5 Tips to Scale a Business Successfully
Scaling your business can feel like you are balancing two worlds. One foot is in startup mode, the other is in the scaling-up and maturing phases. There is no longer a young startup that relies on an MVP solution, Series A funding, and lots of entrepreneurial spirits. You are not a blue-chip company with thousands of loyal customers.
Don’t forget the massive growth spurt that comes with this scaling phase. As the company onboards new hires at lightning speeds, team managers must also grapple with how to keep the company’s innovation spark and close comradery despite the influx of new employees each month. If you are like Assent and require a variety of specialized knowledge —Finding the right people to fill your positions is both a challenge and an opportunity. How to quickly find and attract the brightest and most talented people to fill your new positions en masse is a significant challenge and opportunity.
It’s been difficult to find qualified technology workers. It has become more difficult as many companies that were once considered “tech-light” now depend on tech expertise in order to digitally transform their businesses to meet the demands of this highly disrupted world. A recent ManpowerGroup survey found that seven out of ten employers report a shortage in talent, with the most difficult positions to fill being those in technology.
We have experienced rapid growth at Assent over the past seven years. From just 25 employees (the term “employee”, which refers to working for someone instead of a team), to more than 900 and growing. It has been rapid: I joined Assent three-and-a-half years ago as Assentee number 300. This year, we plan to increase our team by 40 percent.
People with similar values will be attracted to you
If you want To attract the right people you need to be innovative Create a work environment that is fun and aligns with the values of your team.
This is a lesson that we have learned as we strive to keep up with market trends. Our clients need comprehensive supply chain sustainability information to make informed decisions. There has been an increase in demand for reporting and data on environmental, governance, and governance (ESG), as a result of the COVID-19 epidemic.
Companies must show their customers (B2B and B2C) that they are following international standards and that the supply chain is compliant with modern slavery and toxic substances regulations. By providing crucial supply chain data, and transparency, we’ve been able to position ourselves at the intersection of these two major market trends.
This has resonated with all our employees, no matter if they are in their mid-career or just beginning their careers. We recently hired 15 people, and 14 said that they chose to work for us because our organization’s supply chain sustainability reflected what is important to them.
Set the stage and think ahead
It is important to have systems in place before you need them. This will help you scale effectively. To avoid over-and under-hiring, we spend a lot of time crafting a detailed description for each job. We have also created a structured multi-day onboarding program that uses a variety of learning methods. This has been a huge help.
You will need to do extensive due diligence if you want to raise capital for your business. Venture capitalists do a lot of research on any company they are considering funding. Investors will be curious to see what other areas you are not properly managing if you don’t have the right setup in HR. We needed to share contracts and forecasts with each other as part of the recent $350-million round of investment. This is a demonstration of our expertise.
Culture is everything
You don’t want them to leave once you have found great people. Hiring takes time away from your daily tasks and is also costly. Although research is variable on the cost of a new employee, many estimates exceed $6,000 per hire. Culture is at the heart of our onboarding program. Our new hires should feel this first, before learning anything about their job. This means that they must feel valued. This is especially important for remote workers.
Although it is important to think strategically when you reach 900 people, we also care about the special moments. Every detail matters. We send you an Uber Eats gift certificate by email on your first day. Lunch is included in your package. We ensure that you have all the necessary equipment and paperwork in order before your first day. We want you to learn from the moment that you sign up.
As a surprise, 50 colleagues received pieces of chocolate cake as part of national chocolate cake day. Each year, we randomly select special delivery items to send out until everyone gets their turn. Then we start again. These little things make people feel valued and special.
Complex situations require a simple solution
It is not easy to find qualified professionals to fill a variety of roles. We look ahead and plan for the future. Momentum is a positive force that builds itself. We were very intentional in our first wave of hiring and brought in amazing team members. People who are great know people. We know who to call when we need to hire someone.
Great people want to work alongside great people in an environment that is high-performing. As part of our hiring process, we ensure that team members are exposed to a variety of colleagues. They are excited when they see the quality of the talent here. This is part of our culture too, in which our employees are involved in the hiring process. This is another way success breeds success.
Also read: What Is a Bonus? Definition and Types
Reward the right things
Growing companies can run into problems when they reward an outcome. For example, closing a deal even though the person was able to bully others to do it. You might meet a deadline, even though the team leader expected everyone to work weekends or evenings. You must reward colleagues who are able to generate joy and curiosity.
This is a core value of our culture. We heavily use a reward and recognition platform that allows us to connect these values with our day-to-day operations. You can use your points to purchase gift cards, donate to charity, or give them to Assentees. These reward points are used most often for their primary purpose. They can be used to give credit and recognition to other people for their outstanding work.
This system gives us insightful data. This system allows us to see which teams are collaborating with each other. Our sales and marketing trading more points? This data provides us with indicators that tell us what to pay attention to. This data is important to us as a data company. We use it to track which teams collaborate well and which are not.
Being able to successfully scale a business requires enough foresight and insight to see that building a cohesive team will yield dividends. It is so difficult to find new talent in today’s marketplace. Every touchpoint is important. It’s important to make it count.