Starting a business is hard, but running a successful enterprise is even tougher. No matter how great the idea or how well funded the startup, no business can succeed without the right people.
Unfortunately, entrepreneurs sometimes face challenges attracting the right talent and further difficulties retaining their best performers. Many workers are reluctant to take a chance on a new startup, while others find that working for an entrepreneur is simply not a good fit. So how do the most successful entrepreneurs face these challenges, and how do they attract and retain the most talented members of their team?
Foster a Positive Corporate Culture
Corporate culture matters, whether you are running a brand-new startup or trying to turn around a flailing old-line business. Creating a positive corporate culture from the start and fostering that culture through your actions can help you retain the best talent. Chart Westcott, Esq. is the COO of Ikarian Capital, and he agrees good corporate culture will allow you to attract great workers.
Empower Workers to Make Their Own Decisions
While some level of top-down management is essential for running a successful business, giving your best workers the freedom to make their own decisions is a great way to retain the best talent. If your workers feel empowered, they are more likely to stick around.
There are many ways to empower your best workers, but keeping the lines of communication open is always a good place to start. Letting your team members know that they are free to make their own decisions within certain predetermined limits is one of the keys to entrepreneurial success.
Offer a Good Work/Life Balance
Modern workers are looking for more than a paycheck, and the entrepreneurs who offer something extra are much more likely to succeed. Providing a great work/life balance can turn reluctant employees into eager team members, so look for ways to make that happen.
From offering flexible work hours to providing solutions like job sharing and telecommuting opportunities, there are plenty of things entrepreneurs can do to improve the lives of their workers. And by building a more life-friendly work environment, you can reduce costly turnover and allow your new business to thrive.
Provide the Best Technology You Can
No matter what the nature of your business, your operations can always benefit from the latest technology. Whether it is adopting a bring-your-own-device policy that allows workers to use their smartphones and tablets or investing in cloud technology that lets them work from anywhere, these actions will pay big dividends down the line.
Investing in the latest technology can help you attract and retain the best talent, but it can also help your business in many other ways. Adopting a bring-your-own-device policy can reduce your overall expenditures. “Investing in cloud-based storage can make your backups easier and more secure,” says Chart Westcott.
Entrepreneurs face many challenges on the way to their dreams, and building the right team is always one of the toughest. Whether you are starting your very first business or embarking on your latest serial entrepreneurial journey, the strategies listed above can help you attract, retain and reward talented and dedicated workers who can help your company succeed like never before.