Tyde Consulting | Blog post

Business Growth Goes With People Growth

Posted on Jul 25, 2023.

Growth is crucial to the long-term survival of a business. It helps to acquire assets, attract new talent, and fund investments. It also drives business performance and profit. How can you be sure the work and resources you’re investing into your business are having a direct impact on your growth and bottom line?

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Tips to measure your business growth

  1. Define goals Setting goals is crucial to measuring business growth. Your goals should be specific, measurable, achievable, relevant, and time-bound (SMART). Ensure that your goals align with your business strategy and KPIs.

  1. Set up KPIs

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Here are some metrics that help you focus on the most critical areas of your company and track your progress consistently:

● Financial metrics Shareholders and investors want to know how their money is performing, and financial metrics provide a clear picture of a company's financial health. By providing this information, shareholders can gain a better understanding of the company's financial performance and future growth prospects.

● Employee performance Improving employees’ motivation and job satisfaction by conducting regular employee engagement surveys, implementing their feedback, and providing L& D program for their professional and personal growth. This can lead to better productivity, better customer service, and ultimately higher profits for the company.

● Customer feedback Customers are the key factor in generating profits and adding value to your company since they directly use our products and services. You can measure their satisfaction through surveys, and reviews to improve the products.

  1. Always stay up-to-date with the market trends Understanding external factors such as your competitors allows you to quickly meet potential market demands or even provide some tactics to adapt to any unexpected problems.

By measuring your business growth using these tips, you can make informed decisions to drive your business forward and achieve long-term success.

Grow your business by growing your people

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“Workforce 2020” – a study by Oxford Economics – found that companies with above-average revenue growth prioritized their workforce development and created a culture of learning (Forbes). They offered advanced training programs and formal mentoring programs and then used a merit system to promote from within the ranks.

Employee development directly impacts employee engagement, employee retention, and business success. By prioritizing and setting a solid development strategy that’s personalized to the experience and needs of your employees, you’ll be on track to retain your top talent and ultimately support your business success.

Besides, it helps you to attract top talent as they want to know they can grow within your organization. In fact, Gallup found that 59% of millennials say they find development opportunities extremely important when deciding whether to apply for a position. Comparatively, 44% of Gen Xers and 41% of baby boomers say the same about these types of opportunities.

The true importance of employee development lies in employee and business growth. Your talent is your business's most important asset, and any investment in their growth can improve loyalty and retention while increasing workplace productivity and creativity. These factors add up quickly and help you build a future-proof organization made up of driven, talented individuals.

If you are looking for ways on investing in employee development, contact us for more guidelines! Your sustainable growth is our tagline and we will be happy to support you on this journey.

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