7/23/2021 Tip: The Importance of HR | Growthink

7/23/2021 Tip: The Importance of HR

Today’s Quote

“The way to get started is to quit talking and begin doing.”
~ Walt Disney

 

Today’s Tip

There are several human resource (HR) issues you need to get right to successfully grow your business.

The first is making sure you have the right people. Even if your growth plan is brilliant, if you don’t have the people on your team that can execute on it, you’ll fail. To resolve this, when creating your growth plan make sure you’re using strategies that leverage your team’s strengths. And if/when you have a strategy that requires HR talent you don’t currently have, build into your plan the time and money needed to hire the right people.

The second HR issue to address is team buy-in. Particularly if your growth plan differs from business as usual, you need your team’s buy-in, particularly your executives. The best way to accomplish this is for select team members to participate in the growth planning process. This way they will have a sense of ownership of the plan. Secondly, documenting your growth plan, allows others in your organization to understand the why’s and how’s of the plan so they buy-into your vision and best help you achieve it.

A final HR issue to address in your plan is documenting clear accountability. Each key team member needs to understand their role and goals, and be accountable for results. Key performance indicators (KPIs) should be identified and documented, and employee performance should be judged against them.

When this is done, employees know precisely what’s expected of them, and when they meet their KPI goals, they feel great, and the company achieves its growth objectives.

 

Today’s Resource

How to Build a $10 Million+ Company

What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?

Well, there are a LOT of differences, actually…

But I’ve summarized the main differences on this page:

How to Build a $10 Million+ Company <—- 

The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business…

In fact, when you follow this formula, you can make much more by working less…

How to Build a $10 Million+ Company <—- 

 

Trivia

Today’s Question: In economics, what is a ‘monopsony’ as opposed to monopoly?

Previous Question: What ‘nuclear’ nickname was given to Jack Welch in the 1980s for eliminating employees while leaving the office buildings intact?

Answer: Neutron Jack, in reference to the Neutron bomb that kills people but does not destroy buildings.

 

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