“My biggest motivation? Just to keep challenging myself. I see life almost like one long university education that I never had — every day I’m learning something new.” – Richard Branson
This quotation by Richard Branson highlights the essence of being a successful entrepreneur. It addresses the general ethos that any entrepreneur needs to have in order to succeed in converting the new business into a multinational organization.
Additionally, one of the criticisms directed at entrepreneurs is that they are not good at every aspect of business. And, because the company is small, and there might be limited funds, it is tempting for the founder(s) to try and fulfill all of the roles required to ensure business success. However, this is not necessarily the right way to approach business growth and development.
Consequently, here are several tips to ensure successful organic business growth by dividing the daily tasks into specific roles:
1. Employee retention and management
One of the tenets of business growth is successful employee management. When the business is small enough, the founder(s) can manage all the daily tasks. However, as soon as the business reaches a certain size, it becomes essential to start hiring staff. Employing staff with the skill and experience to manage their individual job roles and to grow the business is only one part of the employee management process. It is equally important to retain staff employed. The higher the staff turnover,
A typical example of this is the hiring of staff. Each employee hired needs a watertight contract that meets the Federal, state, county, and city labor laws and protects both the employer and the employee. Thus, it is a good idea to hire a City & County Employee Rights Attorney Virginia to draw up your employee contracts. Their team of expert attorneys is experienced in managing employee contracts and employee rights.
2. Continued product development
Any new business has to factor in at least several iterations of product development. This statement becomes particularly relevant in the current phase of global technological development.
Succinctly stated, this period is also known as the Fourth Industrial Revolution. And it is defined by the World Economic Forum as a time where there is a “fundamental change in the way we live, work, and relate to one another.” Additionally, it is seen as a “new chapter in human development enabled by extraordinary technology advances… [which]… are merging the physical, digital and biological worlds in ways that create both huge promise and potential peril.”
Thus, it is vital to ensure that the product development specialists or engineers are aware of the rapidly changing technological environment, and they keep up to date with these changes with special reference to the required product development iterations. The product’s target audience is not going to convert into returning customers if the final product lags behind its competitors.
3. Financial management
Finally, an equally important aspect of business growth is the management of finances, including Venture Capital Investor funding. Succinctly stated, the business cannot develop into a multinational organization if it runs out of money. Thus, it is vital to ensure that these funds are managed properly.
Need more tips? Listen to what Jack Ma has got to say: