Hanna Lee is Chief Operating Officer of CJ Chemicals, LLC.
Transitioning from a small business to a medium-sized business can prove to be a blast for business owners.
As the years go by, you hire new employees, expand into new markets, upload new products, etc. , you may find that you’re heading into mid-market territory and want to upgrade your operations accordingly.
As the COO of the family business, I’ve experienced what it takes for a small business to grow. In my role as COO, I can highlight what helped us transition from a small regional company to a medium-sized company with a global presence. clients. When I started working at the company six years ago, we had 4 other people on staff besides me. Today, we have almost 20. No we expected immediate growth; We faced unexpected challenges, especially with the effect of the Covid-19 pandemic, and we had to adapt quickly. At the beginning of 2022, it became clear that it was time to adjust our strategy to align with that of a larger company. Here are some key points that have contributed to our good fortune during this transition.
1. Define your corporate culture
As your small business grows, it’s imperative to identify and outline your company’s internal culture. This can improve your hiring rates and reduce worker turnover. Take a 2019 Glassdoor survey, for example, which found that “77% of adults in 4 countries (U. S. , U. K. , France, and Germany) would know about a company’s culture before applying for a task in that country, and 79% would think about a company’s project and goal before applying for a task. The researchers found that a “toxic corporate culture” is “10. 4 times more difficult than reimbursement in predicting a company’s attrition rate relative to its industry. “
Before engaging with external companies, it’s important to identify their internal culture. To do this, start by assessing your existing cultural dynamics. Gather employee feedback to determine which aspects are successful and which just need improvement. Collaborate with your team to outline a subtle corporate culture, as well as a transparent project and core values, and embrace this vision for the future. Our company has fostered a family circle atmosphere, treating everyone (workers, consumers, and suppliers) as part of our extended circle of family members. For example, we host our consumers and suppliers with us; To quote one vendor: “Even Grandma was at dinner. It has helped us create lasting connections and relationships. We are actively in the process of defining our values, and I hope that finalizing those values will have a positive effect on our people.
Once we explained our own cultural identity, it became less difficult to negotiate and partner with like-minded companies, which allowed us our operational synergy, improved the quality of our services, and paved the way for long-term expansion and success.
It’s not uncommon for small businesses to lack HR teams. According to an article in CO— (a publication of the American Chamber of Commerce), there is no rule “that states that a small business must have an HR team or a manager. “in the Human Resources Activity Index. But top experts propose hiring a full-time HR manager when there are at least 10 workers in the company.
When we were a team of four, communication and problem-solving were relatively straightforward. As our team grew, it became more and more transparent that we needed HR expertise. We hired a representative who helped us solve HR problems, created a painter’s handbook, and built a more explained corporate culture. It’s up to each business owner whether they need to hire an in-house HR professional or outsource one. I caution against hiring full-time staff prematurely in the early stages of growth. Whatever technique your choice is, it’s important not to procrastinate when it comes to getting HR support. The faster you gain HR experience, the faster you can provide clarity and foster a better work environment for your team.
In fact, in small businesses it is not uncommon to see groups simultaneously employing a wide diversity of generation solutions, combining and matching them based on their expressed wishes and preferences.
As a small business grows, it’s imperative to have the right generation base. Employees deserve to use a standardized set of teams so processes can be streamlined and everyone can collaborate more seamlessly. Cybersecurity deserves to be a priority because, with each new employee, more cybersecurity risks arise. In our case, we opted for a consulting approach, hiring a new company to revamp our website, ease platform transitions, and adopt cybersecurity best practices, adding secure record sharing, and mitigating email phishing threats. .
No matter what kind of corporate culture you establish, in my opinion, communication between you and your team members will make it either a good fortune or a failure. In fact, effective communication is the cornerstone of a healthy and productive work environment.
It can be tricky to identify transparent lines of communication as more and more people sign up with your company. Our company had problems with this. For communication, we have identified an organizational chart. Our org chart is a practical way to help team members understand design and roles within the company.
Of course, an organizational chart alone is not enough. Everyone in your company deserves to be able to communicate, bringing yourself and other members of your leadership team on board. Make it as simple as possible for your workers to succeed in you, then pay attention to them and take the necessary steps. Listening is as vital as talking. Encourage active attention within your team and respond to the wishes and considerations raised. By fostering a culture of open communication, you contribute to a more engaged and motivated workforce, which is critical to good luck and the expansion of your business. .
When your workers feel noticed and heard, they will be more productive and your company will thrive as a midsize company and beyond.
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