4 Things to Do When Your Team Grows Faster Than Your Business

This article comes from Entrepreneur.

4 Things to Do When Your Team Grows Faster Than Your Business

These strategies will help you retain high-quality employees over the life cycle of your business.

1. Paying above or par with the market.

As a business owner, you need the support of your employees to keep your business booming. Combine that with that fact that your competitors will be looking to poach your top talent. In order to avoid this, you need to pay your employees well. This not only guarantees that they’ll remain loyal to you, but it also keeps them motivated on a day-to-day basis. While it’s difficult to ascertain what to pay your employees, your best bet is to evaluate industry and market

2. Setting checks and balances.

When your team is small, it’s easy to control your employees and assign duties and responsibilities to them. As soon as your team grows, it becomes a herculean task. If you lack checks and balances, it could affect your company’s output, productivity, and ROI. In fact, without proper checks and balances in your business, issues such as employee theft, inventory shrinkage, check tampering and bookkeeping mismanagement can set in and affect your business’s growth.

3. Motivating your team members.

Employees are a business’s greatest assets. Without them, it’ll be difficult to keep your business on track, scale it or avoid HR nightmares. Therefore, when you have a large team, keeping them motivated is the sure-fire way to keep your business safe. If you miss this step, you’ll have a set of passive employees who’ll not work in accordance with your company’s vision and mission, hence hampering your progress.

4. Knowing when to jump.

Once you have grown and captured a large percentage of market share, it may be time to consider expanding into different areas and core competencies. This may come from your own market research or feedback from the general public.

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