business that they tend to forget they have a customer base. Even if you have your own website for fun (as opposed to running your website to earn a living) you need to be considerate of others.