When you have a small business, growing it isn’t easy. For the first few years of business, most businesses are busy surviving, making ends meet. Focusing on the growth of the business makes sure that your business stays for a long time and it will help you have a stable future with good turnovers. The success of the small business depends on certain critical talent decisions, although not much importance is given to them. Most startup founders and business entrepreneurs make the mistake of parking these critical talent decisions for later. Instead these should be taken into consideration right from the beginning.
Here’s a list of 5 critical talent decisions that a small business should not procrastinate:
1. Manpower Planning
Manpower planning is the process of planning the optimum amount of employees needed to complete a task or project within the stipulated time. It includes forecasting, developing, controlling- it brings the right people to the right place and the right time doing the work they are best at. It includes certain parameters like types of skills, personnel, period, etc. It is a continuous process to make sure the business has the resources it needs to do projects. Small businesses need to get to manpower planning right away.
Digitization is the process of getting information online, in a digital format. Digitization of a business helps the business to improve the efficiency of the business, consistency, process, and quality. It can get files into a digital format, aid in better communication, and eliminate redundancies. The pandemic word has taken the world online so it is important to take the small business online too, create a website, invest in ads online, do some marketing, promote the business. It’s needed more than ever. Digitizing routine work will save time, this precious time can be used for other things.
3. Goal setting and feedback system
It’s very critical for an organization to focus on goal setting, it involves developing an action plan. The action plan is supposed to guide a team towards their goals. Goals are definite, setting goals gives the person an outline of what to do. A feedback system helps to see how things went and how to go about it the next time. It helps to figure out mistakes and have a scope for improvement. With clear goals and consistent feedback employees are more engaged and their efforts are optimized. Employees focus their energy on achieving positive business outcomes.
4. Health and Benefits
What do people work for? They work for their salary which helps them to survive and the benefits that come with their job help them to stay healthy and happy with their job. Small businesses are not mandated by law to have health insurance and perks for their employees but having health insurance for your employees is basic. Additionally, make sure to give your employees ample time and space, it’s a pandemic and everybody is stressed so listen to your employees, talk to them about what they need, accommodate their needs as much as possible. It builds a reputation. The additional benefits just make it all better like a cherry on a cake.
5. Continuous Development
There are certain skills required to manage a small business like financial management, marketing, sales, customer service, communication and negotiation, project management and planning, time management, problem-solving, and networking. In small businesses and startups, employees wear multiple hats and they require to hone a diverse set of skills. Hence, it is critical to invest in their growth and development. Further, today’s generation of employees is also more willing to work for companies who invest in their career development. Employees can take up courses to learn skills, various websites are offering free and paid courses. These websites teach the above skills and much more. Apart from websites teaching courses, there are online workshops by business wizards and successful entrepreneurs, these workshops will be helpful for employees to learn essential skills. You don’t have to necessarily spend a hefty amount on training interventions.
The team of experts at Headsup Corporation is keen to help startups optimize their potential and reach greater heights with right talent decisions. Reach out to us, if you want help in any of the HR aspects.