Behind every business will be a team of highly skilled employees, with an entrepreneur leading the way to motivate the team and take the business to new heights.
The E2E Profit 100 track recognizes that there is more to running a business than starting a business. It is a mindset characterized by the willingness to take risks, the drive to innovate and the ability to think differently.
Entrepreneurs thrive on challenge, bringing passion and determination to their ventures. These traits are invaluable in increasing profits, especially in the early stages of a business.
But, there comes a time when you need more than entrepreneurial spirit to grow your business – and I can attest to that from personal experience.
Whereas you may have started out by personally working in different areas and aspects of your business, once your company grows to a certain size, you no longer have the freedom to maintain control over each area. You could end up hurting your business in the effort. The process
I found that hiring highly skilled and trusted managers allowed me to maintain oversight without having to work closely within each channel. This was where I could improve my business.
It became less dependent on me, and instead created concrete structures and processes. The main pillars of growth have been achieved through the implementation of technology, particularly AI, and through investment in people and HR.
When your business reaches a certain size, it becomes difficult to ensure that efficiency is at the core, yet it is an important factor in increasing profits. This is where the use of AI can help businesses automate repetitive tasks, allowing employees to spend time on more creative and human-centric tasks.
Where you save due to increased efficiency, the ability to invest in other aspects of your business is a luxury you cannot afford to ignore.
By streamlining your processes, implementing a strong communication structure, and embracing technology, you can avoid being overly involved at every stage of your business.
Instead, you can support the scalability of your business by expanding your operations without a proportional increase in costs.
However, investing in your people is just as important as investing in technology and processes. You can increase the productivity of your workforce through training, career development and recognition programs.
With a team that feels valued and supported, their contribution to the growth of your business will be greatly increased. From feeling more innovative to being better equipped to deliver high-quality work, the reasons to invest in your people are endless.
Another positive is that employee engagement should be improved, and note that businesses with high employee engagement see 43% less turnover than businesses with low engagement.
All these factors contribute to improving the efficiency of your business as well as saving costs, hence increasing your profit levels. That’s why, while entrepreneurship is important at the beginning of your business’s lifecycle, you can’t rely on it entirely.
Once your business expands, consider additional factors that can support your business growth as you become less involved in each department.
Therefore, I would like to congratulate every business and entrepreneur that has been listed on the E2E Profit 100 track, highlighting the incredible work that has overcome so many challenges and obstacles to grow a business to a certain size. What’s in the enhancement?
If you need help implementing technology and AI or people and HR in your business, Get in touch With Champions (UK) plc.