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Updated: 11 hours ago How To

Building a resilient business: Strategies for growth and employee engagement

Ann Leamon and Nancy Marshall Courtesy / Marshall Communications Ann Leamon, left, and Nancy Marshall
By Ann Leamon and Nancy Marshall

In business, growth doesn’t just happen  — it’s cultivated through thoughtful strategies and an ongoing commitment to excellence.

As two women who have navigated the complexities of building businesses, we can attest to the importance of a few key principles that can drive success. Let’s explore some concepts that can help you grow a resilient and thriving business.

Hire slow, fire fast

One of the most crucial pieces of advice we’ve received and followed is to "hire slow and fire fast." This mantra emphasizes the importance of meticulously selecting employees who fit the role and align with your company culture. With a lean operation, your team ends up cross-training out of necessity and naturally comes to appreciate the contributions of others. When team members understand various roles, they become more engaged and flexible, fostering a collaborative environment that drives innovation.

Develop comprehensive procedures

Equipping your team with well-defined procedures is vital for empowering employees and allowing them to grow. An operations manual is invaluable, enabling less experienced staff to take on tasks that build their skills over time. By trusting your employees to handle responsibilities, you create an atmosphere of accountability and growth. As a chief administrative officer once said to Ann, “Assign responsibilities, not tasks.” This philosophy encourages employees to take ownership of their work, increasing job satisfaction and productivity.

Invest in your people

Showing genuine care for your employees is a cornerstone of effective leadership. When team members feel valued, they are more likely to feel invested in their work. Sharing profits is one way to recognize their contributions; after all, your business's success is a direct result of their efforts. Establishing a profit-sharing program can motivate employees, reinforcing their commitment to the company’s success.

Professional development is another critical area. Providing opportunities for them to learn and grow enhances their skills and demonstrates your commitment to their future. Similarly, don’t hesitate to invest in professional services such as attorneys, accountants and human resources consultants. These experts can help you navigate complex issues more efficiently, saving time, money, and potential setbacks.

Network for success

Joining professional networking groups such as Vistage or Rotary or even your town’s business alliance can significantly benefit your business. Expanding your professional network allows you to share challenges and solutions with like-minded individuals while increasing your chances of referrals. 

Measure contributions

In any professional services firm, every team member should contribute significantly to the company’s bottom line. A good rule of thumb is that each employee should bring in at least three times their salary, ideally five. This means implementing a tracking system to monitor performance and contributions. For instance, one venture capital firm tied profit-sharing to timely updates in its customer relations management system, ensuring that the system was always current and relevant. Such incentives can drive accountability and performance.

Embrace lifelong learning

Reading is an often overlooked yet powerful tool for personal and professional growth. Engaging with the works of influential business thinkers can provide fresh perspectives and insights. Books by Seth Godin, Jay Baer and Mark Schaefer have shaped Nancy’s understanding of marketing. "Extreme Ownership," by Jocko Willink and Leif Babin, offers invaluable leadership lessons. One of Ann’s favorites is Ken Wilcox’s “Leading Through Culture,” another must-read for creating a motivating workplace environment.

Stay informed

Staying up-to-date on current events is essential for any business leader. Regularly reading reputable sources like Mainebiz, the Wall Street Journal and the Economist will inform you about industry trends and economic shifts. This knowledge equips you to make informed decisions that can benefit your company.

Celebrating achievements

Finally, never underestimate the power of a personal touch. A handwritten note to employees celebrating their achievements can leave a lasting impression. At Ann’s firm, they made it a practice to celebrate milestones with team lunches — these moments foster camaraderie and reinforce a culture of appreciation. Nancy sends holiday bonuses with a handwritten note thanking each of her team members for their hard work and sacrifices. 

In conclusion, business growth requires a multifaceted approach that values people, promotes learning and builds a strong network. By hiring carefully, developing procedures, investing in your team and fostering a culture of recognition, you can cultivate a thriving business that survives and flourishes. Embrace these principles to unlock your potential and create a workplace where employees are engaged and motivated to contribute to your success.

About the authors

Nancy Marshall, a regular Mainebiz columnist, is CEO of Marshall Communications. Ann Leamon is a freelance writer and co-founder of Bella Private Markets. 

 

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