As we bring in the new year, most business owners are planning their 2023 growth strategies. Most business owners will focus primarily on revenue and profits, but I want you to start by looking at your resources. In particular – your benchmark team!
Your team is central to your business. The key to attracting ideal customers and building a loyal customer base is building a loyal, happy, and efficient workforce! This will give you the higher revenue and profits you’re after.
Having the right people in your business is non-negotiable. It doesn’t matter if they are casual or permanent, employed for the long term, or the upcoming busy Christmas retail period.
The words – “they’ll do for now” – are not what I want to hear from you when you’re hiring. Not only is this counterproductive, “for now” often turns into a lot longer than you’d planned. Before you know it, you’re 3 years down the line, and that temporary hire is still on the payroll.
The 5 Rs
Follow the 5 Rs to build the benchmark team to drive business success in 2023 and beyond.
1. Find the Right people for your benchmark team
Not too hard to understand! You must have the right people. They must be aligned with your goals and desired outcomes. They must have the skills required for the job you’re hiring. They must be as committed to the success of your business as you are.
To find the right people, you need to constantly be on the lookout for top talent. What are the chances that the perfect candidate will be available right at the moment you decide to hire, see your job advert, and apply? Luck has very little to do with finding the right people.
Finding the right people is arguably the most important of the 5 Rs. If you don’t get this one right, the remaining four Rs won’t help you. Check out our blog on interview tips to find the right people to hire for your benchmark business here.
2. Be Clear about Roles
Clearly defining the roles of everybody in the business is imperative. How can you expect to get the best out of somebody without a clearly defined role?
How will you judge whether they are succeeding or failing? How will they know what falls under their responsibility?
Being clear about roles is important to allow you to spend less time as a tradie on the tools and more time as a business owner.
3. Be Clear about Responsibilities
Clarity around responsibilities is also crucial. Without it, you’ll end up with an inefficient workforce that doesn’t know who is supposed to do what.
It’s all about accountability and initiative. When someone has clarity, they don’t need to question their role. They’ll charge forward to get the job done and do so to the best of their ability.
You’ll soon find that you don’t spend as much time supervising your team, telling them what to do, and fixing their mistakes.
4. Pay the Right Money
It is a no-brainer. Treat your staff as an investment, not a cost. The right people will return your investment many times over.
Paying the right money will help you attract and retain the right people, and your business will reap the rewards.
Not only that but trying to cut costs nearly always costs you more money in the long run. Remember, we don’t want to be in the ‘just for now’ mindset.
5. Providing the Right Results
It is about congruency. Find the people who can deliver what you’ve said you’ll provide, plus a little more.
It includes their skills but also other traits. Are they organised? Are they good at communication and setting expectations? Do they want to go above and beyond to give your customers an excellent experience?
Everything your people do must be in line with your long-term strategic plan.
Follow the Five R’s to build your benchmark team
Of the Five Rs, most businesses have problems paying the right money. Business owners think low salaries are a great way to cut costs, and then they scratch their heads, wondering why they don’t get the right results.
Your ability to attract and retain the best staff will be highly compromised if you don’t pay the right money. You don’t have to go overboard, but you have to pay staff salaries that reflect their value to the business. If you don’t, one of your competitors will, and that’s how you lose the best people.
Remember that your best staff are always the ones with the most available options, so you must pay them what they deserve to keep them.
As my business mentor once said, 50% of something successful is way better than 100% of something that’s not. So one great person can replace two or three good or average people.
Out of the 5 R’s, which one do you struggle the most with?
Power to you in the new year,
Stefan
