Dr Pamela Yeow is Assistant Dean (External Engagement) in Birkbeck’s School of Business, Economics and Informatics and teaches on the Help to Grow: Management Programme. She shares five tips for SMEs to accelerate their growth.
People make your business, and this is even more true for small businesses, where people are your business. In the midst of the great resignation prompted by the COVID-19 pandemic, with more than half of businesses that are reporting a worker shortage unable to meet demands (ONS, 2021), it is getting increasingly difficult to find the right employees for the right positions.
While the idea of trying to grow your business in the midst of our post-Brexit, post-lockdown, cost of living crisis might seem daunting, there are steps you can take today to start moving in the right direction. Here are five suggestions on where to begin.
1. Authentic leadership
Leadership is crucial in all businesses. Positive leadership is not just for those right at the top of the tree, but relevant to all positions at all levels. People look to leaders for direction, for strategy, and for reassurance when things are uncertain. Employees want to know that they are respected and appreciated, and also heard. Consider how you can develop clear, consistent communications to support and reassure your teams.
2. Develop partnerships and networks
Partnerships, relationships and networks are important for business growth and development. It is important to continue creating and renewing industry relationships, but have you considered developing partnerships and establishing networks in the wider community? Universities and colleges, for example, can work with businesses to develop internships or knowledge transfer partnerships.
3. Knowing your strengths
Most of us cannot be everything to everyone (we do try!). Having a clear understanding of what your business stands for is always a strength. Try asking your colleagues what they think their strengths are. Sometimes these can come as a surprise to the senior leadership team.
4. Values and purpose
Increasingly, businesses are expected to have a clear purpose and employees are voting with their feet if their values aren’t aligned with their organization. Knowing your purpose and values enables employees to proactively relate and engage with the business.
5. Flexibility and agility
As a small or medium sized business, one major advantage is your agility and flexibility. With greater accessibility to senior management within SMEs, this means that staff can share new ideas quickly and embed new suggestions even quicker. Consider how accessible your team is today. How could you communicate to staff that you’re open to new ideas?
Keen to grow your business?
The Help to Grow: Management Programme is a 12-week course that offers 50 hours of practical business leadership and strategy training, with 1:1 business mentoring, peer-learning networks in a hybrid (face-to-face and online) format. This programme is specifically for business owners and senior leaders operating in small and medium sized businesses who want to grow.
Register for the Help to Grow: Management Programme and start creating a plan for your next stage of growth!
