All budding entrepreneurs have the dream and hope of one day employing other people to help in running the enterprise. This is a big sign of growth.
It is always hoped that once the new teams/individuals join the organization, then things should pick speed. However many at times the opposite happens.
Many employed individuals in new enterprises struggle to deliver on their jobs because most of them have deep inner feeling of being lost or rather a vague sense of belonging.
While many entrepreneurs know the value of creating a thriving company culture from day one, very few have invested time to actualize it. The impact has been having teams that are less productive with little understanding of the direction the firm is taking.
When this goes a full cycle, losses both financially and client-wise become the norm of the business.
To avoid this catastrophe, it is important to determine and create a company culture that will also serve as a point of attraction to the type of talent who will thrive in your business.
This doesn’t have to be a deeply formalized project where you lay out principles, best practices, team-building exercises and an employee vision and mission statement; that will probably cause your new team’s eyes to glaze over, anyway.
All you really need to do is to create a means by which your employees are fully engaged in the process of moving your organization forward profitably.
When this is done well, then the enterprise will experience the following benefits courtesy of a good and well articulated company culture.
Reduced Staff Turnover
Whether you’re a startup or a big company, it pays to keep your productive employees within your organization for as long as possible (but not forever of course).
Research points out that firms with rich company cultures average a 13.9% likelihood of job turnover, whereas those with poor corporate cultures face a staggering 48.4% probability of job turnover.
When your employees feel like they’re all on the same team pulling for the company, they’re happier at their jobs.
Not only does this keep the turnover rate way down, it pumps up productivity, which in turn can boost profitability.
On the other hand, if your workers are actively disengaged, they’re disconnected from what you’re trying to do as a company, stressed, and significantly less productive; business losses hit hard.
Having actively engaged workers can help your company achieve its goals in a big and profitable way.
Easily Measure Business Performance
As a small business, you’re in the enviable position of being able to initiate a goals process from the start of your team. This makes it incredibly easy to measure their results over time.
Everyone is starting from the same place with similar experience at your organization, i.e. square one, so it will be comparatively simple to get a handle on departmental and overall performance.
You don’t need to put them all under the gun of a hard growth goal – missing such a goal can harm morale – but you’ll be able to easily see what’s working and what’s not and make adjustments accordingly.
All businesses hope to achieve this all the time. As your team begins to gel and you start working like rock stars to bring your product or service to your customers, customers and prospects alike are going to take note that they’re dealing with sharp, upbeat people who know their stuff and care about their end result.
This knowledge in and of itself is a key driver of return customers, and working to make life better for these customers in a tangible way gives your employees even more pride in what they’re doing.
While the above is just but a glimpse of the benefits of having a positive company culture that creates engaged employees, it is important to know that employee-centric, interactive corporate cultures pay huge dividends.
The one big thing that a powerful company culture does is to break down organizational barriers leading to great rewards to the business, employees and clients.