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Growth strategy: Reading between the lines

When business leaders think about growing their business, there are a variety of options that will roll off the tongue: diversification, strategic partnerships, multiple locations, increased sales – to name a few. But are they really just stating the obvious and are they missing the fundamental subtext to a successful growth strategy?

In much the same way that a brand new racing car will not win the race with a faulty engine, neither will a disengaged workforce see you achieve your growth objectives. According to Deloitte’s 2015 Global Human Capital Trends survey, employee engagement and culture issues are tipped to be the number 1 challenge for businesses across the globe.

A key driver to a business’ growth and success is the human resources it employs and often, they can be the most costly component of running a business. With this in mind, it’s staggering to think that 51 percent of employees have reported being disengaged from their work.

You wouldn’t pay for full-speed internet connection if your network only supported half speed so perhaps it’s time the question of workplace culture leapt from the subtext into the line of sight for every business owner considering their growth strategy. And here’s why.

  • People attract people. By fostering a strong culture, not only will your best and most experienced remain devoted to their work, but they will attract others also wanting to experience a piece of the cultural pie.
  • Social media is a glass wall to your business, whether you like it or not. Workplace culture, internal practices, quality of products and services all make up your brand. Employees who turn to social media to advocate any of these will strengthen your brand – but remember there’s always a flip side.
  • A healthy culture promotes productivity. A high morale yields greater productivity that will consequently improve financial wellbeing. In turn this will generate funds to reinvest in your culture with staff incentives and salary increases.
  • Quality of products and services. Engaged employees will deliver higher quality products and services – the life-blood of the business. Satisfied customers and a good reputation open the door for future growth.