Every large organization today was once a small- and medium-sized business (SMB). Growing their business is the objective of every entrepreneur. It is said that 90% of the startups fail during the first five years of their existence, and those who live beyond find it highly challenging to expand their business. This is especially important for tech companies in the current era.
Technology, as we have witnessed in the past ten years, has evolved rapidly and continues to do so. Newer technologies become obsolete before they can fully capture the market. Similarly, talent and skill set also become redundant as technology progresses.
Apart from talent wars, tech companies are too faced with the challenges of growth and survival in a fast-paced industry. So, what can entrepreneurs do to ensure their businesses grow?
Human capital is the most critical asset a company can own, and this cannot be said enough. Any company that aims at growing must have a pool of senior talent that pertains to a diversified background and hold experiences and expertise in their relevant areas. Experienced leaders have the right skill sets to establish and maintain a team from scratch and grow with them.
Gone are the days of growing through practicing a more autocratic leadership style. The current workforce requires inspiration and a sense of purpose. Entrepreneurs need to communicate their growth plans to their employees and align individual employee growth with that of the company. When employees envision themselves growing along with their company, they are likely to be more committed and loyal to their workplace. This will further help with the retention of talent while reducing the cost of hiring and training new employees.
Companies are now looking to take advantage of global talent by hiring remote employees operating from various corners of the world as long as they have an active internet connection. This helps the tech companies to take advantage of specialized talent without having to relocate them.
Planning is important. What is more vital is to be able to plan realistically. Growth is essential and exciting but at the same time is risky. Companies that do not aim for realistic goals and do not take into account the ground realities and the impact of the external environment over which they have minimum control fail to set the right goals. This often leads to overall frustration within the employees and reduced productivity levels.
For tech companies to succeed in the current times, they need to invest in the learning of their employees. This can be done by partially paying their education fee or sending them for training and keeping their skill sets updated.
Passionate leaders set the tone for growth, but their best is to pass down the thirst to their teams. Leaders need to invest in the working culture and recognize their people to grow.
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