9 things that are stopping your business growth (and what to do about it!)

It never fails to surprise us that when the majority of business owners plan their business growth, the considerations of their People Strategy are (usually) pretty non-existent.

We have different theories as to why but that’s a story for another blog…

We’ve said it before and we’ll keep saying it:

A business will succeed or fail because of the people in it.

So what are the 9 things stopping your business growth and what do you need to do about it?

1| You aren’t fully embedding your Values into everything you do.

Culture is a conscious effort – values often driven from the top – you have a culture whether you like it or not.

Culture = Values + Behaviour.

Once you know your core values, you will have:

•        A foundation for the culture you want to build.

•        A definition of what you stand for.

•        A standard that can be used for attracting and recruiting new talent.

•        It will help you to make difficult decisions.

•        It provides a benchmark for assessing performance.

•        It can improve how you can best serve your customers.

•        It becomes a source of individual and organisational pride.

By understanding your values, and the behaviours that those values drive, you can align everyone in your workplace to act and behave in specific ways as individuals, to each other and to your customers.

Why is this important?

In a study by Glassdoor in 2022 77% said that they take a company’s ethos into account before applying to work there. Plus 57% of people taking part in the study said they value workplace culture over salary concerning job satisfaction. This was in addition to 63% of the study group confirming that a company’s culture was a mitigating factor when it came to staying in their job too.

2| You aren’t recruiting people based on your business values.

Values-based recruitment (VBR) is an approach to attracting and recruiting new members to your team that, alongside the usual aptitude and skills needed for the role, includes making sure there is alignment between their individual values and behaviours and the values of your business.

This means that you get:

• The right people with the skills you need

• The values that will support effective team working

• A future-proofed workplace

Using VBR will give you a solid framework to build your recruitment processes onto.

Why is this important?

67% of professionals in the UK want to work for companies aligned with their values. (LinkedIn).

3| You aren’t developing your people in a way that supports your business.

Invest in developing your people - for your sake and theirs… and while you’re doing it, make sure it’s learning that goes towards supporting them to help support you in achieving your business goals.

Why is this important?

Nearly two-thirds (65%) of employees feel a lack of personal development is a reason to look for a new employer.

Seven in 10 (70%) state that they would be happier in their current role if they had further opportunities to develop themselves.

(European study by GoodHabitz).

4| You aren’t measuring people performance in a way that supports your business.

Performance measurement describes a framework that enables people to perform at their very best.

In its most basic form, performance measurement is:

•        A framework for conversation

•        About setting expectations

•        About enabling people to meet those expectations

•        An approach to leading and developing people

•        Strategic, and looks at long term goals

Drive the behaviour and performance you want by building them into your performance measurement framework.

 Why is this important?

95% of managers are dissatisfied with their organisation's performance management system. (Mercer).

5| You aren’t taking advantage of the power of productive conflict in your workplace.

What does GOOD conflict look like?

Good conflict is all based on trust. If you have a workplace where everyone feels that they trust one another, then conflict becomes a way of solving a problem in the best and quickest way possible.

It is this reason that when conflict is productive, it is a superpower that will charge your teams up and give you a hugely competitive advantage over everyone else.

Many people spend a lot of energy at work trying to avoid conflict – but that means you miss out on the passionate debates that are essential to great teams.

Teams that engage in productive conflict know that the only purpose is to produce the best possible solution in the shortest period of time.

Why is this important?

Negative conflict costs UK employers £28.5 billion per year. (ACAS).

6| Your line managers haven’t been supported in their learning and direction.

Line Managers are really, REALLY important.

They are the lynchpins in your business, uniquely positioned to make a hugely positive impact to your workplace by creating:

•        positive

•        collaborative

•        thriving

environments that impact your business and the daily lives of everyone in it.

It’s a big deal.

Given the value that managers bring to the workplace, if this is the first time you are thinking about putting a management role in place, or if you’ve done it a few times as a necessary measure, it’s worth thinking about the role you want them to play.

Get it defined, and make sure they understand what they can and cant do. That’s before we even get into manager development…

Why is this important?

43% of employees have left a job because of their manager. (Visier).

7| You haven’t embedded wellbeing as a strategic component in your business plan.

Wellbeing has a real impact on your bottom line.

Consider workplace wellbeing as a framework, within which people experience increased resilience, are more engaged, have reduced sickness absence and perform more highly and more effectively.

But don’t DO wellbeing TO people.

What the actions carried out to enable those things to happen are, are unique to every organisation.

Having a fruit box delivered every week and a yoga class at lunchtime certainly sounds very nice, and is a wonderful thing to do; and it won’t fix a high sickness absence issue or make your customer satisfaction levels meaningfully better.

Workplace wellbeing as part of your business strategy, implemented into every level of your organisation becomes a part of your culture.

Simply adding “wellbeing initiatives” on top of your existing structures is not going to cut it. It’s all about identifying root causes and then working with your people to put effective measures in place to make meaningful positive change.

Why is this important?

60% of employees say they’d feel more motivated and more likely to recommend their organisation as a good place to work if their employer took action to support mental wellbeing. (Mind).

 8| You haven’t considered Equality, Diversity and Inclusion (EDI) as a way to create a truly supportive working environment.

EDI is important for fair and thriving workplaces where people feel safe and have the opportunity to do their best work.

Do you know the difference between bullying and harassment? Do you know what the protected characteristics are? Did you know that paying compensation is the most common outcome of a tribunal. And in cases of discriminations, there’s no limit?!

EDI in your workplace will ensure you benefit from:

• Being more successful

• Have happy and motivated people working for you

• Will better serve your customers

• Will improve creativity and problem solving

• Help attract and retain your people

Why is this important?

78% of employees in a 2018 study valued equal workplaces, and these percentages are likely to grow as younger demographics enter the workforce. (Randstad).

86% of millennial women considered workplace diversity and inclusion policies important. (PwC, 2015).

9| You haven’t measured how engaged your people are in your workplace and therefore don’t have a plan to bring them on the journey with you.

A lot of research has been carried out on Employee Engagement and there is a strong link between how people feel about the places they work for, and positive organisational outcomes.

There’s an eye watering cost attached to disengaged employees in the UK and these are figures that won’t show up in your profit and lost sheets. It’s simply money lost.

Clearly, there is a huge opportunity here for the UK to drive up its engagement levels and build more highly performing teams, more productive workplaces and ultimately, happier people!

Why is this important?

The UK ranked 33rd out of 38 European countries with only 9% of UK workers being engaged or enthusiastic about their work. (Gallup).

It is estimated that disengaged employees are costing the UK economy £340 billion every year in lost training and recruitment costs, sick days, productivity, creativity and innovation. (Perkbox).

If this sounds like a lot, you’re right!

It is!

We have an amazing solution though… it’s our 9 stage online learning programme, where you can work at your own pace, through each of these 9 core areas to embed and build an amazing people strategy in your business.

Its called Human Everything Everywhere.

Image sources: Pexels.