Grow Your Business with the Right People

grow your businessDo you want to grow your business? If you do then you must have the right people. In Jim Collins book “Good to Great” he says you have to make sure that “the right people are on the bus”. This means that you as a leader must know the strengths and motivation of each person on your team, as well as how the individual impacts the performance of the team. Recognizing a person’s talent and then managing it creates a motivated and engaged workforce. Failure to hire the right people for the jobs and not putting people in positions where their talent can soar is a waste of a company’s resources. Southwest Airlines set itself apart from the industry by hiring and developing people who are a natural fit for the company and the jobs they were hired for. The result has been an engaged workforce, low turnover and great customer loyalty.

Let’s look at how having the wrong people in place can cost your company dearly even at entry level positions. I was with a friend waiting in line at Starbucks as he was paying for his $8.00 grand latte supreme. The young woman at the cash register said, “That”ll be $8.00 please. Boy that’s expensive!” In that moment of truth my friend looked at me and said with a chuckle, “She’s right.” He paid and left with his prized coffee. But he stopped going there deciding his coffee money was better spent at 7-11 at $2.00 a pop. Situations like this are as preventable as they are unfortunate. The right person with the right training would never have made this comment. The right people will help you grow your business while the wrong people will sink it.

Marissa Levin, CEO of Information Experts has grown her $15 million award winning business through hiring the right people. Levin explains her company secret to hiring , “When we look at employees, there are three things that we have to look at. And this is a rule of thumb pretty much for everybody, any organization. It’s called the GWC Principle. Do they get it? Do they want it? And do they have the capacity to do it? So as we look not only at new hires, but at the existing people as we shuffle them around and reorganize and grow, we have to look at people and say, “Do they get it? Do they really get what they’re supposed to be doing? Do they want it? Do they have the passion for it? And do they have the capacity? Do they have the physical capacity, the intellectual capacity, and the emotional capacity? Whatever the capacity may be, do they have the capacity to do it?” And not all employees in every position are going to have the get it, want it and have the capacity to do it factor.” Use the GWC Principle to grow your business.

To grow his cloud hosting business Matthew Porter, CEO of Contegix pays a finders fee to employees of $20,000. He puts his money where his mouth is because he understands that without the right talent his company won’t grow. How much is the right employee worth to help you grow your business?

In a competitive marketplace having the right human capital is critical to surviving and ultimately thriving. Make sure that you spend the needed time, energy and thought to hire and develop the right people to grow your business.

Dare to be Great in the New Global Economy

Dare to be great! That’s my challenge to every business owner, CEO and business leader. Why? Because if you aren’t a GREAT company,Dare to be Great you may quickly become a casualty of the new global economy.

In his book, “Good to Great,” Jim Collins said “Good is the enemy of great.” In the new global economy good enough just won’t cut it anymore. There are countless former market leaders who settled for good and are paying the price of lost revenues, profits and customer loyalty. Companies like RIM (Blackberry), Sony, Sears, Bally Fitness, and Hostess are just a few examples.

If you decide to take my challenge and dare to be great let me warn you it won’t be easy. If it was easy every company would do it. When you consider the alternative of not becoming a great company I think you’ll get the motivation necessary to jump on board.

Over the past few years I’ve been researching successful business leaders who are making great strides in this demanding economy.  I’ll be sharing their stories in my upcoming book, “Leadership in the New Economy”. Today I’ll share twelve key lessons learned that will help you in your quest to dare to be great.

12 Dare to be Great Lessons

  1. Have a vision that inspires. If you don’t have a vision that helps people rise above pettiness, egos and personal agendas your company will be doomed to major in the minors.
  2. Tend to your culture. Whether you have three employees or 30,000 culture happens by design or default. The choice is yours.
  3. All customers are not alike. Focus your time, energies and resources on attracting, acquiring and retaining customers who will help you reach your vision.
  4. In the battle for market supremacy the product with the best marketing wins not necessarily the best product.
  5.  The three biggest factors in determining your success are your business category (Standard Industry Classification), your Business Model and luck. Don’t confuse the three.
  6. When it comes to human capital be sure to win with your winners and don’t lose with your losers. Make sure that you hire, develop and retain people with your vision clearly in mind so that they: Get it, want it and have the capacity to do it.
  7. Stop looking in the rear view mirror. Accept the fact that what got you here won’t get you where you want to go.
  8. Leadership matters. Great leadership can’t fix a broken business model but poor leadership can kill a great business model.
  9. Customer loyalty is a contact sport and every contact counts.
  10. Before you change your company, look in the mirror and ask yourself, “Am I ready for this?” Change must be led not managed. If you’re not up for the challenge don’t put yourself and your people through the aggravation. Just because you can do something doesn’t mean you will. Recognize what you’re great at and do more of that. Everything else must be done by others. This means delegating it, developing the capability internally, acquiring it or outsourcing it. To change the company you must “be the change.”
  11. Embrace innovation and agility.  As you move into uncharted waters the number of “known unknowns” will be replaced by the” unknown unknowns”. Your speed to vision will be measured by how quickly and effectively your organization can self-correct their course. Failures will happen. That is guaranteed. Learning, adapting and speed of recovery are optional. Fail, learn, adapt or simply fail.
  12. Monitor the signals in the noise. Every great leader must become like hockey great Wayne Gretzky and “skate to where the puck will be.” The new global economy is producing lots of noise in every market. Determining which faint signal will result in a full bloom market trend is both art and science. If you’re not diligently monitoring and discerning signals you’re flying blind.

Before you accept my challenge to dare to be great take a moment now to imagine what your business will be like if you do. Create a clear and compelling picture in your mind’s eye of your business when it is great. Specifically how will it be great for your customers, employees, the marketplace and you?

If that image inspires you to dare to be great then take the next steps to make it happen. Assess where you are now. Determine what you need to achieve your vision. Develop a plan. Implement.

If you want a quick strategic snapshot of where your company is now take the Growth Positioning Survey (GPS). It’s a short online survey that pinpoints how your company is performing in twelve key growth factors. The insights gained from the GPS will give you the focus and confidence to accept my challenge to dare to be great. To get your free access now go to:   http://philfarisassociates.com/gps/ click the “Free Instant Access” button to get your copy now of “Growth Positioning Survey!”