Generally, when people commence a new business, they have a whole lot of ideas in their mind. They are immensely curious to execute their ideas and spring their budding business. Unquestionably, it is a Herculean task which demands zealous efforts and contribution from the employer and the employees’ side. SME’s require a structured plan to grow accompanied by the right people to execute it.
When SME entrepreneurs kick start their business, they carry out a lot of research. They sought advice from experts, read magazines, books, listen to inspiring speeches and collect lots of information from different sources. Everything that is done preliminarily is subject to time constraint and there is high cost that is involved in commencing a new venture. The next step is to organise your business and this requires a clear cut idea of your vision, mission, and goals for the short term as well as for the long term so that you can design the organisational structure as per your budget and capability.
Here is the Eight-pack HR mantra for a healthy SME:
Good Organisational Structure with clearly defined Roles and Responsibilities
A well built organisational structure is the foundation of any organization which describes the clear roles and responsibilities of each and every individual distinctly .It is a hierarchy which clarifies so as to whom every individual at the workplace is required to report to for their routine tasks and to whom they are required to confront for resolving any issues or concerns related to their workplace and the environment. If the roles and responsibilities of the individuals are clearly defined it gives them a clear picture regarding their next promotion stage and also enables them to consider this as a benchmark for the target that has been laid down for them. History bears testimony to the fact that employee growth eventually leads to the overall growth of the organisation.
Strict Performance Norms all around for Business Growth
Defining individual roles and responsibilities while designing the organisational framework/structure aids the HR manager target the candidates with the required skills which in turn saves their time and effort in screening the candidates. With strict norms in place, employees get a clear idea about the level of expectations from them. During performance management, it becomes easier for the HR manager to set this as a benchmark for evaluating the performance of an employee for taking further action to train and develop the employee for better productivity.
Investing Time for Associates/employees
The employer must save their time to interact and motivate the employees. Also, discuss the status of the organisation in the market and encourage the employees to take an initiative to put forth their ideas which help the organization grow or solve the issues which the business processes confront to be competitive in the market. Employees feel confident when they interact with the employer that gives them a sense of security about the job. The employer must motivate the employee and must appreciate the efforts which the employees put in. Employee engagement is the basic mantra for retaining employees and ensuring their satisfaction. Employees feel contended when their efforts are appreciated and thus they contribute more towards the organizational growth.
Strong Organizational Communication and Future Expectations
Planning ahead helps the employer survive in the future. You must be clear with at-least the plan for the upcoming year and also be ready and organised with the resources so that the plans can be executed within the timeframe. Networking is also mandatory for business owners to get fitter and stronger ideas and funds to strengthen and move ahead in business. Though SME business owners are caught up with myriad tasks on a daily basis, they must take some time out to establish a network with other entrepreneurs and business owners who are in the same domain through online platforms by following groups and showing their presence in that as this would assist the business owners get opportunities for developing the organisation and expanding their reach.
Develop Associates/Employees and Partners for Growth
Business owners should focus on expanding the business and look out for different strategies followed by large organisations to reach that stage. Always make your employees feel that they are working for their own company and not for any other. Imbibe a sense of belongingness in them for better results. Their own growth is directly proportionate to the company’s growth. Make your employees and partners feel secured and discuss about the multitude of issues that they face at the workplace so that they can be given appropriate solutions. Develop a team spirit so that eventually employees can assist each other independently and can become capable enough to deal with problems all by themselves.
Franchising your business is also one of the options you can opt for in order to stem your business better. It will invigorate your brand and will also enable you to go deeper into the market and grow.
Make Cost optimization everybody’s business
Always involve the employees and partners in every organisational decision that is to be taken so that employees and partners are clear with what they can contribute for from their end. The performance management system is the best way to calculate the revenue per individual and helps in managing the employees as well as the organisational growth.
HR managers are responsible for cost optimization to the maximum extent. It’s their responsibility to hire the right talent, retain employees, choosing the right vendors for office stationery, software and hardware to purchase, market research and other activities so that the business gets quality resources at a reasonable cost.
Do the right marketing for your business
Marketing is the only way which demonstrates you in front of the outside world. If you’re good at marketing, you will get the business from your brand and you need not put in efforts in selling your product and service. People would automatically come if appropriate demand for your product is created.
Don’t stick to the traditional strategies which your ancestors used to follow. Implement new strategies with the demanding market so that you have a competitive edge in the market.