3 Strategies to Grow Your Business
Ready or not, 2022 is here. And those same business pain points have carried into a new season of work. Like many business leaders, we are still grappling with a global pandemic, staff shortages, supply chain issues, talent gaps among our new and tenured staff, and more. However bleak the picture may look, I believe the future of work is bright. And leaders that are asking the tough questions, the ones that are adapting strategies and identifying their competitive advantage, should anticipate significant growth this year.
Historically, the pride of American business has been our innovative and competitive spirit. Just this week, I listened in on the U.S. Chamber’s 2022 State of American Business discussion. Although the aforementioned problems are still facing the workforce by and large, I was encouraged to hear the hope, inspiration, and innovations that entrepreneurs and business leaders are bringing to the marketplace.
So this begs the question to you as a business leader - what are you doing differently this year to compete in one of the tightest labor markets we’ve seen in decades? I propose 3 simple strategies to grow your business in 2022, and they have to do with your workplace culture. Here are some ways you can strengthen your teams and become an organization others want to work for.
Identify your value proposition - Let’s face it. Your employees are never going to love your business as much as you. It’s your baby. You are willing to stay up late hours, weekends, etc. to realize results. But if this pandemic has taught us anything, is that the modern workforce is no longer looking to burn the midnight oil. In fact, they are aligning work around their personal lives, desiring greater balance, and time to focus on their own passions. So what value are you providing to those that work for you? Your employees and potential candidates aren’t just looking for a paycheck. They want to work for organizations they believe in, ones that align with their own passions and values, and are vested in their growth and goals. There are so many great perks and value added benefits you can offer that won’t crush your bottom-line. Start with surveying your current staff. What keeps them working for you? What things would improve their experience? Take their feedback and implement what you can. The more you include them in on this process, the greater buy-in you will achieve.
Leverage you strengths - The new year ushers in new resolutions. But I want to challenge you to not just focus on the deficiencies you want to improve in your business and your staff, but to leverage your strengths. What makes your business stand out from the competition? What are your teams great at? How can you leverage these strengths to go to the next level this year? Perhaps you have a department that is functioning well but with a bit extra training or skills, could be just the momentum you need to see double-digit growth in 2022. So don’t take for granted the gifts and talents you already have in your workforce. Find ways to empower, develop and leverage their genius.
Create a culture of clarity - The world continues to be full of uncertainty. So you may be hesitant as a leader to take on new initiatives. Maybe you are taking a wait-and-see approach, or perhaps you are pushing ahead with major changes like restructures, acquisitions, divestitures, or mergers. But let me ask - is the strategy clear? Could your workforce easily repeat the priorities of the business and how their function contributes to the overarching goal? Communication failure costs an organization an average of $7,500 and more than seven workdays. Share the vision so that others can repeat it. Keep healthy dialogue open with your employees, where your culture champions open ideas and respect for differing opinions.
Make 2022 the year that you do it differently. Stay focused on your identity, build on your strengths, and get abundantly clear with your workforce and your customers about why your business is and will continue to be great.
