Lead a Performance-Driven Culture
Getting everybody to work well together is one of the keys to achieving and increasing profitability in an emerging business. Large companies hire consultants and spend large amounts of money to instill a results- or performance-driven culture. You’ve probably heard a lot of the buzzwords and acronyms: MBO (management by objective), TQM (total quality management), Six Sigma, Lean—and even Lean Six Sigma.
Fortunately, the basic principles of these systems are relatively simple and can be applied to emerging businesses on an ad hoc basis. In addition to goal setting for employees, you’ll also need to devise incentives that motivate them to perform. Incentives can be monetary or based on recognition. Outlining career paths so employees can plan for their individual growth, along with that of the company, may be one of the most important motivators.
Finally, since family members and friends are often employed at emerging businesses, it’s important to give special consideration to maintaining a sense of fairness throughout your workforce. Doing it right can sustain morale at a high level and minimize disruptions.