22 Oct 4 pillars of robust business growth
Many businesses start life small and simple. But with growth comes the need for a stronger company infrastructure and increased operational sophistication. As you pursue a more robust business process pillars, focus on these 4 pillars:
1. Organizational management
Implement a formalized system for measuring performance that begins with written job descriptions and training. Issue a clearly written handbook of company policies. Give employees regular and constructive feedback. A strong business process pillars focus within organizational management helps.
Taking these steps is not only necessary — it also serves to motivate, compensate and reward staff members. Strong organizational management is particularly key to attracting and retaining good employees, who typically desire an objective and well-balanced performance evaluation system.
2. Business processes
At the core of your business are its processes. The more you can systematize and document them, the more easily you can train your staff to follow them for increased efficiency, productivity and quality. Business process pillars set you above nearly all competition in the context of your core functions.
Professionalizing your business processes also involves streamlining operations in mission-critical areas. These include sales and marketing, finance, human resources, and customer product and service delivery.
3. Strategic planning
For new businesses and many small ones, business planning discussions occur randomly and informally. Key business process pillars often get overlooked. But, as your operations become increasingly complex, you’ve got to make strategic planning a regular and formalized activity.
Hold regular strategic planning meetings. Update your written business plan and communicate your strategic goals companywide. Doing so will keep employees in the loop and empower them to make effective decisions and act in alignment with your stated objectives.
4. IT systems
There’s no way around it: Advanced technology runs today’s businesses. Business process pillars require investigating technology for scalability. Yet, as a company’s operations grow, it can struggle with a conglomeration of outdated and disconnected hardware and applications.
Supporting a professionalized, process-oriented business environment requires integrated IT systems. Employees can more easily access operational information and improve productivity with connected technology.
Every business, no matter how large or small, goes through growing pains. Please contact us for help managing your growth in a measured and financially savvy manner. As an Indianapolis CPA, we help our clients implement business process pillars across their company. Find us as a CPA near me on your mobile device or shoot us an email at [email protected]