Dear Coach RED
I’m the owner of a financial firm that manages the wealth of some of the country’s wealthiest families. Our team is highly skilled and they’ve been with my company for many years. I’ve been working really hard to grow our team, but no matter what we’ve tried we’ve not succeeded. We’ve hired new young talent, but find that we are challenged with keeping up with the pace they work. An even greater issue is our current team doesn’t play well with new team members and isn’t open to change within the company. While our business is profitable, I know that we must grow the business. How do we get the help we need?
Not Growing & Frustrated
Not Growing & Frustrated,
Your issue is not uncommon. Many businesses, especially those who have had financial success, find themselves in similar situations.Your letter is an indication that you’re on track to the business success you’re seeking.
We’ve identified three challenges you face:
1.You need to grow your team
2.Your company culture isn’t one that’s conducive to change, and
3.Your infrastructure doesn’t offer opportunities for your team members to grow.
Congratulations on building your business to a place where growth is inevitable.
Getting to this stage of business requires an increase in your most valuable assets:
your team members, infrastructure, and company culture. Here are three tips for
assessing the growth potential in your company.
1.Determine where you want to go. When you define your destination identify where you want your company to be in those areas that provide the greatest challenge for you. It is these areas that will offer you the most opportunity. So, face them head on and
watch your company growth.
2.Does our environment support and promote growth? I’m sure you’ve heard the
saying, “You can’t put new wine in old wine skins.” Well, just the same, you don’t
want to add new people, processes and systems in your business without first
preparing your organization for the change. Determine the necessary changes to your company, processes, procedures and people to align with the direction you want your company to go.
3.Who do we need and who do we let go? We saved this point for last because
many times it is the most difficult decision for small business owners. When our
team becomes a family we have the tendency to accept more than usual when it
comes to lackluster performance and bad behavior. Think about the team you need to help you grow your organization and define the following:
○Who is currently on the team and what are their top three skills?
○Are they currently maximizing those skills to benefit the company?
○What additional skills, talents, people, etc. do you need on the team to meet company goals?
○Will the budget support hiring top talent with these skills? If yes, who in
our network can connect us with the people needed on the team?
Answering these questions will help you set your team and company up to win the year.
by Collette Portis, M.Ed. with RED Development Group.
If you have a pressing business question or you’re faced with an obstacle that you just can’t overcome send us a letter and we’ll answer here. We look forward to helping you maximize your greatness.